Today. Lets go to the boards were not at the best levels of the day. Nonethele nonetheless, were hoelding onto pretty good dangains. The dow is up. Nasdaq has some profit taking today. Its been the big winner apple and microsoft and amazon giving a bit back along with some of the other names as well. Pete, im going to come to you first. Youre the one who had more stocks than you had in a long time where do you see things now . Friday have generally not been great because no one want toed go into the weekend feeling long then you had the gilead news last night you have boeing starting next week you have more plans to reopen even in a slow fashion where does this lead us as we head into the weekend . I think people want know how they should be positioned thinking about what could happen next week. Its nice to have a light at the end of the tunnel, so to speak, or something. Some sort of light thats what we got out of gilead last night we had move last night long before this morning. We were up 700 points. Its just an maizing move to the upside it shouldnt be too surprising to see we have bit of a difference in Leadership Today i say that because the financials have been beaten down in this entire week they have gotten hit, hit, hit you have some of the financials finally participating. Theres a lot of different tech names. You brought it up that had been leadership its part of what we like to see. Taking off maybe a Little Something from the netflix and apple and the microsofts of the world that have been moving nothing but to the upside. Giving a bit of a fresh start again for certain other areas. I still dont know whats going to happen with energy, scott we all will sit and watch the price of oil as it got into the 17s and now its in the 18s. Its just brutal what they will have to face you look at those Balance Sheets and thats something everybody has been talk about is the fej side of what makes us look for certain stocks when i look at the Balance Sheets of many of these names its really difficult especially those second tier name where is they have some cash but they got incredible amounts of debt and how leveraged they really are right now. That will be a bit of a problem Going Forward. To see Something Like the financials trading better, the kre trading better the jpmorgans and bank of americas and those kinds of names trading better than they have been, i think theres positives to take away i dont think we should use this big spike as an excuse to take some of those off. They need a lot more than one day and one session. The banks have been dreadful shannon, are you more inclined today to be a buyer or a seller . I think my inclination is probably is id probably be more of a seller today i think theres a lot of credit being given to a return to Consumer Spending levels sort of closer to preccrisis than postcrisis. Im concerned about some of the bottom fishing on the hospitality sptocks. Im excited to add things to the portfolio. I do think theres more negative da to to come. Everybody said we were poised for weak data. Market didnt seem for that data i would say going into this weekend, i wouldnt be loading up here. We dont know what news will be like over the weekend and into next week as we see even more earnings reports and more indications of how slow things really are out there horrible data is going to continue we know that the question, josh, how much of this horrible data is priced in. The market cant be shocked anymore by any of the data that comes out whether its jobless claims or otherwise. Its been terrible we know that its going remain that way for a while. You make a good point, scott. I think the shock phase would be over we all understand the situation that were in. Unfortunately, i dont think the disappointing phase has really gotten under way yet all the things that are probably going to blow up i dont know that Financial Companies have taken enough loan loss reserves and are really ready for these charges just yet. I think they will be okay. Fortunately, the Financial Sector is in a much better place than it is during the last recession. When we look at one days action like today, i understand the dow is up 300 something points were on the lows of the day for all the major averages i dont understand the concept of looking at something thats up a lot today and be like thats leadership. The financials are trading at the same level they were trading in june of 2007. There is no leadership there there shouldnt be these stocks have been harder hit than the overall market that makes perfect sense. If you tell me well have millions of delynn kweninquent o housing to auto to commercial building and were going to get away with being down 16 in the dow and the s p, i just cant see it i take no pleasure in relay thanksgiving to the viewers or you. Im not short the market im not hear to create panic im an investor. Im long im very skeptical we have seen the worst of whats coming i feel its important to look at these massive rallies and say if theres something you want to take off the table, do it. I sold disney this week. I sold nike last week. I took Something Else off which well talk about later im not getting excited about these one day bursts for the russell 2000 which is hammered in grand scheme of thing to that point, pete, you mentioned the bank stocks that are trading better today great. Theyve been horrible. If youre hanging your hat on