Losses the university of michigan warning of a billion dollar hit from the pandemic. Their president will join us kelly. Stocks are lower coming off two straight weeks of losses lets get to bob for more on the selling today. Modest rally in the last hour s p is comfortably over 2800 again. Two issues weighing on the markets. I think a lot of investors surprised by warren buffet not so much buying the realizizati realization tha slower than people anticipated restaurant stocks all down dave and busters, dennys. You can see theres less optimism it will go so well in the restaurant stocks today. Mr. Buffet getti inting out of positions didnt help at all all down 3 or 4 the leadership out there on the plus side, wfh the work from home stocks have done so well the wall greens walmarts have all done so well a little bit of, i think optimism that the Energy Stocks are continuing to holdup well. Weak open but a lot of the big names in positive territory. Refiners Like Marathon Petroleum and the big expiration of names like hess and marathon oil back do you. Do you have some new poster behind you you keep trying to move them around a little bit to make it a little more interesting for people i think people like looking a little bit of modest diversion with all the grim news thats the way ive been looking at it. I like the Nine Inch Nails poster behind you. Thanks very much lets get out to rick for a closer look at the bond market take it away thanks. Were looking at yields up a bit. As you look at the two day chart, what should jump out is we keep hitting the breakers in mid60s. 61 to 62 basis points seem to be the best support this chart is a month chart. Youll notice between the 53 on top and 36 o tennessn the bottoe main revertsing. It means markets are comfortable. We want to pay close attention to break outs. The fl the flatness is moving down the curve. Theres one area that isnt flat 30 years minus tens known as the knob over bond spread. The threeyear chart hovering at 65 plus. Its the widest its been in three years. We want to Pay Attention to that 30year. For a while it was the darling now it seem like most of the global buying seems to stock around the tenyear maturity thank you what do you find steve were able to track the data. Were introducing the cnbc road map barometer. Were going to track three daily data points. The first is store closings y l yelp the second is closing and the third is from Ladainian Tomlinson products 14 average weekly increase by state in store closings. They continue at pace. 107 is where we are relative to the average growth in new infections on a threeday average there. Were running about the same as we had been in terms of new infections we are doing additional testing. Fi finally, traffic in ten cities in open states, just 22 of normal not so far showing very much traffic. Take a look by state this shows the percent change weekly map here in states. You sew the red blotch in the middle those are oil states we have been seeing second round of store closings that have to do for economic reasons than covid or Health Reasons the state governments are restr restricti restriction. Second, do business open and third, do dust mcustomers go we can folsom of this on realtime for you some of that map will turn green a and the number of infections will go down at the same time. Thats what well be looking for. Steve, ill pick it up. Thank you very much. At Berkshire Hathaways meeting, warren buffet sounding quite a cautious note. Listen to him explaining why he hasnt bought anything yet and why this time is different from the financial crisis in 2008 listen we have not done anything because we dont see anything attractive to do that could change very quickly or could not change. In 2008 and 09, we werent buying those things to make a statement to the world i may have made a statement to some extent. Im glad they did if they did. We made them because they seemed int intel jents things to do and markets were such we didnt have that much competition. As buffet sits on the sidelines this time around, lets bring in michael farr and rachel aiken michael, if i interpret mr. Buffet correctly, its that hes saying he cant identify any value right now. Why should that surprise us . Value is almost hard to perceive when you dont know what the underlying prospects of the company are. I think youre right. His comments echoed some real leadership Geoff Gundlach have been saying hang on. Were waiting for this economy to work its way out and while there is good news on the disease. Theres good news there. We have to invest based on numbers. The numbers seem to be getting worse. I watched him for decades. You wait the hear for the buffet news that hes been adding to this stock or that stock people used to say ta poor old warren buffet, he doesnt get tech anymore maybe hes past his prime because these dot coms are the wave of the future he usually gets the last laugh i figure he does this time its a good word of caution. Take your time and if youre going the buy, be opportunistic and make sure theres some real there there to get you through perhaps what could be a more difficult market yeah. Nothing happies the heart more than an 87, 88yearold