Skip to main content

tv   After the Bell  FOX Business  December 31, 2020 4:00pm-5:00pm EST

4:00 pm
for being here. here we go. [closing bell rings] not only set a record for the year, again, but closing out at an all time high. the dow, s&p 500, finished at new all-time highs. that is it for me. liz is back monday. jackie deangelis take it away. jackie: cheryl, happy new year to you. we're closing out the year the right way with the dow and s&p 500 hitting all-time highs as we say good-bye to 2020. the second straight close for the dow, the 14th this year. second straight close for the s&p 500, it is 33rd for the year. nasdaq wrapping up the best year since 2009. take a look at tesla today. a new record close for that stock hitting an all time high crossing the 700-dollar milestone for the first time. i'm jackie deangelis in for connell mcshane. welcome to "after the bell." time for the news that is happening at this hour. ♪.
4:01 pm
jackie: we've got fox team coverage. edward lawrence and david spunt in washington, phil flynn in chicago but today we'll begin the year on wall street. let's bring in dan mitchell, chairman for the center of freedom and prosperity, adam johnson bull's-eye brief author. let's start with you, adam. we're looking at a year, we finished at a new record today as these markets seem to defy gravity. a lot of folks wonder what to expect as we head into 2021 as we position portfolios. some say a correction, pullback, what are your thoughts? >> two thoughts and two sides of the same coin. i think we're going to see more upward momentum in markets, jackie. there is a lot to like right now especially because this economy is coming back so much faster than some people thought possible from job growth to gdp to corporate earnings. i think earnings estimates are too low. from an investment standpoint i'm actually very excited about
4:02 pm
what is happening. i will be honest there is a little red flag out there that kind of keeps me up at night is the fact that i think rates will go higher. we have a stimulative administration coming in. congress wants to spend money that was clear in the 2000 versus 600-dollar rate. that says to me rates are going up. rates are stimulative f we get a hiccup on rates we could see stocks fall 6, 7, 8%. focus on names. have a little cash to deploy in case you need to with thedown draft. jackie: adam is talking about the changing administration, changes that could impact the market there are changes that could impact tax policy as well how businesses are run in this country. so there is a lot to think about as we head into the new year and a lot of change potentially we have ahead of us. >> i will agree with a lot of what adam said, i will add two points. if democrats win two seats in
4:03 pm
georgia, that gives biden a lot to i am pose class warfare tax hikes. that will create headwind in the economy. regardless what happens in georgia one of the things that keeps me up at night, we had so much easy money from the fed, maybe that created a bit of a bubble. corporate earnings are okay. penalty up consumer demand will be unleashed as vaccine gets rolled out. i do worry that we've had monetary policy that just creates the potential for something like 2018 all over again. -- 2008. jackie: we've been saying that for the last decade or so, adam, right? one administration passes the baton on to the next. we've been spiking the punchbowl for quite some time. it is difficult to wane markets off of that. now president trump improved the state of the overall economy and jerome powell was raising rates. he had to back off. we had the pandemic and all kinds of props this year. >> we have the two lowest
4:04 pm
rate-loving people in the world being in the two most powerful banking positions in the world. we'll see jerome powell stay put at least for another year as the fed chair. he is committed to lower rates for longer certainly through 2023. some bond buying may be inflating bubbles but he does have our back. you will see see see janet yellen come in as treasury secretary. she is a lover of low rates. the market will try to force rates higher. what is happening is very inflationary. eventually we will have to play the piper. low rates have been good for markets. i talk about the hiccup probably coming in q1, jackie. jackie: we see the vaccine rollout now. we anticipate, dan, most people will have access to the vaccine halfway next year or so but the markets, the country, we still have a little bit of a dark period to get through? >> there is no question about it. we have some states that are tourist dependent states like
4:05 pm
nevada and hawaii, they're in for several more months of trouble. we have two other states, lockdown states that have very high unemployment and we have some of the more laissez-faire states you would call it and unemployment rates are pretty low in this state. there is a sort of three america story going on right now. one thing worries me if government continues to spend and spend and spend, sooner or later that will catch up with us and bite us you know where. jackie: yes, i do know where. we are spending probably will continue to do so. gentlemen, we have to leave it there. thank you so much for being on the show. happy new year to you both. speaking of the new year, it is midnight in moscow. look at celebrations currently underway in russia. events are scaled back across the globe as the pandemic disrupts our traditional way of ringing in the new year. we're a little under eight hours before we do on the east coast. as you know times square will be virtually empty. you can see the ball drop
4:06 pm
online. meantime a shining star this year with respect to the markets. it has been bitcoin, taking off like a rocket ship, hitting an all time high touching $29,000 for the first time during the session high today. let's go to our own phil flynn live in chicago for a closer look. phil, you and i talked about bitcoin as a shining star, continues to propel higher. there are investors definitely want to touch this next year but a afraid. should they wait for pullback, give it some time or will this thing keep moving? >> i think you have to give it some time. you have to be very careful to invest in the crypto space because it can be extremely volatile. when you have anything goes from 7,000 to $30,000 in a short period of time. you have to be wary it could go back down there to have a big correction. having said that, i think the reason why people are throwing money at this, because bitcoin is the new gold, right? they're worried about money
