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Global cases nearing 1 million desire statistics there. Indeed, there are theres been plenty of late. Weve got great guests coming your way including Mike Novogratz on where hes seeing opportunities. Well also speak with the ceo of pa tell, the ohio company thats just received approval for its technology to sterilize medical masks. But the big stories were watching this hour mike is here to break down the latest market moves. Brian sullivan has the late isest on oil and energy. A role eler coaster ride kayla has new details on the relief checks due to americans and bank of americas Michelle Meyer is here with us to tis cuss the sobering jobless claims numbers, but mike, you on the markets. T. Obviously waivering after the early day rally. Take a look at where it leaves us here. It seems were settling into a trading range. Well see if that holds. People can throw out these levels that might matter ta tactically the market has traded technically, just because we are in a bit of a vacuum on relevant news for a while a lot of folks saying in the mid 23 2300s, around 2400 powould be oa to pull back to. Without damaging the idea that we had a bounce. Keep in mind this down trend is still pretty much in tact. Its traded technically. Thats essentially where we peaked there, over the 2600 mark heres the big divide within the stock market between kind of acknowledged high quality and low volatility stocks on the one hand these are a couple of etfs and usmb for high quality and minimum volatility. Theyve outperform and riskier segments like high beta and thats the small cap deep value etf. Rzv right there. The interesting thing is there seems to be a consensus that pullback has presented an opportunity to buy more stable businesses Higher Quality also higher value. I wonder if thats the case though if you think the market has bottomed and might get relief on a lasting basis, its probably these guys that are more Spring Loaded and look more washed out and cheaper to rally depends on the game youre playing though if youre just picking up quality stuff f for longer term holding or trying to play that rebound. The choppiness were seeing today that feels quite worrying when youre up 2 then go back into the red with 90 minutes left is that something that should be encouraging if it persists as long as it doesnt break out of the ranges you talked about . I think it should be at least toll ritted if not taken as encouraging. Its pretty much par for the course here. We have comingity shock that dot disapate if you look on a week to date basis, there hasnt been a lot of net Movement Even though weve gyrated around a bit i wouldnt say its necessarily going to go away quickly, but weve had a tentative trading range developing here so far talking about Energy Leading the market higher today. Sharply up after a huge rally in oil prices comes off the back of comments by President Trump about a potential deal with russia and saudi arabia. Lets bring in Brian Sullivan. Welcome bounds for oil price, brian. That are still down 60 . So far this year what do we know about this potential deal well, i think the people in the market are still asking questions about the deal, sara what deal . I mean is i think the ultimate question perhaps [ inaudible lets be clear in their language have said its implicit the u. S. Producers, seven major ceos are coming to the white house tomorrow in person, i might add, and theres going to be talk b b aboabout opening fo federal lands. If the texas head of oil basically is talking to the russians as he said he did today and the saudis and russians are talking to trump and trump is talking to the oil ceos, i dont think its out of the question for some sort of global coordinated simply cut a global opec. Lets call it glow pec sounds nice, you can use it. I like it a lot my only question to follow up on that as optimistic as it sounds is price fixing amongst a cartel, which this is, surely only ever works in the best of times in the calmest of times. Are we not getting a glimpse of that today, that even with potential news earlier today before it got doubted a little bit, we saw a bounce but were still at 25 bucks on wti crude and add to that weak demand. Were playing with real Desperate Measures as opposed to something solid that those ceos that are going to see the president can come out of and go okay, were in the clear now i think back to the great 1979 movie, the warriors how they had this huge gang meeting then one gang went rogue and they became this chase back to coney island. If somebody goes rogue here, ooefb if theres a deal, its going fall apart they can call in the ceos and say please cut productions if the russians dont cut it, its like you first. You do it then ill go its going to be hard to accomplish its a sort of semi cartelish like behavior if it happens in the United States in a certain way, but we dont want to have 500,000 people lose their jobs jobs everywhere in the United States that relies on oil and gas to pay the mortgage and put food on the table. Its an impossible situation so brian, President Trump in the tweet mentioned approximately ten Million Barrels. A cut of that size i think he told joe 10 to 15 Million Barrels. Is that enough to make a difference just give the spoke of how much saudi and russia produce on a daily basis and whether that would actually turn things around in a Sustainable Way given the huge demand drop off were seeing as a result of covid19 its the right question if youre asking. Lets call it 15 Million Barrels a day. Sort of the median of the 100 or so estimates i read every day. If you remove 10 million a day, youre still oversupplied by five, but not 15 and so yes, any cut, especially one of that magnitude would matter to a point but youd still likely be overpli oversimplied can they do it russia and saudis together, about 23 million the president was suggested saudis and russia just together could do ten to 15 thats basically taking half their countrys production offline. I dont think thats possible. By the way, i talked to people in aram ko today via whats app and they said any deal have to include the United States. Big white house meeting tomorrow ill see at the top of the five for fast money im going to get off the phone actually get dressed well see you then and no doubt hear the word glow pec energy by the way, the best performing sector today. Whatever b you believe will happen, Energy Sector higher by 7. 5 the only sector thats rallyingirallying i hard now americans are waiting for Coronavirus Relief checks from the government maybe waiting a lot longer than they hoped hi, kayla. Hi, wilfred how long youre waiting depends on how you file your taxes and whether you file your taxes. House democrats have been seeking guidance from the irs and circulated a memo today with some of that information that was obtained by nbc news in it, they say the roughly 60 million americans who fileded their taxes electronically and have direct deposit on file with the irs as well will see the payment the week of april 13th after that, roughly three weeks after that, is when the irs will start issuing those paper checks to an estimated 100 million americans. They will start by processing paper checks for the lowest income americans first, but estimate they will be able to process only about 5 million checks per week and that in totality, that group of americans will likely take up to five months to receive those paper checks now of course these are estimates. There are a lot of filers and people who do not file that the Treasury Department is seeking answers about how to get that money to, but this is the first contour of exactly when and how this program is going to be run that were learning about and certainly a lot of americans are circling those dates on their calendars. Thank you very much for that. I mean its a huge swing factor in terms of date well have to wait to see if that comes through and another big part of the discussion well have you back for no doubt later in the show about the sba lending program. Lets bring in bank of americas Michelle Meyer michelle, were going to get to your gdp forecast, which youve been updating of late and the up employment numbers as well that we got this morning. But whats your take on how important it is to get those checks out to those americans and how big a swing factor it will mean on your gdp forecast fiscal stimulus is is extremely important in terms of being able to provide a backstop for the economy. And off set the fact that the private sector has lostdestroyed the quicker the government can provide those in most need with the appropriate funds, the better for the economy the more this has lagged, the more were going to see Consumer Spending cut back and the more the economy is going to suffer so yes, the timing and the magnitude of the stimulus are critical five months as long as five months for paper checks if you dont have direct deposit . Where are we on unemployment are we in double digits yet . I think were close if were not there yet. So you know obviously theres about 10 Million People that filed for Unemployment Insurance between this week and last not all of those will officially show up as employed in the statistics in early april, but a lot will but were not done yet in terms of unemployment filings. You can easily see in the april data, between ten and 14 Million People lose their jobs show up add unemployed in the statistics and that will send the rate up into double digits so this is happening very, very quickly and thats the nature of the shock. This is an acute shock its shutting off part of the economy. Which is causing people