man who is still investing for the long term as warren buffet is. Rachel, let me turn to you michael said theres good news on the disease front yes and no theres good news in the sent therese theres a fast emergency use but case counts are going up that perhaps death counts will rise markedly here in may and june. That would be quite a reversal to those who have put money behind the idea that the economies are going to open up and things are going to return relatively quickly to something approaching normal thank you i agree that watching the spread of the virus and spending as well as individuals will be the key the seeing how well and quickly we can reopen this economy. Theres two schools of thought the optimistic school is that by reopening well be able to do so relatively successfully with perhaps herd immunity protecting us and this that our consumer behavioral patterns will not markedly change for the long term we then have to be very cautious that with the second wave, what will that bring. Even if you do open, will we have consumers there theres been many surveys. University of michigan had a survey where the majority of their respon dents recorded their biggest concern was their health were starting to see behaviors that are not about getting out but the health of the individual if you have an itch to invest and put money to work, investing in companies that are Fortress Companies where the revenue stream is relatively dependable, what kinds of companies are we talking about here tyler, the economy, as we e early morni merge from this, there are some that wont emerge and others that will lead companies more like the pepsi colas ive owned for years and snap food for years. Its terrific for Companies Like pepsico. Microsoft has allowed so many us of to communicate. My Company Signs on Microsoft Teams every morning. Everybody is on this call every morning. Fabulous technology. How quick and rushed will we be to get back to the marketplace two companies there with fabulous balance sheets, earnings and cash flow some of the Health Care Companies too. Johnson and johnson is not a bad company for the long term. We cant do a far interview without johnson and johnson getting in there one of the stocks you like is scotts miracle gro the only thing you can do on the weekend here in the suburbs is work your garden and lawn. Agreed. That is holding them in good stead and has. Their preliminary sales result for q2 report a strong increase in demand in 25 on their purchases because lets face it, were all at home. Were able to focus that time and energy on our properties rachel, thank you very much far out, thank you michael kelly. If youve got a garden going already, i told you i went for the seeds. I got cucumber i have no idea what im doing but very excited they will come up later you have to give them lots of sun. This weekend i was mapping across the sun across the backyard at every hour good for you. Thats the way to do it. Its embarrassing coming up, energy is the best performing sector as oil bounces and financials and industrials are leaving the decline. Theres your full sector board looks like six out of ten are negative as businesses more than half of the states begin to reopen, well speak with a top doctor about the risk of a second wave of coronavirus cases much more power lunch after this we live in uncertain times. However, there is one thing you can be certain of. The men and women of the United States postal service. Were here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way. Every day, all across america, we deliver for you. And we always will. Welcome back the powerlunch, everybody. The fda stepping up its Quality Control of antibesiody after approving the near perfect approach back in march they opened the flood gates. All they had to do was notify the fda that they validated their own tests. While the fda says they need to be more scrupulous about what tests are on the market. Now they are giving Companies Ten days to provide their validation data to the regulator and file for that emergency use authorization be p th authorization. They are setti inting specific thresholds in terms of thetrue positive rates one of the tests that did just receive this emergency use authorization is one from rosch. It does have high numbers on those sensitivity measures 99. 8 spes fcificity they are saying high double digit millions of them just in may alone. These are testsantibodies to previous infection many are hoping that means you will have immunity but the science is out on that i was going to ask a quick question to get her reaction to the stories over the weekend from our kribcontributor that mitigation may not have worked effectively as we had hoped because the number of new cases is still rising. If you sweep out new york and the pacific northwest, they are rising rather markedly how do you react to that well, what it appear is the plateau is happening around the country. As we implemented these measures were not seeing an immediate comedown in days as well he says the measures stretched out our epidemic were still dealing with the outbreak its sticking with us. Its interesting the look in different places how measures are