4:07 pm
printing. they're worried about governments devaluing currencies. they're worried about the potential, sharply higher taxes and inflation in the future. bitcoin theoretically is a currency cannot inflate. it's a store of value. that is why people are jumping into this right now. jackie: when i talked to you earlier today you had mentioned to me whether you're investing in this as currency or investing in the blockchain technology if i was a player that didn't necessarily want to buy bitcoin because it moved so high could i find other ways to invest in the blockchain space through the avenue of technology specifically? >> you could. there is a couple of them. first of all there is a great etf right now that has done extremely well called riot. that is a way to get involved in the entire space but the other thing other technologies, one we're looking at that is you know, it is right now very speculative called reta technology can be a lot more efficient than the block chain.
4:08 pm
the problem with blockchain it is so energy intensive, it takes power of energy to power a country of 200 million to run the system. jackie: wow. >> this other technology which i think could take over very speculative, would take the energy of only one house during the year. so a huge difference. the biggest problem with blockchain scalability and the problems with the energy consumption which is just make its a dirty currency especially when most of the mining for bitcoin goes on in china where they're very dirty. jackie: that is amazing when you think what it takes to actually mine that currency, phil but you mentioned china and a lot of activity is going on there and there are definitely investors in the market skeptical right now. we don't know exactly what our relations will be like with china. president-elect biden will go easy on them. president trump certainly trying to take a tougher stance during his time in the white house. you know, when it comes to the bitcoin and their ability to
4:09 pm
sort of control what is going on, people worry about cyberattacks all of these kinds of things. >> that is part of the problem right now because the cyber war is clear. to be honest with you, the blockchain which has supposed to be unhackable has been hacked. there have been bitcoins that have been stolen. so the new technology for currency will have to find something that isn't hackable. you know part of the problem is there are some computers that go through the block chain. so you have so many areas that can be attacked by hackers. you know, if you do something like reta technology where it is out in the clouds the ability to hack it goes down dramatically. that makes it impossible. that is one thing. the other big thing is rec laboratory. what are we talking about here today, currency or ripple today was delisted by some of the exchanges because they believe they are currency but the sec believes they are actually a security. so they're really going to have a lawsuit. one of the things you will have to worry about crypto in the new
4:10 pm
year is the regulatory bobbies, how they will regulate these newfound currencies. jackie: a lot to think about. phil flynn, great to see you. i will see you next year. >> i can't wait. happy new year. jackie: thank you. overriding the defense bill veto, no movement expected today but the senate is set to take final vote over the new year weekend. fox news's david spunt in washington with those details. david? reporter: jackie, good afternoon to you, and happy new year to you. two major funding bills right now being considered in the united states senate. the first is looking at ndaa, the national defense authorization act. that is the annual bill to fund the united states military. the debate is whether or not to override president trump's veto. it looks like that will happen at some point over the next 48 hours. the president vetoed that bill over language that would rename military bases named for confederate war leaders. senator bernie sanders wants to
4:11 pm
stall the mdaa override vote until the senate takes up a vote for the 2,000-dollar direction payment stimulus for covid relief that is the other big news out of the senate. this is the same bill passed by the house a few days ago. >> give us a vote. what is the problem? what is the problem with having the american people see how their senators vote on this issue of such enormous importance? reporter: five republican senators are in favor after stand alone vote on the $2000 direct payments. the president already signed the $600 direct payment into law but going from 600 to $2000 would cost several hundred billion dollars. >> to my fiscal conservative friends i understand your argument but i think the facts on the ground throughout the country would require us to do more than 600. 600 is not enough. 2000 is about right in my opinion. reporter: mitch mcconnell says he would do this proposal only
4:12 pm
if democrats agree to a bipartisan study looking at integrity of the 2020 election. he wants democrats to repeal the section 230 the communications decency act which protect big tech companies that censor speech online. this needs to get done before sunday, jackie. that is when the new senate is sworn in. back to you. jackie: what is the reality it will get done before sunday? reporter: mitch mcconnell's proposal, not much that would have to go back to the house. the house is already out of session. so that is why senate democrats, especially schumer and also bernie sanders are saying listen, we can do 230 later. do the election integrity later. let's pass the 2,000-dollar checks right now. we'll see what happens. jackie: david spunt, happy new year to you. >> to you as well. jackie: a live look at times square as the big apple prepares for a new year's eve celebration like none other than we've seen. we're on the scene next.