that to joshs point, i dont know if everybody is getting the ringing in the ear but i am and its annoying. Yes our apologies for that. If youre hanging your hat on the financials, thats straw hat at best and it can get blown off real quick i dont think i said anything about hanging my hat f those are my words. You pointed out how the financials are trading better as a positive sign for maybe how we should view the market i asked how you should view the market heading into the weekend. You mentioned the financial trade as one of those things to note joshs point is these things have sucked. Theyre likely going to be trouble Going Forward and potentially even more so than they are now i think thats the debate were trying to initiate here. Sure. I think josh would agree with this though, when you look at jpmorgan and loobking at a stoc that traded over 100 on tuesday and it got underneath 90 and the fact it has a nice move to the upside today, i believe when i was on monday, josh was saying he was interested in buying jpmorgan he said he might add to it i understand his point of do i believer the financials are going to save the day. I really dont think so. Its change of tone that we see occasionally in the markets where it reverses a bit or switches from what the leadership is daytoday thats been the Market Strategy literally, thats whats been going on probably for the last 18 months or more. The leadership lately hasnt been daytoday. It its been technology and high growth and the laggards have been the financials. Financials, energy. Lets cut to the chase. Would you tell people to buy any bank stocks today . And if so, which ones . No, i probably wouldnt say today would be the day do you dont want to buy the bank stocks when they made some moves. I dont think this is a move thats significant to joshs point when you look at where they are to level now to where they were years ago opinion that makes a lot of sense youd want to look at it that way i think you have to look at is the market showing you anything different than it was. What we have been watching is a market thats had a very narrow leadership all in technology all in fundamental Balance Sheets of five or six or eight big names. Thats really whats been controlling the markets. At some point in time were going to have to move off of some of those names because how long do you expect to watch netflix and tesla and amazon mooump the entire mark move te markets. Its great to see names performing the way they are and i understand why im in many of those names but ill give you an example netflix, because of the move its already made, thats name ill be out of before tend of the day. Its already moving from the downside from where it was yesterday. Still had a pretty decent gain in there i want to take some ofthat out and ill probably be off by the end of the day were looking for other areas of the marketplace to show us that theres some fundamentals about what this market maybe could show im not saying one day, like to your point, one day in financials, its meaning less. Youre totally right were seeing something out of thefinancials because we watches them go well, i mean its gettbettera going down towards the flat line thats pretty interesting, i think. Steve, we come to you now everybody has spoken except you. Take into context what everybody has said and then you can tell our viewers your own view. I am taking the opportunity today to sell some exposure. What we got is gilead driving the market higher. Its progress but its a long way. I own mederna which got money from the government. They are working on preventative thats what we need to see people arent going be happy going back and socializing again if they know that, okay, if i get to the hospital on a ventilator then ive got this treatment. They want know they cant catch it thats number one. Today is one day i agree with josh. We have energy up 7. 5 we have financials up 6 now they are up less than 4 you have to look at what it will look like when we come out of this the Bank Business models arent going be what they were. Every Business Model is probably not going be what it was for a period of time i dont care what industry youre in. Exactly some will be better. For sure. Those are the companies i continue to be in. I am sure some will be for example, the 5g play ive had companies that reported earnings that raised their guidance for the year. Some will do better. They are uber reflected in the stock like a zoom or teledoc were still a long way from opening up in the economy. We have extended that divide who will do better in terms of stocks and others. For example, i sold target it was a quick pop i would have liked to stay there longer based upon that strategy, i bought more lululemon. The damage well see from people who live paycheck to paycheck, which is 75 of the company, isnt coming back any time soon. Neither is good loan demand. Thats how im looking at it i thought we were at the upper end of the range of the day. I also said the magic bullet is a vaccine. Thats still the case. Really high equity exposure. Let me ask you this, what do you think what happened to the market if States Reopen and then have to reclose . What would that do to the stock market im curious what your thought is there is growing pressure from the president to reopen the economy an from others, by the way. On tweeter, the Freedom Caucus is urging the president to reopen the