working in different ways. We are still dealing with this as we stretched it out by social distancing all right thank you. Thank, kelly didnt mean to step on you there. Absolutely. We appreciate it more than half of states in the u. S. Are easing lockdown restriks now well talk about all of this with the testing and so forth. Some states reporting spikes thats as the u. S. Passes a million positive cases doctor, we have even seen, we mentioned this briefly last hour but the cdc projecting there could be an increase in june in the number of cases and deaths as the weather is nicer and people are able to get out doors and get vitamin do and so forth. What is your sense of acceleration we might see . One thing were seeing with roping not being in agreement with the white house guidelines is we could expect that there would be a spike the white house guidelines on reopening safely, phased approach, i dont agree with all of it but i think theres some strength to that frame work. We havent reached that frame work in many places. The evidence based approach they yurzi in using would suggest if we did not adhere to that, we would see spike in cases i share the concerns one thing that we often hear when we talk to the Health Specialist is people in the general public who say its all well and good for the Health Care Sector to be worried about this but were in a depression people are losing their jobs theyre losing their livelihoods. We cant afford to be too cautious anymore what do you say to that . Those concerns are extremely valid but they need to be valid with other concerns. Im in the sure the ceos are used to thinking about it this way. When they say we need to reopen the economy to save jobs, they need to find their parameters. I need to hear from them very specific frame work for them that they are asking us to go by maybe they are going to say, well in order to save one million job, im okay with 10,000 more dead bodies. I need them to state their parameters clearly theyre not used to thinking about if i do x, y, z, here is how many deaths i will cause every one has a number when people say its time to reopen they need to say open im willing to accept this number of more deaths. Thats the calculation we need to be making i want to come back to the scott gotley argument that mitigation has not worked as successfully as we might have suspected. He says if you sweep out the new york tristate area, the case count is rising still. The hospitalization count is rising still he says as a result of that mitigation hasnt worked as well as we would have expected. Id like to get your reaction to his argument and the idea if we did not practice the mitigation things we were doing that the case count would be even higher and hospitalizations would be higher and even though it may not have worked perfectly, we did succeed in flattening the curve or lowering the imcrease he was correct that the mitigation strategies have had an effect. I think its been successful but the question is was it effective enough its hard know because theres so many undiagnosed cases. The way you test and how much, where, who when. All that changes not only the the number of new cases but depending on who gets it determines how many can die. We have flattened the curve and we havent seen a decrease yet. What are my odds of coming in contact of someone who has this illness if im riding the subway in atlanta or getting on a bus in dallas . Its the Perfect Question its wa we wrote about in an es is a that i coauthored today. What we look at is very clearly answering this question. A marta car in atlanta can hold 100 people we know that people pile in more than that. Given the circulating number of cases in georgia, not even correcting for what we think is a lot more we havent heard about, the odds of being on marta subway car with a virus would be 20 or so its probably higher than that the issue is most people dont know they have the disease if they are out and about thats why this pandemic spreads. All right, dr. Faust, we thank you. Still ahead, crude creeping back above 20 a barrel sendi i Energy Stocks higher on this day as the oil market gets set for the close. Well bring you numbers after this disney sinking after a downgrade on fears a second wave of coronavirus could hit and hurt its business even more well tell you what has one top analyst so worried about dneisy. More power lunch coming right up [narrator] at Southern New Hampshire university, were committed to making college more affordable. Thats why were keeping our tuition the same through the year 2021. [student] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. You have the support of a, probiotic and the gastroenterologists who developed it. Align helps to soothe your occasional digestive upsets twentyfour seven. So where you go, the pro goes. Go with align. The pros in digestive health. And if stress worsens your digestive issues, try new align digestive destress. It combines aligns probiotic with ashwagandha to help soothe occasional digestive upsets, plus stress that can make them worse. And try align gummies with probiotics to help support digestive health. Featuring the Emmy Awardwinning voice remote. All