4:13 pm
♪. ♪ ♪ still warm. ♪ thanks, maggie. oh, alice says hi. for some of us, our daily journey is a short one. save 50% when you pay per mile with allstate. pay less when you drive less. you've never been in better hands. allstate. click or call for a quote today.
4:14 pm
4:15 pm
4:16 pm
♪. jackie: a different kind ever new year's celebration in iconic times square. fox's aishah hasnie is on the
4:17 pm
ground. what are you seeing? reporter: jackie, one word, bizarre. it is eerily quiet. you would don't see a soul in sight. normally hundreds of thousands of people would be here but ironically nothing, eight blocks of times square will be shut down. no spectators will be allowed because of coronavirus. you have to watch on tv or watch online. only 40 workers are allowed to watch here. a way of saying things. this will be 80 fewer cops in times square. security is still top of mind especially because of the nashville bombing and the counterterrorism bureau put up concrete barriers, sweeping parking garages with much more on the agenda next couple hours. >> other assets we'll be deploying in inner and outer
4:18 pm
perimeter of events, help weapons teams, bomb squads, critical command and detection k-9s, drone detection teams, vehicles and department of sanitation trucks. reporter: the show must go on, jackie. the iconic ball will be dropping at midnight. there will be live performances on the ground with andrea day, pitbull and gore yaw gaynor will perform the big hit, "i will survive." we will all sing along with her. it has been a tough year. jackie: it is a tough year, you should take a live shot screen grab and save it. we will probably see new year's eve with nobody behind them ever again. thank you for that report. a year many can't wait to leave behind. look around the world how people are ringing in the new year while the pandemic is raging on.
4:19 pm
our own benjamin hall brings you this latest from london. reporter: jackie, as we do every year we've been watching hour by hour, city by city a different places move into the new year but of course it is very different this year. one message coming from governments around the world that covid loves crowds, to stay at home celebrate there. australia's biggest city, sydney led the way as it often does. coronavirus outbreak there and people were told to avoid the harbor fireworks display. that usually attract as million people but only those with bookingses can. they employed 100,000 police to enforce a 8:00 p.m. curfew. even half of the subway lines in paris have been shut toe prevent people from meeting. in europe celebrations have been muted and canceled. only in new zealand, which managed to eliminate coronavirus after a draconian lockdown
4:20 pm
new year's plans proceeded as usual. only place where it happened, strange to see all the crowds in tokyo, hong kong, beijing, delhi where celebrations were canceled. in pongyang they held a big annual celebration. they insisted they have no covid cases. reports suggest otherwise. state television showed participants wearing face masks but standing side by side? kim i will sung square. it was a year ago that the world health organization said there was strange pneumonia coming from china. we now know that was covid. on a year many hoped it is in the past but it isn't. with the vaccines rolling out, many hope 2021 will be the year we put it all behind us. jackie. jackie: we certainly do, benjamin hall. thank you. something to look forward to you in 2021, your questions answered by one of fox business's own. charles payne holds a virtual
4:21 pm
town hall, "the future of capitalism" on january 13th at 2:00 p.m. eastern time. many businesses are hit by lock dons as new administration will reshape how the free market operates. we will answer your questions as we face these challenges. have charles answer your question on facebook or instagram or email us at we'll be right back what day is it? these days it can be easy to lose track of things. did i feed you? but taking prescriptions shouldn't be one of them. cvs simpledose presorts your prescriptions into packets, so you know what to take when. delivered at no cost.