all at once to be losing jobs michelle, your latest gdp forecast has now three quarters of contractions. Talk us through what the late ets numbers are. How bi expectiexpec expecting in q4 is and what if theres a second wave of this disease . Is that factored in . Do you expect a bounce in q4 or not. To walk through the forecast, q1 is likely to be negative just because of the last two weeks of march looking so weak for the consumer so were looking for a 7 decline in the First Quarter annualized as a result of these lockdown measures, prompting people to shelter in place and shutting down businesses. Q2 is going to be more extreme so we think were going to see a 30 decline on the annualized basis. Q3 we think were going to see b about a 11 drop so dwoent have this sharp snam snapback that a lot of other people have in Third Quarter we think it will take long er because it will take time for the economy to reopen. You can shut the economy down quickly. That switch can go off fast, but to put it back on, theres going to be friction and we think it will take time wo well probably see that in the sum we are the consumer coming back, but it will probably take time for business to recover, for housing, inventories to be restocked and for us, it will happen more into the Fourth Quarter. Now you raised a really important point, which is about this potential for a a w so you could see an area where if the virus isnt really contained or its spread elsewhere in the globe b and if theres a risk of it p coming back here in the u. S. , then sure, you can open up the economy, people can start to merge again, start to go back to work to restaurants and the like and then theres a second spread which would cause this kind of w shape. So i do think that this is going to take some time to get out of. Its not going to be a dramatic snapout fortunately. Thank you so much for that and we love the bank of America Securities in the backdrop, which is always in your home of course my decoration. Thanks so much. Still to come here, President Trump praising one way to get more more masks in the hands of those who need them. I love the sterile aigs aigsization of the masks, so ohio company, you can sterilize a n95. You can sterilize that mask for up to 20 times after the break, well speak with the ceo ohio company the president just mentioned ed abot their efforts to sterilize masks. Back in a couple of minutes. Ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. 43 minutes left of trade ohio based Research Development company batel is starting to make sanitized masks i think the shot is not working. Ill send it over to you not only has this Company Created a rapid diagnostic test, but theyve received fd aapproval for its face mask decon nation system which will sterilize 10,000 masks a day the ceo joins us now louis, thanks so much for joining us much appreciated sorry for the confusion in the intro. Tell us about the sterilization and how confident you are that it creates good as new masks and how many you can do per day. Thanks, wilfred so we have our very confident, we actually did the rnd on this process about five years ago for the fda so we knew it worked what we had to do is spin up quickly so in nine days from the time we had the idea, our team built the first system, tested it and about six days into that, we got data back to the fda. They were very diligently and nine days later from our submittal and a are the lot of back and forth, we got the approval so beweather basically can do 80,000 masks a day. Every system is made up of four containers it can hold up to 4,000 masks at a time and we can do a couple of cycles a day as we work through this its a relatively complicated process because you have to treat the masks to consume bame from the hospitals as if theyre contaminated and we have the data to prove that it works. Its such a great story, lou. Sorry about the technical issues i try to highlight Companies Like yours every single day that are really Game Changers as we fight this virus so tell us how much you can ramp up that 10,000 i think you said masks per day and where are those masks are getting cleaned and disinfected and sent are they going to hot zones like new york thanks right now, were up and run ining in columbus ohio. Were cleaning masks as we speak. We have a system on long island now in new york. It will go operational right about now today we believe we just finished the build out in the last day or two so that will be up and running we have a system that just arrived to seattle they take about 48 to 72 hours to get set up and test in. We also have one going to boston on sunday and another one to new york city right after that we believe we can do at least five of these a week were working the supply chains and our team is literally working around the clock a lot of conversations the last few days with fema and the government to look at options on how they can help us move faster have talked about the potential of many towns, maybe even 100 of these being put around the country in the next few weeks. Who are you going to most of all for guidance on what is needed is it local government, state governments or is it the federal government in terms of where youre setting up shop and whether youre doing more testing or more masks . So we started locally we looked at the hot spots working with the hospital associations to understand where the biggest shortages were, where they saw the most cases coming into. In recent days, weve had more conversations with fema and were starting to look to the feds to help us find the best places to pick these once we have the places picked, were working with the local communities and health fiofficil to figure out where to put the system and talk about, youve done this and its huge and gotten the fda approval youre also working on Rapid Testing for covid19 thats the status of that . So, we started in late january. There was a day that it looked obvious, singapore had over 100 cases that day that the virus was coming here, so our team went into action that day and we have about half a dozen projects going on right now so weve completed the one weve talked about for cleaning masks just in the last two weeks, working with the Ohio State University weve managed, developed a new test thats similar to the cdc test for covid19, but it uses slightly different equipment and reagents which helps supply chain. Weve worked that. We took equipment out of our labs, ohio state took equipment out of the Research Labs and combined it into their Clinical Labs and are now up and running. Their leader told me they ran about 800 tests yesterday going to 1,000 we have the capacity for 4,000 a day with about a five hour turn. And youre a Nonprofit Organization how do the economics here work for you . We are. So thats been interesting so far. We came into this with a very strong Balance Sheet we were growing and doing interesting work so we told our team, heck with it, just run fast, ill figure that part out later. Weve started by recovering for use costs for the organizations that were doing tests for, masks for, other items we think theres a good chance the federal agencies will be able the to come in in the next week or two and get us a contract if that happens well be able the to drop some of those costs immediate ly and just operate at whatever it costs to just run the operations keep it coming. Thank you so much for joining us thank you should mention markets have improved again in the last 20 minutes or so. Now up 1. 4 on the s p 500 37 minutes left of the session breaking news on uber and lyft hi, d. Hey take a look at the ride sharing firms shares lyft, theyre down about 7 to 8 though off the lows of the session. Theres a report out today from the information citing sources that the company saying theyre ride sharing business have shrunk by about half in recent weeks. Compared to about a year ago and while thats a huge drop in booking and likely to hit revenue, it shouldnt come as a huge surprise. Remember that a few weeks ago, ubers ceo held a phone call for investors and analysts and said we are stress testing for this some of their marriage markets like seattle had seen drops of that magnitude or more he also outline d a worst case scenario, which we are not at yet. He said for the whole year, if gross bookings on the ride sharing front were down some 80 , they would still have about 4 billion of cash to essentially survive that, so guys, the hits keep coming b obviously ride sharing is under a lot of pressure during the outbreak, so this shouldnt come as a huge surprise, but thats a massive, massive drop back to you. Yeah, like putting a number on it. Thank you very much. Weve got about 36 minutes left of trade and were high er across the board. Weve improved as wilfred said every sector in the s p is higher now led by energy except for Consumer Discretionary the one in the red utilities and staples doing well today. Nasdaqs up almost a percent still ahead, mike novograts says the mass carnage in the market is over. Hell tell us where hes looking for opportunities now. Our special coverage will be right back at Southern New Hampshire university, we believe in education built for all people. [woman] snhu was the best experience of my life. [man] without snhu, i wouldnt be the leader i am today. [woman] i graduated high school 19 years ago. I still finished. [man] in the military, you feel that sense of accomplishment. Thats what snhu is. You will march from this arena and say to the world. I did it. [woman] you did it. I love you. [graduate] i love you too. The federal Government Small Business loan program meant to go into effect tomorrow, but may be runni inning