economy thats what they want. The president has tweeted a few moments ago about various states whether its michigan or minnesota or others saying liberate minnesota and then liberate michigan and some of these others theres pressure from the president on governors to reopen if the governors reopen and then are forced to shut down again, what does that do to the market and how much of todays optimism do you think is secentered arou the idea of reopening or is today all gilead i think part of it is around the reopening. My view is its asinine to reopen before we, number one, the testing. We dont even have the testing the uk extended their hutdown for another month. Were going to reopen before we have adequate testing we know that dr. Gotley every night at 7 00 told me theres going to be risks. Were not going to be ready. Were going to reopen certain parts of the economy before we are ready from a testing stand point. Thats the risk were going to take if we have to shut down parts of the economy that we do reopen, what happens to the stock market amid the optimism thats on the screen today and this week for the s p going for two straight consecuti up weeks we breach the lows because you have extended the issue. My bigger concern that we reopen and have to shut my biggest concern is they dont shut down again because were in an administration thats never admitted that they perhaps made a mistake. Its okay to make mistakes youre seeing the republican governors in michigan, which is democratic said we may reopen. You see ridiculous things like naming wrestling, professional wrestlers as essential employees in florida i am concerned about that. I think the market will retrade as we open that will be a good time to take exposure off the market is up on an expanding multiple were fwoback to that story agan we have no visibilities on earning and were expanding the multiple by the day. The wall street strategist types will tell you the market is looking at the 2022 estimates. Because you have rates slashed to zero and endless fiscal and monetary stimulus doesnt give you a higher look at europe and japan, they do nothing but shover money into peoples pockets and pay negative rates on bonds and those stocks are 12 times earning instead of 18. You dont automatically continue to get the benefit of that expanding multiple i want to go back to what pete said i do think there are values being created by some of the things ivebeen pessimistic about. I do on jpmorgan any time im in the same train as pete, that makes me happy because pete is a smart guy. Jamie dimon has the experience to steer his bank through this crisis perhaps better than any other bank ceo i can think of at that tier thats a stock im in. If they take it down to an eight handle again, ill probably buy more of it thats an example of where i would say, you know what, there have been bargains created i have to tell you once again, i do not think that market wide were fully pricing in the number of delinquencies, the number of loans blowing up i just dont the government does not have the money to bail all of them out. They put 350 billion up for Small Business and exhausted it in two weeks most of the people i talk to applied and couldnt get i dont know where it went i have to tell you, we cant just continue to do that for ever thats what im concerned with this could take a very long time to work its way through the system thats why you have, i think, i think its fair to say more views now than not that its a u or an l or whatever it is, but it aint a v there are some who think you can do a v no way. Sorry. The dislocation earlier this month in certain parts of the credit market hit some hedge funds especially hard including that of our next guest Anthony Scaramucci is the founder. Anthony, i hope you and your family a well, healthy and safe. Thanks. You too. Can i just comment quickly on the stock market stuff i agree with josh that things are probably priced to perfection in the stock market but to your point about things like structured credit, were still pricing an apocalypse there. Its probably somewhere in between those two which implies the credit marketers will do pretty well over the next three months as those spreads start to tighten to something more nor l normal Something Better than where we are right now. Can you comment, specifically, on this structured credit trade that wasnt especially kind to you guys in march. Thats the journal story i know you have seen it. Thats the journal story that said you fwies had a tguys had month of march we were down 22. 5 . We liked getting that information out early. If you have unrealized ro ed los and those bonds will still perform but you have a lot of coverage there you have agency kcoverage if you step back and look at what happened, they changed the Capital Requirements on the repo debts and that caused a cascade. Some fwguys were down 40 to 70 it was painful thing for structured credit. A Global Pandemic because it sparks the fears that people will default on mortgages. I want people to step back its like a George Bailey moment in its a wonderful life. Is pain is already in the marketplace. Were priced for 15 to 20 defaults that didnt happen in 2008 despite what people are talking about right now, its not going to happen this time. You have 12 trillion coming into the market from the government just the reason why the market is doing well, you have injected 1. 