4:22 pm
is this clean? visit
4:23 pm
some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know? if you have medicare and medicaid you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan. from humana, a company with nearly 60 years of experience in the
4:24 pm
healthcare industry. you'll have lots of doctors and specialists to choose from. and, if you have medicare and medicaid, a humana plan may give you other important benefits. depending on where you live, they could include dental, vision and hearing coverage. you may also get rides to plan-approved locations; home delivered meals after an in-patient hospital stay; a monthly allowance for purchasing healthy food and beverages; plus an allowance for health and wellness items. everything from over the counter medications and vitamins, to first aid items and personal care products. best of all, if you have medicare and medicaid, you may qualify for multiple opportunities throughout the year to enroll. so if you want more from medicare, call the number on your screen now to speak with a licensed humana sales agent. learn about humana plans that could give you more healthcare benefits. including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids and more.
4:25 pm
a licensed humana sales agent will walk you through your options, answer any questions you have and, if you're eligible, help you enroll over the phone. call today and we'll also send this free guide. humana, a more human way to healthcare. jackie: "fox business alert," reuters reporting that the new york stock exchange will begin delisting proceedings of three chinese companies to comply with president trump's executive order. the china telecom corporation, china mobile and china unicom. trading will be suspended in early january. vaccinating the nation. under president trump
4:26 pm
"operation warp speed" accelerated the development of covid-19 vaccines but how soon can the majority of the population expect to get that magic shot in the arm? and what's behind some of the delays that we're seeing? our own edward lawrence live in washington with details for us. reporter: jackie, there is a little disconnect here. right now "operation warp speed" has delivered 14 million doses after coronavirus vaccine. the 20 millionth dose is warehouses. the delay because of holiday schedule and two major snowstorms. a spokesman said "operation warp speed" delivered on first promise of 20 million vaccines available. it is up to the states to vaccinate. the states have only managed to vaccinate three million people with millions of doses in the cold storage units. president biden vows to have 100 million doses in the first 100 days. he is problem missing what the trump administration already
4:27 pm
lined up. contracts with pfizer and moderna guarranty 100 million doses by march 2021. here is how it breaks down. "operation warp speed," march 30th, 100 million doses of one shot vaccine from johnson & johnson was secured. april 16th, the administration buys 100 million doses of the moderna vaccine. then on may 20 first astrazeneca grease to 300 million doses in 2021. july 7th, novavax signs a deal for 100 million doses followed in july by the same amount from pfizer. that month the infrastructure support also started for moderna. helping with late-stage development. now in august giving money to johnson & johnson for manufacturing and distribution the same type of help given to. moderator: in that month this money allowed companies to take the early risk of development of a vaccine maybe will work or not work. that risk has paid off with viable vaccines now being delivered. back to you, jackie. >> as more vaccine becomes
4:28 pm
available and we do see, you know, very good, steady drumbeat of our vaccine coming off the manufacturing finish line then we'll be able to expand distribution to, through the local brick-and-mortar pharmacy chains. reporter: jackie, it appears that johnson & johnson vaccine will be ready late january or february. back to you. jackie: you mentioned johnson & johnson. the trump administration contracted with six vaccine makers so when are the others going to all come online? reporter: astrazeneca was going to be first but it had issues in the trial. it appears their approval, emergency approval may not come into april. before that we will see likely novavax in the first quarter. last big one is glaxosmithkline. they have had some tweaking they announced this month to their vaccine. that will come in 2021. we're looking maybe a late year addition to that. millions, hundred of millions of
4:29 pm
doses of a vaccine will be available for americans next year. jackie: thank goodness. that is great to hear especially we're all so tired of everything we've been through, right? we need to get that vaccine out. edward, thank you. reporter: thank you. jackie: a popular new year's resolution getting a makeover. grady trimble has that story. reporter: jackie we're checking out virtual classes with so many people making their new year's resolution to stay fit. we're looking how gyms are adapting to those resolutions for 2021. ♪ is that ireland...1953?
4:30 pm
4:31 pm
how did you know? mom...that was taken at the farm. it was in this small little village. in connemara? right! connemara it is. honestly, we went there- oh, oh look at that! look at that.