into some spee s bumps. Kate rogers has more on what Small Business owners are saying start with you, kayla. What do we know about this point . Its supposed to be unveiled in a matter of hours, but many banks do not have the guidance from the Small Business administration, do not have an application to participate in that program as such, a lot of them are raising concerns with the treasury secretary in several calls arranged by Industry Groups in the last few days about some structural issues and broader issue s about how quickl this is going to be put together and some issues that might affect its ability to be rolled out in a seamless manner some banks have a concern about the Interest Rate. B about half a Percentage Rate that would be the Interest Rate on the loan if not forgiven. They say because their cost of capital is so high, they would have to issue the loans at a loss and have asked the treasury secretary to change that rate to change that dynamic. Unclear if that will happen. Seco second, the big banks are raised concerns about some of the antimoney laundering and fraud p provisions for the loans they make, but in this case because speed is so important, they say if they dont have those regular laces waived, they cant issue loans for companies they havent done business with they would have to go through a normal Due Diligence process part of the issue there is that if a loan is found to be taken out in a fraudulent way, the government might have its risk and be on the hook for the value of the loan. They dont want that to happen finally, theres the technical issue. More than a trillion dollars of demand is estimated. Theres going to be a feeding frenzy and many executives worry it could look like a rollout of heal healthcare. Gov in 2013 kate has been focusing on the Small Businesses and how theyre fearing how this process might roll out thats right weve been hear iing a lot of frustrations from main street and were learning more about whats been going on behind the scenes so learning that the treasury did have a call with Small Business groups yesterday. We talked to two sources who were on the call they said there are still many e questions about Program Readiness and trade Group Representatives were questioning if officials were confident that banks would lend with 0. 5 Interest Rates they didnt say the orlg nuysers if they were confident, they justified those rates. This is why contractors were punted to filing dates because theyre unclear on how they should be handled. An official familiar with the program did tell cnbc the official guidance for bans is not finalized but said they are planning to launch tomorrow. Their biggest concerns were that the banks dont have enough clari clarity. One said he has no confidence this will go live tomorrow because the treasury and sba are just not coordinated and on the same page. We did reach out to the sba for comment and well bring you anything we get. Back to you. Kate, that from all the banks is the key thing the final point you said that official guidance guidance on the program that it hasnt been finalize and reached the banks is why they cant say theyre ready to go yet. One of the major banks the i spoke to said that would mean they will not be ready to go by tomorrow even if it came later today. They needed that guidance they said last night. Slightly more optimistic take from another bank i spoke to about an hour ago was if the guidance came in the nex couple of hours, they would do all they could but could make no promi s promises the fact thats the optimistic take with eight hours left that theyre not ready to go as things stand kind of paints the full picture though one final slight positive off set is that both of these large banks suggest they could be ready by monday just need to hit the pause button, come together over the weekend with treasury, the sba and try and iron out these remaining creases. I know thats not much to go to the companies that really need the money now, but at least its not will never be ready. Its just were not going to be ready by midnight as things stand, guys. These Small Business owners are waiting for this money right now. So while it will be available on monday, they need it tomorrow and were told they could potentially access it same day, which is a huge difference in time for them. Its a huge difference and again, i go back to some of the things ive reported before about what the big banks say they feel like they werec consulted early enough by the government in terms of what would be needed on the operational side i dont know what youve heard about that side of thing, that a target was set and tits just been trying to move heaven and earth to get to it were too late in the day now to say if any confidence will be met. Certainly one can appreciate the expeditiousness which with the government is trying to get this into peoples hands, but normally, rollout of this magnitude would be something you would budget a year for. To get the back end for, theyre trying to move heaven and earth in just a weeks time and thats going to be difficult. There is a problem bthough because this is a first come first serve program, if they end up having to do a partial rollout tomorrow with many banks telling their customers you know, we will have this program up and running by monday, theres a real question about whether that would open the door to class action lawsuits who say we were left out of this funding because our Relationship Bank wasnt u about to participate in this because the Government Department gem them those guidelines those are some real problems you could run swoo sboo if you do this in a fractured way. Of course another factor that only increases the likelihood that treasury will have to increase initial 350 billion figure, which was something a lot of the banks executives were saying even if they got things going on time at once, this was likely to be drawn down quikly thank you so much for that still ahead, chewy due out with earnings after the close well speak with the companys ceo about whether theyre seeing a bump in online shopping. Heres a check on bonds. Yields mostly low. Not a lot of big moves ten tenyear, 0. 62 . S p 500, up u one and a quarter percent. P 20 minutes left. Be right back. At t has connected us every day for over 100 years. And were here for you especially now, doing Everything Possible to keep you connected. Through the resilience of our network and people. We can keep learning, keep sharing, keep watching, and most of all, keep together. Its the job weve always done. It is the job we will always do. Poppy come quick something huge. Like a lot bigger is coming to your home. Wait for it. Happy birthday. What a troll. Lets bring in seema the nonpartisan congressional budget is out with stark estimates for the Economic Impact of the pandemic it projects u. S. Unemployment rate will top 10 and that gdp will sink more than 7 thats based on Data Available through last friday. The cbo says more recent figures have been worse than anticipateded. Federal government has sent out nearly half its stockpile of ventilators and only has about 10,000 left. Thats about onethird of the ventilators need ed by mid apri. Michigan governor is extending the virus related School Closings in her state. Zpl all in Person Instruction for k 12 students will be suspended and all School Buildings will be closed for the remainder of this school year. This doesnt mean our kids will stop learn iing. As more parents push for e learning for more coronavirus overage, head to cnbc. Com thanks so much for that were higher by 1 got 22 minutes left of the session. After the break, mike novograts will tell us whether hes buying our selling during these volatile times bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Helping you weather storms like this one, dont get mad. Get e trade, dawg. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Dows up about 240 points. Joining us now is mike novograts. You know, some remark bable resilience here in the market given those record unemployment claims 6. 6 million americans filing last week on top of the 3. 32 week before and the still very uncertain trajectory of this virus in this country. How are you looking at this market these days . We had a historic sell off with a max of about a week ago you had a fed induced rally. I personally used a lot of that rally to lighten up positions to make my portfolio much simpler i think were in a period of real uncertainty for a while the economy is deteriorating and will go. There are buyers below because weve like i said, we had a sellers exhaustion. So i think were really range bound u for the foreseeable future the broad range, 2,2800. And so i think its a traders market its more of a fundamental market the fed putting foam all over the runway allowing lots of the dislocations to kind of comeback together so with a fixed ed income and no i think companies that are going to do well in the long run will find support and companies and Business Models are going to be tested its warm a long short market than it was when it was just liquid documentation doing less than trading range. I guess its a sign of how long this volatility has been going on that youve had time to grow that excellent mustache as well i guess my question is whether the volatility itself and the proper functioning of markets, the worst, whether the worst in that sense is behind us. If we do that, well start to reapproach the lows on the s p 500. Is that something that you would use to buy things more aggressively again we had a record discloex. I dont think well see that again. Interesting some of the big hedge funds like citadel who had big drawdowns