the apps you love, including netflix, prime video, youtube and hulu. And the most 4k content. The best Entertainment Experience all in one place. All right. Lets get over to sue for the latest on the coronavirus. Hi, sue. Hello here is what we know at this hour Supermarket Chain krogers is limiting purchases of some Meat Products amid the pandemic other grocers have put in similar limits including costco, sams club and stop and shot it comes as many meat process sors work to reopen. Britain is reporting its lowest daily death toll from the virus is more than a month uk Health Secretary says weekend counts tend to be lower and he expects those numbers to rise. A top English Health official says new studies show that most covid19 patients develop antibodies but far more evidence is needed before we can be sure that those antibodies actually give immunity to reinfection. You can get more on or coronavirus coverage by going to cnbc. Com back over to you thank you very much. Lets toss it over to seema mody today. Disney falling today after more down side in theme parks. The visions this comes a di before the Company Reports earnings on tuesday. The trading nation team today is bill baruch and gina sanchez do you agree with theage i agna that says the impact will be much longer than anticipated i agree the issues they are highlighting is very big 70 of disney revenues comes from park and media. If you have lower ad spending budgets for next 18 to 24 months and a very slow reopening of the parks then that will hurt disney i agree theres reason for caution. Bill, would you be owner o of the stock ahead of earnings . I think you have to be pas s patient here this is not surge last year because of the parks its the direct consumer of the streaming. I think theres a lot of value down here. 90, 95. I think you be patient and the Broader Market may come a bit. That could give you the opportunity the buy disney thank you for your perspective. Head to our website or follow us on twitter at trading nation kelly. Still ahead, the university of michigan says it could lose up to a billion dollars as a result of this pandemic. The schools president joins us next well look at two sectors in pearl. Retail bankruptcies continue with j. Crew as the latest victim and warren buffet cashing out of airline stocks. Our breaking News Coverage is back after this. 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 dow is trimming its losses the nasdaq is now positive by half a percent s p still down about quarter of a percent. You probably heard Barry Banister saying he doesnt think it is breach 2950 again for the rest of this year. Oil market is closing up its been the story of the year. Practically. One of them. Dom is at the commodity desk with more. Crude prices are mildly constructive u. S. Benchmark west texas intermediate or wti prices 20. 45 thats nearly 3. 5 to the up side brent crude prices 27. 30. Traders and other oil Market Participants are starting to gain optimism little by little as signs of demand appear to be coming to life in certain parts of the u. S. And world and their attempts at opening economies for business but theres still supply gluts and hard to find Oil Storage Facilities over the last couple of weeks oil prices lost around twothirds offense the their his Oil Prices Higher but well off the highs of the year. Back over to you all right thank you very much. Meanwhile, public colleges across the nation are getting a hit very hard as federal funding dries up and students enrollment remains in flux because of the coronavirus. The university of michigan is one of them and a big one of them with the school anticipating up to a billion dollars in losses for calendar year 2020 alone. The schools president said he is cautiously opt miimistic thai person classes in some scale could resume by the fall despite michigan having the highest death rate from coronavirus in the entire nation for more now on the path forward for higher education, lets welcome in the president of the university of michigan thank you so much for being with us today if i had a child at the university of michigan, if i were so lucky, id be delighted a medical doctor and a person well versed in immuonolgy is running the school i imagine a lot of the losses trace back to its Health System. Why would that be a locust of loss in. Thanks. Your correct its the Health System that significantly responsible. Not entirely but significantly for these losses theres a lot of irony here. We talk about the front line workers that are rising to the challenge of the pandemic but Health Systems all around the country in affected regions have turned their business upside down. Clinic visits, routine and scheduled surgeries have been held off our hospital usually runs at about 90 or 95 capacity through the pandemic we have been running at a 60 to 70 capacity the right thing to do but extremely costly to the university and its Health System you know, just last week i ges was acceptance day for incoming freshmen. What did the numbers tell you in. We dont have final numbers but they are encouraging were a Large University the ann arbor campus has 46,000 students we end up matriculating our freshman class