4 trillion of Balance Sheet capital. Theyre moving at a 14. 5 times faster clip to repair the markets this time than they did in 2008. For those reasons, somebody that studies this stuff, if you look at historical spreads, if they just tighten a little, youll see a real spring in those securities im really cautioning people to hold the line here do not sell in a pandemic because what happens is you get out on the bid side. The bids are very sloppy when the market firms up youll be regretting those sales. I want to make sure people understand what your business does we talk about funds to funds all the time the audience of people watching now is great because people are w working from home. You take money from investors. You pool it, so to speak and you allocate it out to hedge funds have i described that correctly . Thats correct. Its basically a hedge fund vehicle for the mass aflunts our minimums are between 25 and 50,000 we have been doing this for 15 years. We had one bad year in 2008 when the market was down. We rocketed out with a 21 return in 9 and 10. You measure it over a market cycle, the product has done very well its acted as a buffer from other things in the portfolio. This particular instance, a Global Pandemic, that struck right at the heart of what were doing. Sky bridge has a tendency to be very themematic. We were in structured create because mortgages are the heartbeat of america or one of the mayor heartbejor heartbeats. We need a free flowing origination market for mortgages and a secondary market which is why the fed is always in there providing a backstop remember, 60 of the Small Businesses in america, 31 million Small Businesses, 60 are tied to housing. For these reasons, the fed is offering that buffer and youre seeing a big injection of capital right now. We had to position mark ourselves strictly to where we are now. The journal said you have tried to withdraw your money from some of funds you were invested in and havent been able to. Can you comment on that . Thats the part of the journal article that was inaccurate in the case of ejf, which mentioned in the article, these guys are brilliant investors Manny Friedman has been in the industry for 50 years. We love his portfolio. We went to him and asked him to suspend. What we dont want him to do is say he had a dollar of assets on march 15th and that dollar went to 85 cents and if he gets whommwhom overwhelmed with sells, we dont want him to sell something we think is worth a dollar for 60 cents the opposite is true in that case we did not ask for a redemption there. We want to cooperate with him and we thought it was best for him in the interest of our sh e shareholders to gate or suspend that fund. That was a slight nu ance thing wrong. Greg zuckerman is a great reporter he got that thing almost pretty accurate give us a gauge of what youre hearing about the Hedge Fund World the thing im the most proud of is the sales force. We have been working 14 hours day over the last four weeks and i think we have gotten to 95 of our investors. Im very proud to say that our redemption totals and our window frankly closed today our redejs tomption totals are. A lot of this stuff is Spring Loaded for success Going Forward. Additionally, surprising as this is, we are writing tickets into that fund. The principals are adding money. We have seasoned people looking at this fund its a huge distressed buying opportunity. If you think the equity markets are priced for perfection, bond markets are lagging the equity markets. 31 years in this business doesnt last forever warren buffets says the markets are a voting machine in the short term they are a weighing machine over long periods of time and they will weigh the fundamentals on very good secure cash flows. Well see that appreciation Going Forward. When you look at whats happened in the stock market where we are trading today, dow 24,000 earlier today does that make sense to you compared to whats happening on main street that you talk about so often im in mike wilsons camp that i do think we got to the low. Some of the traders were talking and we may retest it im not a seeing and i dont know the answer to that. It felt like on march 23rd when the vix went from 85 to 44 literally a 50 haircut in the vix. That felt like full blown k copitulation people are anxious to get out of their homes. I sort of am very bullish. 12 plus trillion dollars of stimulus going its basically 65 shutdown of the economy. Its about 3. 7 trillion you are overwhelming that with a green water wall of money from the federal government i wouldnt bet against that. The bond market is lagging josh, do you want to respond or comment on that point . Visit those lows at lower vix meaning its less panic, more despair that would be the 2008 experience you you had a panicked low after leman and aig. We did not get that scared again in vix terms but we ended up much lower six months later. Thats despite a then record amount of stimulus tarp was in fall of 08. We didnt bottom until the spring of 09. I think both things can be true. The government has gone to extraordinary lengths to put money into the economy, liquidity, stimulus, whatever you want to call it. We may have seen the worse of the panic side but that doesnt mean we cant see worse in terms of price much later despite all that stimulus and a lower vix the next time we get down those levels im not a fortune teller. Youre more experienced on the equity side. We focus on fixed income i remember those days and the march 9th low in 2009. That could happen. I think the broader point im trying to make on a relative basis, 2009, the First Quarter u. S. Markets were down 10 to get to that low. The bond market was rallying the bond market was probably, our stuff was up about 3 when that stuff was down ten. The bond market was up 2. 