are all back up on the year, which means the fed injectingly quidty in their Risk Management process allowed them to put hump thety dumpty back together much faster if we stay shut for six weeks, eight weeks, we dont get h this economy open, the market will go lower so a lot of it is are we going to you know get the committee open and thats listen, the first move in that was got to save the Health Care System got build the excess Health Care Capacity the governments doing a great job of that. Certainly here in new york from Javits Center to the mercy ship and other hospitals are setting up it looks like were going get through this painfully without breaking the Health Care System. I think private administration, the testing, testing, testing. Got to get diagnostic tests for people to know if they have covid and antibodies because people dont want to go back to work until they feel safe. So the faster we can get people tested, hey, ive got to anti d antibodies, its safe to go back to work or ss a sif environment, then we can get people going again and the economy will pick up not going to happen in the next week or two, but it could in the next four to six weeks yeah, we hope those tests ramp up for sure you said you were taking the strength in the market weve seen as an opportunity to lighten up tell us more about how youre positioning and especially around bitcoin because theres your firm now. Galaxy and digital didnt exactly hold up as a safe haven in the First Quarter its the thing im most excited about. A macro hack and crypto. Ive taken risk way down because i seem uncertain, but one story that is so Crystal Clear to me right now is bitcoin weve got Central Banks around the world monotizing their debt. Were going to have 4, 5, trillion of debt monotized that literally is a printing press. Bitcoin had a big day today. Up to 7,000. Started at 1600. I am seeing investors i never saw before Hedge Fund Investors getting in for the first time and so i said this in a tweet, this is if year for bitcoin and if it doesnt go by the end of the year, i think i might just hang my spurs. Were seeing real flows in the bit county you know its a hard asset and we are literally, its not just the u. S. Thats going to monotize money doesnt grow grow on trees and right now, its across the rubicon where it feels like it grows on trees give us a number and if we dont just so we can gauge your level of expectation where should it reach in six months and if it doesnt as you said, youre going to give up on bitcoin. I think its a really interesting swing. We should have doubled within six months we really should have. This is the time maybe its within the end of the year retesting the old highs of 20,000 again mike, the problem your theory, sor troy cut you off, but Everyone Wants toll lars now. Theres a scramble for dollars and weve seen it rise in a period of stress and i think it shows that you know when push comes to shove, we may be monotizing and money doesnt grow on trees, but dollars are still valuable zpl thats always first reaction first reaction is to get to safety and all of a sudden, people are going to say wait a minute, what are they doing to the dollar thats when we come up with the next fiscal package, im sure within the next four months, another two or 3 trillion, the first one wasnt enough, youre going to see more and more people im seeing it as we speak. Getting calls from you know, real big investors who have never thought about, the tell me about this bitcoin and so you know i added to my position every day and so thats the one big one i have then on the other side, being morage ill thank you for joining us. Well hold you to that bitcoin double fall and well talk to you soon we have breaking news though now on the defense production act. Seema has the details. The president defense production act calling on companies, General Electric, hill rom, medtronic, royal phillips and biron medical to secure supplies they need to biltd ventilators needed to defeat the virus he says im grateful to these and other dmomestic manufacturerers for ramping up their production of ventilators during this difficult time tod it will save lives by removing obstacles in the supply chain. Weve seen General Electric announce a tie up with ford to increase production. Venn tech and General Motors doing something similar but the shortage of ventilators is very dire and this defense production act hopefully will increase the urgency for these companies to produce more back to you. Absolutely. We hope that is true thank you. 12 minutes left in the trading day. We are now in the closing bell market zone. Commercial free coverage of all the action going into the close. Cnbc senior markets commentator, mike is here with us to break down these crucial moments of the trading day. Today weve got our cnbc contributor. Lets kick things off with the financials Goldman Sachs joins cnbc earlier to win on the future of dividends at big banks in european banks are in a different place than u. S. Banks and european banks also have dividend paid once a year is the vast majority of their return and a significant part of earnings here in the United States, its a much smaller part of capital return weve already stopped capital return so were in a position to lend to clients but its my expectation well pay our dividend banks up about a percent or two today. Stephanie link, have you been looking at the banks and does the dividend yield play a part in that consideration or is 4, 5, 6 irrelevant when the stock moves that much . Ive been looking at some of the banks that have gotten hit hard like a welgs fargo, a a bank of america. Ive owned them for a while, but have been adding to them on yield. You know this better that i, that the european banks are under capitalized versus the u. S. Banks and they have different regulatory requirements and as a result, i think the u. S. Banks over the last several years have been able to take market share and we havent been able to deal with negative rates yet so i think the banks are in a bit better of shape and to davids comments, already suspending buybacks, thats a good thing so we can preserve dividends and i think these valuations are attractive. So i am adding on the weakness what are the valuations in banks telling you, mike . The group is up today 2. 4 this is a group thats 35 from its recent 52week high. One of the hardest hit parts of the market yeah, the valuations are telling you that market is applying kind of a recession nair scenario to the valuations even if the experience of the banks in terms of loan losses wont be as bad as we experienced a decade ago i think thats what it tells you. I think again can take the ceos of these banks at their word that the dividends appear secure and youre committed to them fand youre constructing a portfolio of say three and a half to 4. 5 dividend yield stocks that look like theyre money good on the dividend side, theyre in there but we just dont know what the duration of the wear and tour of the credit is going to look like for the market as a a whole and i think thats what the overhang, not to mention the fact that the two year note yield is at 0. 2 and so net interest is hard to come by. Zoom video shares are under pressure today after a ban by elon musk b ks spacex after surging so much this years feels like the hits just keep coming for zoom lately. Not just spacex banning the app, also nasa preventing its employees from using it on security and privacy on top of that, the fbi has warned against zoom bombing. The company is under pressure for sharing data with facebook the ceo addresseded some of these issues in a post and said they are taking steps to address them he also said zoom though saw active daily users spike to 200 million in the month of march. Thats a huge increase just continues to add users. Shares are down more than 10 today. For the week, down about 20 eatiea ing into some of these huge gains this year. Back to you. Stephanie, how do you view these stocks the fact theres a zoom preschool going on in the room next to me and so many other people are using it and so it seems like an obvious bet but then you look at the valuations or privacy concerns. Where are you on these kind of names . I mean obviously the trend is very powerful. The stock has done amazingly well up 82 year to date. I cant explain the valuation. Especially when i look at microsoft which sewowns skype ad theyre usage is up 70 and i look at cisco and webx and they have a better security platform. And you have these issues and so forth, so i like the trepd very much i think this is a name zoom if it were to pull back, its something to consider, but there are other ways to play this theme and theyre seeing equally as great growth. Broader markets are doing well again up 2 or so on the s p 500 the dow up 435 points. The high was about 500 weve got about six minutes left of the session m boeing offering voluntary layoffs to its employees. Hi, phil not a surprise given what were seeing in the airline and aviation market. As you look at shares of boeing, keep in mind the Company Plans to offer voluntary layoff packages theyll be in the next three to four weeks still unclear how many employees theyre looking to move off the payroll. Remember, theres no production going ong up in the puget sound area of commercial aircraft. That ties into whats happen wg ge and ge aviation the Company Announcing it will be furloughing up to 50 of its engine man fufacturing staff in ohio you should keep in mind when you look at ge and these furloughs, theyre likely to last maybe four weeks and this is all about whether or not well see some kind of resumption of normalcy when it comes to