4:32 pm
4:33 pm
♪. jackie: fitness goals for the new year might have to happen from your home instead of your gym this year. the pandemic is forcing gyms to pivot their entire business models and this suburban chicago gym is finding way to compete with more complicated services like peloton in the world. grady trimble is on the scene in pal lan illinois. reporter: normally january would have gyms packed with the new year's resolution to get fit for the new year. people are still making that resolution but it will look a little different. we're at reclaimed fitness in the middle of a virtual class. kathleen is the owner and founder of reclaimed fitness. it's a brand new gym. it opened in the pandemic. you had to obviously adapt. you would like a packed gym on
4:34 pm
january 1st but you're making it work with what you've got. it's a little high-tech solution. >> yeah, we're here providing at-homeworkouts where people can be safe at their own home. get live interaction with an instructor to hang out with friends. reporter: point out we have the zoom going here and cameras with the instructors. you can see we've been here all day. they had much more full classes than this one. we still have four people on right now. what is the reception from the customers. do they seem to like it? >> it has been fantastic. they really enjoyed having us fill in a niche for them. they were hungering for the group interaction and accountability. we've been able to provide that for them. reporter: we mentioned you do want to get to group classes in person. you are revamp that whole setting for that but are doing this for now but you're able to have a competitive price point. when we talk about peloton and talk about the mirror that is very popular at-home fitness product right now, you're only $15 a month for unlimited
4:35 pm
classes. what else do people seek you out for as a local gym? >> we provide again that local community and the support and accountability that people can get from that kind of a situation. and of course what we do to help the local businesses around us as well. reporter: rising tide raises all ships. jackie, i don't know if you have any new year's resolution but might want to hop on a zoom call to join here. people have been joining all over the country. you're no longer restricted by geographical limitations anymore. jackie: i just made, grady. we've all had struggles with the covid 15, if you will. thanks so much for that report, happy new year to you. >> >> there is one company out there looking to capitalize on the at-home fitness craze. it is light boxer which allows members to do full boxing work outs in the comfort of their own home as well. joining me jeffrey morin the
4:36 pm
company's cofounder and ceo. jefferies just like we saw there, people find innovative ways of exercise at home to harness power of those around them and energy of being in a class. you're doing it with boxing. tell us about it. >> yes, the lite boxer is fitness of fusion of gaming. we want a work out people want to do instead of dread. the best workout is one you doha bit allly. it is about forming habits. we have foxing that is effective work out unlike anything else. on the shield behind me. there are led lights when and war where to punch. that is tuned to the instructor callouts or music infused in part of the work out. jackie: with respect to gaming people game and it is interactive with people in different parts of country. is the boxing class similar interactive that way? we're at all home, have one of the stands we're punching but
4:37 pm
doing it at the same time? >> exactly right. you can take a class or do a quick fight. you can pick the exact song you want to play too. we're tracking your scores based on how hard you punch, when you punch that is fed back into the system that gives results show up on a leaderboard that you can challenge your friends with. jackie: peloton is the big one out there we all know but are there any others that you're competing with or is this really, peloton is in the space but there is room for others? >> there is a lot of room. what we're seeing is the pendulum has swung to at home fitness. it will not be swinging back anytime soon. what is special about lite boxer is that fusion of gaming and music and no one else has that kind ever interactivity. there are work outs lower body. for example, peloton and hydro, whatnot. they're focusing on lower body where a boxing work out is upper
4:38 pm
body. if you have a hurt knee that is really important. what we're seeing really high usage numbers from our users because they can get on for just a song or get on for a trainer but, boxing workouts are, you need to be focused. you can't be looking at your tablet or not paying attention. so the time kind of just melts away. that is really important for us. jackie: how much to get one of those in my living room. >> 1495 and subscription, 29 a month. you can finance right now. jackie: it is in line with other services. when you were developing this, putting it together during the pandemic, i'm sure it was challenges. what was it like with not only new business but one where you're innovating to cater to the crisis you're living through. >> it has been pretty tough but luckily we have a great team. we've actually been spread out. we look for the best of the best. we have people in california, new york, and texas. our engineers and support team are top-notch. probably one of the biggest
4:39 pm
things we learned is that people didn't want heavy bags in their house. we took cues from people like peloton where they have a celebrated piece of hardware it looks nice, having it in the living room take selfies with. with lite box, you can put the unit everywhere and don't need to fill it up with 300-pounds of water and sand. jackie: real quick, sometimes i go to flywheel, one of those spin classes you're competing on leaderboard with your friend in the class with you. is there any way to make the boxing all individually in our homes competitive in some way. >> yes, definitely. we're taking scores and results after your workout. those go up on leaderboards. you have can actually just challenge direct friend. if you have a friend on the platform you will be able to find them, send them the results of a song. so if you punch to a song you can just say, send along and they can try to do, try to do what you did. jackie: very cool jeffrey.