5 three during that time sip your point nobody can predict whats going to happen. I think if you just step back and you look at the macros, with 12 trillion coming in to overwhelm the 3. 7 trillion of lost output, i think we have a fighting chance. One last quick point, this is like a national hurricane. 50 states, everybodys got knocked into their homes theres been a 9 to 12 week work stoppage you were commenting earlier if the show about the banks they are in pretty good shape. Maybe they have to take loss reserves no villains this time. This is enabling the fed and the policy makers in the house and senate to respond overwhelmingly with very, very big fiscal stimulus they wished they could have moved more quickly but they had a lot of villains in there they didnt want to reward bad banking behavior theres nobody here we can point the blame to i like the fighting chances of the u. S. Economy i take your point there is a i dont know if you want to call it a movement there is talk on social media, at the very least, and to some extent on this program in the last week or so. About this great disconnect of the stock market and main street there are a lot of people who have an issue, smart people, some billionaires, chamath was on the show and his point ended up getting ten million views on twitter, by the way, that wall street is getting bailed out and main street, this is a collective wall street is getting bailed out right now while main street is scrounging for food to eat. He made a lot of very valid points one of the problems that we all have is we have to deal with the world the way it is. We cant have a normative world and deal with the world the way it should be we can make the argument that Monetary Policy in some ways have further the wealth divide people that own the assets, if you have Interest Rates going lower, Everybody KnowsInterest Rates with the physical gravity of financial assets. People that own the assets are feeling the wealth effect and the other people are being left behind i agree with him on that we have to ask our public ser vantss to take some Government Spending or government incentives to try to flatten that gap im not disagreeing with what is being said certainly if the fed is pumping 6 trillion into the marketplace, taking Interest Rates to zero, a 4 trillion quantitative easing program, it will show up in the marks. Our managers took off a lot of their shorts because the stuff is being bought that we were using as a hedge i accept what the gentleman was saying i think its a broader discussion point we dont want to two into next decade looking back on what happened here and said the rich got way, way richer and the poor struggled more i think that will be a set up for more nationalism and populism that none of us want. Were talking dow 24,000 where the 349 billion runs out and were back to this grappling on capital hill to the people who need it, literally tonight thats the point there of the ppp, there are some reports that some hedge funds are applying for those ppp rescue funds i dont know if you have seen those reports or not im wondering what you make of that, if its true im curious if you have as well given the size of your firm. Here is what i would say. I dont think we should be discriminating against anybody i got in trouble on Stephanie Ruhles show last week saying hedge funds should apply my team has looked at it if youre asking me would i apply, i would i think its a responsible thing to do as the managing partner of sky bridge to protect my employees and i know my investors would look at me and say hes got be fiscal lly prudt and apply for it anything thats available to you from the government, you have to legal right and you should take advantage of it. A as a fudiciary and someone that takes care of my employees, we serve free lunches every day as well for all those reasons i want to protect them i dont know if we got to the window on time i would apply for it if people are upset with me for that, what i would say is Goldman Sachs got 10 or so billion dollars from tarp. There were certain commercial banks got 25 billion i dont see why we need to be discriminating and have this class envy and ridicule. I would recommend to everybody listening, do what you think is the most prudent thing to do for your staff i do predict that extra 250 billion that they are talking about will get unleashed into the Small Business community i do think that will provide a big bump. I think that window is open and people ta ahat are able to take advantage of it should good to see you appreciate being here thank you. Well come back next and talk about the big call on the street today. Apple is down today because it was downgraded to sell by Goldman Sachs. They predikct a 20 drop in stok from here. Josh told you earlier he did sell a stock that he has talked about on this program. Hes going to tell you what that is when we come back dont miss our exclusive with howard marks on monday well talk about the markets, his latest letter and more were back in two mite nus. When yowhat do you see . Itical issues facing our world, 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. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back lets get the latest headlines on the coronavirus lets start in new york state where coronavirus admissions fell again today the governor cautions they are still at a high level. He says the federal goth must help fund efforts by the states to reopen their economies. Its up to the governors, up to the governors, up to the governors. Okay is there any funding so i can do these things that you want us to do no thats passing the buck without passing the bucks. And minutes ago President Trump tweeted that cuomo should spend more time doing and less time complaining in san antonio, texas cars have been in line for a huge Food Distribution set up at the alamo dome they are prepared to serve 3,000 families today and this is after helping 6,000 families last week chicago area hospitals are receiving the first batch of vent la ve ventilators that General Motors created. For more coronavirus coverage head to our website, cnbc. Com. Appreciate that very much its a big call in the street today. Apple downgraded to sell from neutr neutral. Goldman sachs saying it see a slow down in iphone demand pete, coming to you. Target cut to 233 from 250 we told you the reasons why. Is it time to get off the apple train because this thing has been running full steam again. Pete sorry, scott. I lost you for a second there. The idea that im seeing here about gold man sachs that is surprising, moving the target down to 233 when we were at the absolute low i dont know that i see this stock dropping below and they already had a 250 price target on it and move into a sell i understand all the different reasons. I think they are right to have a little bit more of a bearish stance based upon what were facing right now possible delays in the 5g. All of the variety aspects of what apples Business Model is they do send amount a lot of cash they have the ability to do what many of the other companies cannot in so many different ways it really will come down to how bad does it really get i know everybody has their opinions i heard everybody talk about us and ls and all these different shapes dwroinont you think thats y in. Yes, i do those that have those conversations with apple, i dont see that breaking away to some dramatic point. There will be some losses. You have this relationship is with apple and its as loyal as any consumer facing brand could ever be. There may never be another one like apple i get it what happens if the upgrade cycle is much, much, longer than people are not buying the new pair air pods, whatever they are called what happens if thats way pushed off what happens if people are spending you have it backwards pete is right. Apple is the stock apple is the company that is getting us through this period of time. Apple is the only apple is one of the only reasons there isnt literal social understaret people are on their devices to stay connected with job,s, friends, families, loved ones in other states people will never give up their phones and i think coming out of this, one of first things people will do is upgrade their technology when they have the financial wherewithal. I think its important we point out how essential apple and its devices have become for the middle class, upper class. Not every uncone can afford one they will miss a credit card bill before they will miss a mobile phone bill. If youre in delinquency for a credit card, you can live your life if you dont have a working phone, you cant get a new job the apple platform has been shown to be one of the most essential facets of every consumers life that owns one. I agree with pete. I think the stickiness there is going far beyond what were going through in this crisis shannon hold on steve. Let me get shannon in. I havent heard her voice in a while. Ill come right back to you. I think theres two parts of this report. One side is demand side. One side is the manufacturing slow down side i think that is a legitimate concern as it relates to new product. What we have seen already out of chinese data is the manufacturing side of this slowdown, the supply chain dislocation and shock is already improving at a much faster pace than the demand side is. It would be one thing if i dont think the products will be available. There might be some delay on that but when the products become available, the demand will be there. I think you should be focusing more on that supply chain dislocation which i think were seeing eased in china and i think that will continue over the next course of of the month or two steve the point is josh is right but thats got nothing to do with the stock nobody is saying they will give up their devices yes they will pay their phone bill youll pay your car payment before you pay your rent what the goldman analyst misses is right in fundamentals thatture company, year of down earnings ceo got paid down because he missed his targets thats create. Apple is a stock its not a company its a global brand name thats why i own it. Not because of the execution they had they launched new ipad two weeks ago. The supply chain is improving. That product will be there it will be the biggest Product Launch they ever had im not worried about apple as a stock. From a company, its a Consumer Products company we get that i think josh is right about this idea if youll have a more permanent, maybe permanent is the wrong word, but this work from home idea will last longer on the other side of this then i do agree people would be first willing to upgrade the technology they need to do the work that ney need to do. I think thats a reasonable thought to make. Well come back and take a quick break. The investment economy is ready to answer your questions, next got a lot of them. You can watch us or listen to us live on the cnbc app well come right back. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first welcome back dow is back above 24k as you saw right there. Lets answer some of your questions right now. Josh bron, from glenn in new jersey, is berkshire b shares a good investment . Whats a good entry point for that stock i bought it in the 180s i hope i paid a good price for it i think i did. Its come down a lot just understand they have exposure to credit cards in the form of americanexpress, airlines and big positions in banks so it could be a while before it performs but i want to be in it. Okay. Steve weiss from cole in new york, whats your opinion on akamai i own it. Ive been consistent on it love the stock mark mentioned yesterday goose stock yesterday. Theyre the web traffic cops sort to speak and security provider and this stayathome, increased access to the internet of things, will be great for the stock. Im an owner and i would pull back here. Maybe this is a good price to buy it. Kevin in arizona, would it make sense to buy longterm oil Company Calls like exxon or chevron . I think its a dangerous place right now based upon the fact we know what the energy space and how much pressure on it and with f the survivors will be the big boys. In other words, the chevrons, the exxons, the bps. But the time frame in which its going to take for those names to really start to go from here, they have made a nice recovery i dont know, scott. I think it is a long, tough run to the upside and i would look in other places right now. Shannon, to you from steve, if you like a number of companies in a particular space but have limited funds, does it make more sense to split it among the individual stocks or buy the etfen stead . Its not just about limited funds but maybe limited information. If you like a thematic play, an etf is a great way to express that remember theyre always in the context of a broader, more diversified portfolio so an etf is a great idea. Round two, to josh brown from aj in maryland, not far from my hometown, halliburton, is it a buy . Im the wrong person to ask because im down 60 or something in slumberge i dont know what im doing. Dont listen to me. I cant decide between amt or cci or sbac. I need your help help i own cci they trade somewhat alike. Bigger dividend. When i was at lehman, took them public the others have more International Exposure also encourage you to look at the data center plays such as eqix and dlr yields arent as robust but huge plays, as well. Pete, meek in florida, this is a good one given the timing and the move we have seen in the qs i have been waiting to buy the qs says mike. What level would you buy well, to be honest with you, scott, i have put spreads on 23in the qs and trying to hedge the portfolio. By having the qs, i feel comfortable of being long microsoft, apple, netflix. Those names that fit into the category so theres a lot of reasons why i would be on the put side of this right now but if hes just wanting to have some sort of nasdaq exposure, you have room to the downside and id wait longer. Shannon, from john in the beautiful city of san francisco, california, what are the best ways to invest in emerging markets right now . Diversified basket to invest in emerging markets right now with access to the consumer, technology, the burgeoning middle class which is where the growth is going to be so stay diversified and benefit from a beta move here. Good stuff. Final trades next and the stock that josh talked aut abo lot but now getting out of next we cannot do all the good that the world needs. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Tune in tonight for a special report the path forward. Well discuss the challenges facing independent businesses with the prophet himself, marcus lemonis. Tweet us your questions. All right. Josh brown, tdoc. Teladoc. You are out. Yeah. Tell us why. I took a profit i bought it at like 69 i sold it at 169 i made 100 points on it. I think the company is a really Bright Future and a huge believer that telahealth is now here to stay i bought the stock a couple of months ago before the virus thing and almost everything i expected to happen happened within like four weeks instead of three or four years so im not sticking around. I may get back in at some point but i think i have done really well here. Wanted to raise cash. Appreciate the update shannon, final trade verizon reports next friday. All right steve weiss . Im pairing back. Only thing i bought is moderna. Josh, quick. Jpmorgan. Have a great weekend, everybody. Best you can see on monday. Kelly evans picks up the coverage now. Thank you, scott hi, everybody. Im kelly evans. Stocks are rallying to end the week and off session highs right now the dows up 455 nearly 2 gain interesting is nasdaq is the laggard, up by. 70 . The second straight positive week and third time in four weeks thats been the case, actually still it is another rough session sh