aircraft manufacturing over the next month, month and a half. Tonight on mad money, you dont want to miss ceo of General Electric hell be jims guest theyll probably talk b about ventilators and the health of ge do not miss this tonight on boeing, where are we wibot and government aid and whether factors like layoffs change the bargain in terms of what the government is likely will be to offer . Theyre waiting on the terms from the government. Once they know that, once the Treasury Department says do we want warrants in the company, do we want loans at a certain Interest Rate. Once they have those particulars, then boeing will make a decision in terms of what it believes it needs from a federal bailout package. I want to ask if you think projuxs seeing traffic for the year down 38 , do you think thats the base case or do you think theres a lot more downside because i thought that number was pretty aggressive i wouldnt say theres a lot more downside, but based on what im hear frg airlines and may and june, i wouldnt be prized to see it go lower phil, thank you stephanie, what are you doing with the airlines and the broader industrial sector . The boeings and the ges . I dont own the airlines. Ive always viewed them as trading stocks i still own a small piece of boeing because if you were to do the sum of the parts, the defense business is worth 70 a share. So that i think is your downside i wouldnt feel good if it went there, but i think thats the downside and i do think you are going to get some sort of a bailout package of some sort and the company has 15 billion in cash and 9 billion revolver. So the question is is can the airlines pay boeing in the second and Third Quarters and thats going to depend on what kind of bailout they get on the industrials, i have a barbell. Some conservative names. I like l3. I also own caterpillar what i want to own is some names that are going to keep me in the game in terms of performance until the near term, but then have upside as you come out of this and see better growth down the road so im tryinging to take that barbell approach quality across both segments from the likes of the airlines you were discussing how things like the russell deep value might be most geared for a big bounce u but the sector specific and stock specific hit by the virus, havent they bounced quite a bit like boeing or the airlines . Boeing for sure i think thats more trading the expectations for a bailout i dont think thats essentially the market trying to extrapolate out to an actual full fledged recovery, but yes, there have been absolute bounces and i think the kinds of things that bounce the most when we got up 20 in three days is basically the kind of battered somewhat junky, riskier stuff and more sick cyclical stuff that would d in a further rally if we were to make some more room between us and low. So i think there have been bounces but the question is is kind of separating whats being traded on bailout basis. Just want to draw your attention to the broader market. We have picked up steam. Dows up 2 . Every sector now high ner the s p. What are you seeing two minutes into the close more mixed than the headline indexes would have you think if you look at up versus town volume, its higher, but we were better earlier in the day. So b about a 32 ratio up to down volumes positive after the losses yesterday. Take a look at the hyg the high yield etf and spot the moment in the day where the president tweet ed about a suppl deal with saudi arabia and oil and see that spike it just spiked exactly with crude oil. If you dont think the machines are programmed this way, youre not looking in the right place its eroded a little bit since then its an up day, but not really decisive on the credit front we have 40 seconds left of the session and as sara just mentioned, were closer to the highs very much so than the lows. The dows up 460 points. The high of the session was 534. Energy and oil certainly front and center still below 25. Comfortably the best performing sector accolade. Its up 9. 2 all 11 sectors are higher. Ewe tutilities, staples follow energy, up about 2 or 3 sectors tonight. There goes the bell at the close we are up 2. 3 on the s p 500. 470 points on the dow. Nice rally into the close im sara along with wilfred and mike take a look at how we finished up the day on wall street. Up 2. 23 on the dow. 46 points. So we did have a little run up there into the close we went negative a few times during the day and managed to resume some strength s p 500 up two and a quarter percent as well. All sectors did manage to close higher led by energy had the biggest gain today Energy Stocks up 9 though perspective, theyre still down even with todays move 50 for the year the nasdaq popping 1. 7 and the russell 2000 index lag iging the other major averages as it has been up one and one quarter percent. Comeing up, an exclusive interview with the ceo of lululemon. Calvin mcdonald will be here to discuss how the coronavirus is impacting his business and what they are doing in response coming off a very Strong Quarter with 20 same store sales. Joining us to talk about the market day, stephanie link and michael zen from ub s. Mike, nice little rally up into the close, but as you said u on the internals not necessarily as encouraging and credit today and in some sub sectors of the debt markets, perhaps starting to flirt with some warning signs, but nowhere near the levels of a couple of weeks ago. I would say its mixed. Certainly to get back half of what was lost yesterday. I think the real broader take away is that at least if you squint and look at this weeks chart, it looks like things are maybe calming down on a week to day basis,s its down just over half a percent. If you go back a week ago today, that was the high post rally its pretty typical if you get a severe crash then a rapid bounce i think the lowest take away is the down days are not getting out of hand and not carrying into the next. The swings from highs and lows, 2 and 3 move rs not 9 to 12 moves, which is what we were seeing a few weeks ago you dont know if thats the way its going to persist. Were not really trading the daytoday fundamental headlines at all yet its much more about tactics and whether people see just an opportunity because prices are down so much you can play it either way, but there has been less intensity to the moves and a lot of that forced activity has come what did you make of the scale of the unplace of Employment Data this morning and whether the stimulus packages we have seen are enough to off set it i think its a signal that we want to make sure Congress Gets the next [ inaudible we dont even know the extent were going to have to brace ourselves for more stimulus. Its going to be necessary to make sure all the states, particularly the ones later to shut down, were going to hear bitter prints from them in the weeks to come because they shut down more. Stephanie, investors about how to look at these numbers are they just this temporary to make sure they can deal with and mitigate this horrible virus or is this going to be something more prolonged and damaging to the American Economy not sure we have a clear answer. No, we dont have a clear answer i suspect the numbers are going to get worse because we are testing more number two, youre going to want to look at the Economic Data and the numbers are going to be horrible for quarters to come. I would say that the s p is down 24 thers year to date and there are sectors down like we have been seeing is because the bond market has stabilizeded that the bright spot. With credit spreads fol falling, commercial paper is down 78 basis points from its march high those are good things. Those are telling us the feds actions last week with starting to provide liquidity are starting to lead to a recovery in the bond market and you need a recovery in the bond market eventually, you need to see a peak all these things are interconnected at this point we have breaking news on instacart. Just announce iing it will distribute free of charge what they are calling health and safety kits to the more than 260,000 workers on the Online Grocery platform all these workers will get a reusable and washable face mask made of cotton and polyester, Hand Sanitizer and a thermometer. These are all again be free of charge to the 250,000 full Service Shoppers that are independent contractors that p shop and deliver as well as to the 12,000 in store shoppers these are part time workers who work for instacart in the buzz uiest stores the company says it works with Third Party Manufacturers and professionals to source these items without taking it way from First Responders in the medical community. The kits will also be sold on instacart. People who are customers back to you. Is this an acknowledgment from them they havent done enough so far or is this part of their process to make sure theyre doing the taking the right steps . I spoke to the company. Weve all seen the headlines where workers felt like they were not properly protected by this company and others in the delivery space thanks so much for that another wild day on wall street. A positive day ending close to the session highs. Bob has more on all the big movers hey, bob only down fractionally for the week, wilf let me show you the s p 500. We are calming this week the volume and big etfs are lower. Swing 3 or 4 . Couple of weeks ago, 5, 6, 7 . Take a look at Energy Stocks they are the big stars its amazing to me they buy these stocks conoco was a 60 stock a month and a half ago and now its 33 and yet people are hopeful that the 20 bottom in oil has been hit. Wall greens, good Earnings Report theyre not in a position. Some of the