4:40 pm
good luck with that in the new year. we'll talk to you again soon. >> thanks for having me. i appreciate it. jackie: sure. the new year is making its way across the eastern hemisphere. heading to the center of the world with times square where preparations are underway. 2021 is little more than seven hours away here in new york it's moving day. and while her friends
4:41 pm
4:42 pm
are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.
4:43 pm
4:44 pm
♪. jackie: final sprint to the georgia senate runoff races with less than a week away both parties are making last-ditch efforts to get people out to vote and this just in, senator period is quarantining after coming in close contact with someone who tested positive for covid-19. david perdue. fox news's steve harrigan is in atlanta with more. steve. reporter: three out of four candidates crisscrossing the state trying to make the final push, face-to-face with voters. we're up north in georgia today to see david perdue he doesn't show up because of covid.
4:45 pm
senator lindsey graham making the pitch for georgia voters to vote. florida for god's sake your country needs you now. i have never known where a single state -- reporter: early voting ended. 2.8 million people voted early. that is record for runoff races in georgia. some of the highest turnout is in suburbs around city of atlanta, some democratic territory there. there has been a lot of infighting among republicans. some republican observers could prove this could be distraction or suppress republican turn out at the polls. the president battling with republican governor brian kemp here in georgia, referring to governor kemp as stupid in one tweet, calling on him to resign. governor kemp responded that the presidential election here is past history. >> there is a constitution fall
4:46 pm
and legal pros syces playing out. i'm comfortable letting that process play out. the next vote will thereby, not here. reporter: president trump returns to georgia on election eve rally for two republican senators. jackie. jackie: can i ask you, he is headed to daulton, georgia. why is that? >> it is northwest georgia. strongly republican territory but in many solve those rural areas so far rate of voting by republicans is among the lowest in the state. so the president will be going to dalton to drive rural republican turnout. of the republicans will need a big surge on election day. jackie? jackie: got it. steve harrigan, thanks so much. a party crasher, celebrations are not what they used to be. jeff flock is here with us. he has details, jeff.
4:47 pm
reporter: like like i'm in a fancy restaurant doesn't it jackie? i'm actually in a tent. i will tell you why in a moment.
4:48 pm
4:49 pm
4:50 pm
4:51 pm
♪. jackie: new year's eve parties looking very different this year. heart gatters and restrictions currently in place across the country withville impact putting party rental companies in a tough spot too. jeff flock is in burr ridge, illinois. reporter: nobody planning big parties but folks that rent for tents actually there is more need for that. chicago restaurants cannot have in-room dining they have to have it in a tent. so we're in a tent. richard, your business, you're with one ever the preeminent part planning companies in the world, it has been killer here. >> it is devastating for our
4:52 pm
industry and our industry in particular as well. reporter: you do huge tents for big events like ces. we're in a tent. show me, that is the how the side right there. i hope you can see that. there you go. >> you tend to forget you're in a tent when you're in here. reporter: this has saved you, working with the restaurants has been helpful. >> they have been a savior to our industry and to us as well. and the business they brought to us. reporter: one of the reasons restaurants can afford a tent. they're not cheap. >> no, they're not. reporter: the mayor of burr ridge, illinois, gary grasso, we'll keep socially distanced. you came up with the money out of the city budget to help restaurants afford a tent? >> yes, thanks, jeff. happy new year to fox business. we had it in our coffers. we had the wherewithal to do that. with the majority of board we
4:53 pm
provided tents because we saved our restaurants at a very important time. reporter: come with you if we could, we have a moment, come on with me, guys, because in-person, this is beautiful restaurant called capri, chicago suburbs, in burr ridge, problem is nobody is allowed to be here. >> they're not to be here at night. they are allowed in other portions. as long as they're socially distant they can be here. reporter: in the tent. >> in the tent inside as long as they're socially distanced and outside and there is venttation. reporter: without a tent -- >> that is the key. reporter: jackie, these dividers, they have, that is plexiglass there. they're around all the tables. they're tying to be as safe as they can. it is very different new year's eve. wonder what is here?