of over 7,000 freshmen we basically hit our predicted numbers. Where there are losses and perhaps in the hospital surprisingly are amongst our International Students the uncertainty about the pandemic, travel, immigration control, things of that nature have put a damper on the abilities of International Students to have enough certainty about the future to sign up to matriculate what is your best guess about how normal the campus there in ann arbor is going to be come the fall and im thinking specifically one of the things you guys are best known for is your athletic programs and if football doesnt take place, thats another revenue drain for the university i look at it the other way around if we cant have our students on campus for Public Health informed fall semester, its hard to imagine having student athletics if we dont have students and we dont have classes. Were working hard now to work through various options, be creative to work with our world Renowned School of Public Health and our experts and get advice from the state and county about how to redesign our curriculum, temporaril temporarily, how we deliver the curriculum to bring students back here to ann arbor and have this experience but at the same time do so safely. For example, large lecture classes probably will be done online but then we use that time to have Smaller Group experiences, discussions, teaching labs, studios well so in tern the small volume things we can do in person and well practice social distancing hopefully well have testing up and running. Were trying to get prepared let me come back to the question about inrenrollments tt you answered a moment ago and follow up a little bit did you, as you con frofronted s coronavirus, did you offer admission to a greater number of students knowing or anticipating that perhaps International Enrollments would be down . Another related question is, how much farther down your customary wait list do you think youll need to go to get the yield you want in terms of incoming freshmen great question. We did admit a slightly larger number of students aiming for a slightly number of matriculants for the number of kids that will show up. We can predict close each year how many offers and acceptances and who shows up we gave ourself a bit of a buffer the university of michigan is in a fortunate position to have a deep applicant pool. We hedged bit and took perhaps 5 more students than we would in a typical year to make sure we have the right size here on campus im kidding, but what advice would you have for a four of a 14yearold, from new jersey out of state who is dying to go to the university of michigan its his first choice. I went to virginia i want him to go there maybe well see. He has exquisite taste. Its an Outstanding National public university. Your son or daughter would get to come to school with talented kids from all 50 states and 100 Foreign Countries from around the world and have a life transforming experience and end up a member of a 650,000 person living alumni body with Great Success in every sector of the economy. Its great Alumni Network as well tell him hes lucky hes 14. Were going to be living with covid19 for several years this isnt disappearing in a few months it will disappear when we have a vaccine thats effective or drugs that can really diminish the severity lit be with us but by the time your 14yearold is in college, im pretty comfortable well have a regular life up and running again. If i had time, id bring him down but hes upstairs doing his homework thank you very much. President of the university of michigan thank you very much hes got to do that homework so he can get in thanks very much we have some breaking news its on claims for Unemployment Benefits dom has the details. Here is what it is. California has become the first state to borrow money from the fed federal government with regard to making unemployment payment claims in is according to a dow jones report. California has now borrowed 348 million from a credit liep of 10 billion to help pay Unemployment Benefits and claims. They say that the states of illinois and connecticut have been approved for loans. Illinois 12. 6 billion and 1. 1 billion for connecticut. None of them have yet to tap those particular credit lines through the end of april but still a very big deal here california taps that particular loan to pay claims back over to you the other states sevreceivin approval Small Business taking a dip. Kate rogers joins us with the results. Confidence dipping by 13 points quarter over quarter to 48 thats the lowst level on record for this survey. The first time that sentiment has been net negative. We know that government aid is available, not all Small Businesses are taking it more than half of Small Business owners surveyed said they did not apply for a loan through the paycheck protection program. One third have applied 11 try to but said they ran into issues. 