restaurants suspended its guidance as well thats some like pot belly and red robin b. I kept reading this report, the coo accused of fabricating much of the companys reported sales in 2019. Fabricating. Not just a little exaggerating fabricating. Thats an amazing story. A lot of talk about chinese ipos today. Volatile day for the Energy Market after President Trump told cnbc he expected russia and saudi arabia to announce a 10 Production Cut the Energy Sector was up by far the most of the sectors up 9 or so i guess we saw today the ability for something to bounce today when its fallen so much simple maths of course but still below 25 a barrel even with that level of jump, it doesnt remove the questions that hang over the sector as to whether they can continue to survive at these levels. Not at all. In fact that jump today only got us back about two weeks in time. So thats just how extreme the most cent phase this decline has been it shows you, too, that it was somehow primed to respond this way to any hint of changing dynamics even if it doesnt change things dramatically the original assertion, didnt really matter in the end its pretty significant, but 25 oil doesnt do that much to change the economics for a lot of the players in this industry. Michael, what are the economics . Of the oil patch at this point what kind of damage are you expegting . Bankruptcies and how is that weighing on the Overall Economic picture with this virus its been a heavily shorted sector its been a basket case. We lost your shot we have some breaking news on tesla. Phil lebeau with that. Phil tesla out with the announcement on deliveries for the First Quarter and theyre better than expected the estimate was for deliveries of just over 39,000 vehicles say thag in the First Quarter, it delivered 88,400 vehicles the breakdown coming like this 76,200 of those being the model 3 and some model y in there. We dont know the exact breakout then 12,200 of the model s and xrk. The reason its moving higher is that it delivered better than expected 88,400 vehicles versus an estimate of just over 39,000 guys, back dwrou its interest iing, phil, th its having such a big move here given the fact that you know, its old data. Whats actually happening right now with factories closed and are they making ventilators at those factories . Not to my knowledge they are not making them. There was f a report yesterday they had some they bought in china they had shipped to hospitals in new york so they have contributed to the cause, but to my knowledge, they are not actually manufacturing them. And in terms of yeah this is a number of from the First Quarter. What we dont know for sure is just whats going to happen with production in china as china comes out of coronavirus clearly, california being a hot spot so to speak in terms of whats happening with coronavirus. Its unclear how long the fremont plants will be down so this is really going to be the focus here what can people expect in terms of deliveries for the second quarter. We have not gotten an estimate in that regard for the company if we do, well let you know just to clarify, this is First Quarter calendar year . Correct so its not really old data. Its. So sahr sr. Ras point, if youre focuseded on whether or not a company made their estimate, if youre looking at the landscape saying whats going to happen in april and may. So i think thats more to whain. If this all fell in january and march then the Huge Positive is take the virus away and they were killing it and if it continues to even out over april, the take aways t virus hasnt hit them as hard. Wilf, look, and youll also see the bulls on tesla be excited about the prospect that as china comes out of the coronavirus, as they ramp up production in the shanghai gig factory, that theoretically, you should see their deliveries ramp up in china. Now whether or not that happens remains to be scene. They say heres their sales in the u. S. Tesla delivers are worldwide got it. Thank you. Now 13. 3 after hours on those delivery numbers and thanks stephanie and michael. Up next, lululemon announcing a number of new measures to deal with coronavirus related clos e closures well speak with with ceo in just a few minutes about those new steps, what hes doing in the face of this pandemic. That interview in 90 seconds ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Bidding expectations here. Chewyi reporting a loss of 15 cents per share. Revenue at 1. 35 billion and that is in line with the streets expectations. The company is not surprising at least not providing guidance given uncertainties surrounding the coronavirus outbreak, however they had an update saying they are extending sick pay, pto and Health Benefits theyre also increasing cleaning throughout work sites. Shares are off about 1. 5 in extended trade but guys, they are up 20 this year so far. Theyve been resilient to the broader sell off pet good, pretty recession proof. Also delivery in the age of coronavirus. Chewy has been well placed so more resilient than many other stocks coming up, well discuss those results with the ceo of chewy. But first, one sector feeling the impact of the coronavirus is retail. As shutdowns across the nation bring store traffic to a near halt and furloughs surge but one company just announcing its employees will still be paid through june even though it has closed all its north american and european stores. Senior management will also take a 20 pay cut and the company is pausing its Share Repurchase program. Lululemon and new announcements just laid out. Joining us fn ar exclusive in r interview is the ceo calvin mcdonald. Welcome, calvin. Good to have you here and thanks for sharing this news with us. Give us some of the headlines as it appears you guys are reassessing what youre doing here and the decisions youre making and steps youre taking to deal with this pandemic absolutely. Since first let me acknowledge that obviously these are challenging times. And were so respectful and appreciative of all u the work that everybody in the communities are doing to support all of us through that be it First Responders, those in the Health Medical field and the teams across lululemon around the globe we use three guidance since we first started having to deal with the store closings to guide us through and the first is we wanted to make sure we always continue to support our people second was to strike the right balance between both shortterm and longterm decisions and the third is were in a position where we can and will continue to invest in our future. And on supporting our people and our teams, the announcement and decision today to extend pay for every employee, part time and full time around the globe until june 1st regardless if we remain closed or open when its safe to do so, is really living into that principle and ensuring that they can have peace and mind in these Uncertain Times and it was the right thing that we felt we could do and wanted to do. No question its good to see Companies Like yours doing this i think part of the announcement is that youre going temporarily pause the Share Buyback program. Tapped into credit lines i dont think you guys have debt, but just bring us up to daten how youre thinking about cash and Capital Allocation in light of these store closures. We have, we ended the year with over a billion in cash. 1. 1 billion in cash. No plans to draw on it and no debt so from a Balance Sheet perspective, we are in a position to support our teams through this and, thats not to make sure were making the right decisions and rebalance our priorities, our expense management but it does allow us to just not obsess on the shortterm, but to think about when we recover, when we come out, open the stores, how do we do that and emerge Even Stronger and thats the balance were doing. And how were thinking about supporting the teams i am wearing sweat pants and leggings all day i have to imagine so many other people working from home are what are you seeing in terms of onhein sales trends right now with all the stores in u. S. And europe closed . Our online business, which was incredibly healthy for us all of last year, we announced had an Earnings Call a week ago and shared you know very strong numbers in 2019. Quarter four was our strongest of the year. Very strong comps in our stores and our Digital Business which was up 41 year over year. And weve seen that momentum continue into this year. With the tore closings accelerate ch and we have seen a shift, all businesses categories were doing well but theres a shift to comfortable clothing as well as at home ak reccessoriesm yoga mats to blocks, those items helping support people find new ways to sweat. You sort of we want through this experience already in china and like nike on your last call, said you learned a lot said you had playbook. Whats the status of the stores in china are they all open . Has business come back and what have you learned from that that you can apply now to the u. S. And europe all our stores now in china are open we opened our last one on just this week. I think weve learned a variety of things. One, how the guest will respond. Now in china, the stores were closed for two weeks majority of them weve had a few that stayed closed for longer period of time but in general, it was a two week closedown then the Stores Opened and then what we saw each day, each week, progressively gainedd momentum and got stronger. Were still not yet at the point where we were prior to the closing but we know each week the business gets stronger and the guests sort of resume some degree of normalcy through the week and on weekends weve been able to apply that, plus how the teams