4:54 pm
oh, food. very different new year's eve we've come to imagine. making best of it. jackie: the reality what we live in, jeff, what is interesting the tent is keeping the restaurant open and socially distant and the plexiglass, if you didn't have the tent you couldn't be inside at all. reporter: exactly. without that these guys are dead in the water. someplaces are in worse position than this. jackie: it is so hard. jeff flock, happy new year to you for the last time. reporter: happy new year to you. jackie: missing a new year's eve staple tonight. celebrations scaled back. the fireworks reeling from lack of events in 2020. most companies are looking to how to move forward in 2021 with a bang. no pun intended. maybe it was. jim souza. glad you're with us. your industry taken a hit.
4:55 pm
90% loss in sales because of pandemic. last time we talked to you july, biggest day for fireworks how are things going? >> thanks for asking. things got worse. after the devastating fourthjuly, we were down 80, worse in the industry. we were looking forward to labor day. that went away. we were looking forward to tree-lighting ceremonies. that went away. looking forward to new year's. we're lucky at five%. only those to allow certain venues with the social distancing or don't for tv and preplanned and shot sometime ago. jackie: i'm surprised they are cancel all the new year's fireworks, that is something you can do outside. you can socially distance. in some areas you can see from your home without going
4:56 pm
anywhere. your thought behind the rationale from the cities. a lot of people are questioning why we can't dine indoors, why we can't do a lot of different things. >> that is frustrating for us. we're look everything we can to comply with regulations and social distancing. in times we've been able to demonstrate and social distancing, we have called, this is 4th of july, drive-in, drive-in shows you can have distancing, admission, distancing, and fireworks show to celebrate our nation's birthday. they were just rejected by our governor or local authorities. cities were behind it, fire department, permitting everything is in place. there is just a big fear about the social gathering. but it is inconsistent, difficult for us to swallow. i'm happy for the restaurant business they can do, some business, 10, 15, 20%.
4:57 pm
we can't do take-out fireworks. jackie: right. there are no take-out fireworks for sure. let me ask you this, ppp was one option for small businesses that need the help. the restart act helped entertainment businesses more. explain that to us. >> we're very for the in the year give us ppp. that gave us a gap to get to the 4th of july. that fell short in june, we really needed the money. we're happy now congress has another round of ppp but that is just going to be a bandaid. without the rye start act which will allow us and others in the live entertainment industry to get loans, we're not looking for just bailouts. we're looking for loans. you know, and restart act is supported by over 60 senators right now. it is endorsed over 145 in the congress. this, the restart act only thing
4:58 pm
will save our live industry. it looks at revenue from 2019 compared to 2020. we can get up to 45% of losses in loan repaid over seven years at lower interest rate. some of the expenses like the ppp would be deductible. that is absolutely have to have. it is essential we get this. the second go round of congress in february, otherwise, jackie: if we're looking at another six months before the general population is vaccinated, can you survive that long and keep the employees on the payroll? >> no, we really can't, because you're going to run into the situation where everybody wants a fireworks show, but they're not going to give a deposit. so, yes, we're really also fortunate and blessed and thankful that the vaccine is coming out, but that's got to get out there faster so that the basic public can be confidence. we really start our business with the sporting events, and we
4:59 pm
lost all of that. so that's in april. we really need to kick this off and start selling fireworks now. a year ago we had over 300 shows booked by this time for fourth of july, and we only ended up doing about 40 of them. so we've got a tough period of time here. it's going to be very, very difficult. jackie: it's kind of like the wedding industry too. you have to plan in advance, and it's been difficult to commit with respect to that because we just don't know what these timelines will look like. jim, we are wishing you and your business and your employees the best. we hope that you do hang on, and we will check in with you next year. happy new year. >> thank you. happy new year. looking forward to getting past 2020. thank you. jackie: let's do it. okay. here's a look at the celebrations we're seeing at shanghai disney, singing lion king, helping peck today to haves ring in the new year, dubai also ringing in 2021 with spectacular fireworks from the tallest building in the world. and take a look in bangkok, thailand, and tokyo, japan. the world can't wait to step
5:00 pm
into a new beginning and one last look here in new york city, times square, where the show is going to be a little different tonight, but we will see that ball drop, and we're looking forward to that tradition. we want to wish you a very happy new year. thanks for watching. >> from the fox studios in new york city, this is maria bartiromo's "wall street." >> and welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm cheryl casone in for maria bartiromo. coming up in just a few moments, maria speaks with some of the biggest names in business as we look back on this incredible year. and take a look at markets, all of the major averages ending higher for the year with the nasdaq surging more than 40%. this is the best year for the nasdaq since 2009. here know first gerald group principal -- fitzgerald group pr


info Stream Only

Uploaded by TV Archive on