work, which is equally important you shut down the stores and we shut down our ssc, our store support center where our head Office Employees work, work still needs to get done and how teams interact and how we dont innovate and plan forward to the business, were equally able to pull some of those quick initiatives as some of the innovative idea they have aroun digital sweat, so weve been able to put not just how we think our business will rebound, but how we worked as a team. How we continue to drive the business forward and make investments in our future and some of the innovative ideas and what responded best with the guest. Its good to hear that the online sales are holding up relatively well. Certainly compared to having to shut your stores does that give you hope that the consumer here in the u. S. Or your type of consumer at least when the economy opens up and the restriks relax i think there will be a couple of differences when you look at the China Business china was closed for two weeks and then a slow sort of opening and getting back to a degree of momentum in the u. S. And canada, were going to be closed for a much longer period of time. That will create a much more pent up demand for our product i think when we do open, the guest will get back to their normal behaviors quick er, so i do anticipate a quicker return in north america thats not to say immediately well get back to the momentum we had coming into the preclosing but i do anticipate our business to rebound quicker. And equally, i think that the importance of our category in the role we play in that is is is going to be as important were going to continue to see the guests continue to want the live the sweat life, continue to want to wear our product that is solving their sweaty needs i think were in position that when we reopen our stores, that we will see a healthy, Momentum Shift in our business and thats why were kocontinuing to invest in that future and vision that we have. I guess there are always sweaty needs to borrow what you said, calvin, but you know, across retail, theres so much pain right now the Department Stores with their furloughs and gaps and so many other retailers. Im wondering how you think brick and mor tor is going to look when this is all said and done you think theres momentum in your business and you have a strong brand and a lot of momentum but the industry in general, how does that look . The length of the closing is going to be a big determine iin factor were fortunate that we are able to weather the storm and in the length of closings were able to continue to pair employees. Weve spent years developing our most important asset, our educatorers and talent around the globe and our effort to pay. Were continuing to develop them and lean in on Online Development courses for our employees around the globe for our employees during this period of shutdown. Our ability to do that and equally continue to invest in the future is why were well positioned for other retailers, weathering that storm is going to drain resources that might have been low already and prevent their ability to one, bring back some of that talent to invest in the things they need to to compete in the new reality of retail, which is how you invest in digital and connected to your physical space what were seeing with guests is their behaviors are changing i think thats good. More are going online and once we open, those are going to be behaviors that are engrained and will stay. Its which retailers will have the investment to be able to create the initiatives to fully support and take advantage of those Behavioral Changes i think will be what separates those that are able to whether this storm and its going to drain a lot of the resources and make the recovery more challenging for them are you seeing any concessions or breaks from landlords especially in malls that are closed . We view a number of our partnerships across the community. Our ambassadors, are a big part of our community we lawn ped a 2 million relief form to support independent studio ianers around the globe with a 2 million fund were working through now and quickly providing grants to help support them equally, our landlords are partner b jobs we paid our april rent and were in discussions with them as these closings extend and find the right balance for both of us were in discussion to find the right balance of the Current Situation for both of us thank you so much for joining us to talk through some of these issues in your new announcement. Especially the commitment to pay your employees through june 1st. Ceo of lululemon thanks so calvin. Up next, former imf chief economist will join us to discuss whether he thinks the Coronavirus Impact on the economy could rival anything weve seen over the last century and a half and as a reminder, you can watch our listen to us live on the go on b cnbc app. Well be right back. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Our next guest address iing the severity of the coronavirus demic. Said the coronavirus debt threat developing nations as well as advanced ones will soon face a Health Emergency and its economic consequences. Former imf chief economist joins us now very good afternoon to you thanks for joining us. I mean first, ive seen youve been quoted as saying that you give the u. S. Response to the virus a three out of ten tell us why that is. Well for starters, we didnt have testing when it came out. We made technical mistakes w. H. O. Rated us as the top large country in preparedness for a Public Health crisis but we werent. Second, we took a long time to respond at every level and now we have a partial lockdown where some states are having people sheltered in place and others arent i dont know what that means i dont see you youre getting out of it without a consistent national response. What about though on the economic side . What rating out of ten do you give bailout bill . The c. A. R. E. S. Act sorry i should call it, what the treasury and fed has been doing . Thats a different matter the Public Health response is the three. Thats the most important thing here of course froms the Macro Economic response has been very strong. What the federal verve has done. Thank goodness we still not going to be the last but absolutely excellent our Macro Economic response is excellent. Its a little like youre in war and not doing a very good job fighting the war but youre doing a good job maintaining the economy. You really nood to do better ton war. This is different, ken. The title of your book, a phrase that always haunts investors its never different i know you looked at the what eight centuries of financial folly and the crisis and the depression and the economies, but is this time truly different . In terms of what were looking at here . When it comes to our economy and our markets . There have been financial crises that get set in place by a catastrophe, but the Global Nature of this is really hard to find outside of a war. You might say you know at best, this is a combination of the 1970s oil shock because a supply shock an the 2008 financial crisis the depth of the demand shot but really, i think you have to go back at least to the Great Depression and maybe past to see a dive globally. Of this speed and depth going on all over the world we didnt really have numbers before the 1930s its hard to know. But certainly something extraordinary. Sts still if play. Theyre trying to contain the aftermath of the financial crisis, but emerging markets i think are certainly going go to get cut to their knees already its hard to know until we know when wer getting out of it how bad its going to be in the advanced companies youve been critical of ever expanding government deficits in the past do you think that expanding those at this time is the wrong approach or ak a september it doesnt really matter . The whole point of trying to maintain a sound Credit Rating and not just letting your budget debt go in high forever. We certainly have a fiscal space, is to be able to respond very assertively in situations like this. Were well placed. Germany is well placed i think the u. K. Is is well placed many emerging markets are not. You really cant look at the other side there are many ways to get out of high debts. So well deal with that when we get there. B thank you so much for joining us still ahead on the show, chewy shares under pressure after reporting earnings the e ceo of online pet products retailer will join us coming right up soft music [female vo] restaurants are our family. The cornerstone of our communities. And our family needs help. Right now theyre facing a crisis. And theyre counting on your takeout and delivery orders to help them through. Because if we dont treat restaurants like family today. They might not be around to treat us like family tomorrow. Grubhub. Together, we can help save the restaurants we love. Ended wakback in february this is a chart of the ten year rolling return for the s p 500 its from fidelity what youll see is striking. We peaked out the ten year return at the high the market was about 16. 5 . If you look at prior very long bull markets, theyre almost always u in the 90s, 80s, 50s, 20s, gotten up to about a 20 annualized ten year total return we fell short of that. This will trend lower even if it stays flat because well be anniversarying higher price ifs you look back ten years from 2010, 2011, et set rachlt it suggests that maybe the market was not so crazily inflated at the highs and we have these periods where we get an interruption also tells you youre still looking at a 12. 5 or 13 trailing return at this point even after the current decline and mike, i guess that suggests the sell off was so bad in 08, 09, that the tepyear rolling return got to negative territory. Yes, you were negative by that point on yeah thanks so much for that still ahead, chewy hiring workers amid a sales spike during the coronavirus obruteak. Coming up, well be joined by chewys ceo. Shbecause xfinity mobilehen ygives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Go to xfinitymobile. Com today. Ow zblncht welcome back. Seema. Good afternoon. There are now more than a million confirmed cases of the coronavirus around the world according to the latest count from john hopkins. The u. S. Has nearly a quarter of them cases have doubled in the last eight days the death toll is now about 51,000 President Trump invoking the defense production act to help six ventilator manufactures to get the materials they need. It may take up to 20 weeks to get stimulus checks out to all americans who are eligible this according to the first direct payments are expected to go out the week after next, but paper checks wont start being sent until may 4th and jeff bezos is giving 100 million to help people going hungry because of the pandemic. Its going to feed america, a nonprofit focus on Food Insecurity wilf thanks so much for that up next here on closing bell, cities seeking an uptick in pet adoptions. Theyve been happening since coronavirus. And were going to discuss that cwyn e ceuch more with the o ofhe othother side soft music [female vo] restaurants are facing a crisis. And theyre counting on your takeout and delivery orders to make it through. Grubhub. Together we can help save the restaurants we love. [female vo] restaurants are facing a crisis. And theyre counting on your takeout and delivery orders to make it through. Grubhub. Together we can help save the restaurants we love. Chewy out with Fourth Quarter earnings they wont issue due to the outbreak and unpredictable it brings a very good afternoon to you thanks so much for joining us. I mean i think were going to get to some of the very commendable measures youve enact ed to help an a mall shelters and things like that, but i want to talk first of all if i may, about how sales have held up. Clearly being an online retailer, perhaps better than for most yeah, so you know were, nice to talk to you again were as weve always anticipated, our business remains resilient during this time of economic disruption and were proud to be serving the pet parents relying on us now even more so than ever were seeing levels of demand from new customers and others. Are you having any trouble sourcing any of the materials . The pet meds, the actual supplies and toys that you send given some hiccups in the supply chain globally with so much shutdown weve seen so far, weve seen no material disruption to our supply chain or our ability to Service Customers and i think theres a couple of reasons for that one, if you recall, over 70 of our sales c s comes from consumables. These are sourced locally here in the United States number two, we have a wide base of suppliers where we source our dpo goods from and we were proactive in jointly plan wg our venders and suppliers to stock up the right levels to be able to in sustain the demand shock that were sort of experiencing right now. We are see iing a few you know skews that are out of stock, but even in that case, customers receive priority allocation and for the most part, customers are able to find patterns, designs and switch out into a different brand so little supply disruption at this point you mentioned pick up in demand gauge r for us by what extent and do you have any idea if thats simply long standing pet owners who are now having to order online versus going to the store or has there always been do you have any data of pick up in pet ownership as people are consigned to their homes and looking for companionship. Were seeing both were seeing elevated demand come both. Our active customers greater than 13. 5 million are shopping with us. Theres some there as well and then weave seeb a meaningful lift in customers migrate to our platform its a combination of both of them what are you doing in terms of workers is is it hard to keep them coming in . Are you taking extra safety precautions and b i believe youre also hiring, is that right . Thats exactly right. So one, i said were super proud to serve pets and pet parents during this time i am also suh u pper proud of or team weve done things here weve been proactively communicating a lot transparently, routinely and regularly across the company were focused on daley communication protocols and making sure that our team is aware of everything that were doing. Number two, weve put in elevated levels of sanitation, hygiene procedures weve actually updated our benefits policies and put incentivization and wage improvements in place and weve been able to implement substantial work from home and social distancing, you know, across our Customer Service sites. So all in all, were continuing to invest and making sure that health and safety of our team members is paramount and pivotal at this time. Sumit, thank you for joining us thank you did you have a final point . I was just going to acknowledge, yes, we are out there and hiring between 6,000 and 10,000 people right now to be able to handle that demand. Really important. Im glad you added that in we are talking about so many furloughs and layoffs lately sumit chang of chewy appreciate the time. On that note, weve got breaking news on bed, bath beyond more pain for retailers. Seema modi. Bed bath beyond the majority of their employees will remain furloughed and associates will get their paycheck tomorrow and after that will get Health Coverage until may 2nd as more Companies Make updates in regard to coronavirus. Sarah . Seema, thank you. Up next, a texas theater chain is finding a way to keep people teaiam the lockdown. Those details after the break. What i love most about being a scientist at 3m is that im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Woi felt completely helpless. Hed online. To one that can take on a bigger challenge. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Welcome back now to our good news rundown highlighting positivity out there in the wake of the coronavirus outbreak pepsico pledging more than 45 million to Coronavirus Relief. The company is funding protective gear for Health Care Workers testing and Screening Services and distributing more than 50 million meals to atrisk populations. Texasbased evo entertainment debuting its drivein movie concept over the weekend the screenings are free and patrons can order food from the theaters kitchen. New England Patriots team plane being used to transport 1. 2 million n95 masks after t Jonathan Kraft for his help. The shows website reading, while youre safe at home and practicing social distancing, why not show us what youve got . I like that very much. Dangerous, it is too easy to send in a video, but i wont because i know i love americas got talent. Meantime, fema is making major efforts to coordinate medical supplies from around the world in the wake of the coronaruvis. We will take a look inside the supply chain for that when we come right back. When you look at the Critical Issues facing our world, what do you see . We see breakthrough medicines getting to patients in record time. We see harnessing natural gas unleashing the promise of clean energy. We see engineers simulating the future to improve today. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Welcome back fema is making major efforts to coordinate medical supplies from around the world in the wake of coronavirus. El ylan sp ylanmui. Fema is chartering planes to get those private medical supplies from overseas to the u. S. Fast. This is the first plane to arrive in columbus, ohio, this week it came in from shanghai and arrived early this morning fema tells us it was filled with 12. 5 million pairs of medical gloves and the airport says at least two more flights are expected to land in columbus this week. All along the supply chain there are hundreds of people literally working this one objective and we have lines of communication and fortunately, we do that anyway during normal times. So its in place to provide relief during these times. The big problem here, though, is transparency, we dont know exactly where these products are going and how the decisions are being made and if its close enough fema is failing in its responsibilities thank you very much for that. We have 30 seconds left for final thoughts, mike, clearly a nice rebound weak as a whole, were still negative what can we be watching out for tomorrow the market is kind of absorbing a fair amount of challenging news well get some more probably with the jobs report tomorrow. So right now just a little bit off of last thursdays highs which was the high for this bounce, so i think maybe a trading range is what we can hope for for the moment. We are pretty much out of time sorry we are out of time. Im going to pick it up. Weve gone over. Thanks for watching, everyone. Brian sullivan on the other side and welcome, everybody i am Brian Sullivan, you are watching cnbc and fast money where stocks are on the rise today. The dow finishing up nearly 500 points and it was on the back of Energy Energy had been taking the market down. Today the complete opposite and the president saying he spoke to saudi arabia and russia saying they were talking about a 10 to 15 million barrel a day cut for Oil Production that sent oil spiking more than 20 , one of its best days ever in the market and that raised stocks altogether. Well come, everybody i am Brian Sullivan and we have a full hour fo

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