21 said they applied for Economic Injury disaster loan while 71 said they have not applied and 6 said they tried before in countering issues. The larger the business was, the more likely it was to seek aid those in the Accommodation Food Service vs applied for aids at higher rates nearly half have applied for ppp. Its not surprising this quarters results are dire. About a third of businesses say they have been required to close in person operations its likely to have permanent impacts onty way businesses are run. One third say they can last a few months or less under krurcun operating conditions back to you. Well head down to the chicken farm in maryland where poultry is a big business and the state is warning there could isptn. Or druio well go inside a plant next when we return this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Just in case i see your face i may be acting crazy now its getting late they took my heart away but ill be okay, cause in my dream world im still your dream girl ooh, im still your dream girl ooh tyson foods are down 9 this afternoon after its earning report the company saying coronavirus is causing major disruptions the federal government has mandated that meat packing plants say open. Its a billion dollar business in the state. The plan plants have remained open but workers are getting sick at an alarming rate 279 cases have been connected to industry so far. Local mayor says hes worried the priorities are all wrong while we have empathy for the desire to reopen business and the importance of our economy, i have to be really blunt here in saying we will always put Public Health first life safety matters far more than that dollars. One of the largest processors in merchandise is purdue farms it says usda has to inspect the plant before they start running. Employees are getting temperatures checked, Wearing Masks and social distances Senate Democrats sent a letter to the white house calling for new Safety Standards at plants they said workers lives would be in jeopardy. Back do you. Such an important part of the system we appreciate those workers who can show up and try to keep it going. Tune in to closing bell. They will be talking with the cfo of tyson dont miss that important interview. Tyler. Coming up, j crew, the first retail victim of covid19. The details of its bankruptcy deal and who could be next every Financial Plan needs a cfp® professional confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Welcome back j. Crew, the first manl retailer to declare bankruptcy during this Global Pandemic court . Hey, tyler. So j. Crew is just one of the names on many retail watchers br bankruptcy warning list well before the coronavirus outbreak. It is first name to file, but will likely not be the last. Covid19 has really accelerated trends and in this case, made the weak weaker. Debt was really their achilles heel, owing nearly 1 . 7 billion. Thats now been converted into todays restructuring. J. Crew also securing 400 million in financing from existing lenders now we did plan to use some proceeds from a made well ipo to pay down some of that debt sh, but that ipo was scrapped back in march j. Crew was of course once popular. Did have 2. 5 billion in sales last year, but over time, lost favor with consumers didnt want to pay the high prices or full prices from fashion thats very special or unique then you got news out of j. C. Penny which may be in the process of filie ining bankrupty the store filing a temporary restraining order against sephora in state Court Last Week to insure that when the Department Stores reopen, sephora cant prevent pennys from opening the shops the court sided with nen pis and said theyll suffer immediate and irreparable harm if sephora prevents the shops from opening today, they counterfiled it doesnt want to reopen unless j. C. Penny will shorten the contract that this ban in 2009 to end next april instead of 2024 in a statement, they say in part we remain committed to working together to drive sustainable profitable growth and sephora inside jc penney continues to be a beauty destination that sers million customers. What a mess i thought u it was interesting that what kind of first j crew was consolidation of the made well ipo. St the kind of effect where even if a company was closed, it was the fact that couldnt ipo that and they counted on it to keep the rest of business going. Youve made the point many times its hard to go through bankruptcy because liquidation is you recall usually important in distributing remaining cash whats j. Crews strategy for that absolutely. They dont have as many stores as a j. C. Penny, but it still has many, many stores and in order to pay off these lenders, you do so often buy selling the merchandise in stores youre going to close or maybe its a consolidation of the merchandise youre going to have we dont know the plan right now, which in some ways was a surprise for them to file at this point with the stores still largely closed yeah. Exactly. Courtney, thanks very much with the latest. On how retail is suffering tyler. Well get a final check on the markets and where you can get your money to work thats next on power lunch. Well be right back. Hope isnt quarantined. First words arent delayed. Caring isnt postponed. Courage isnt on hold. And love hasnt stopped. U. S. Bank thanks you for keeping all of our spirits strong. Weve donated millions to those in need and are always here for our customers and employees. Snhu lets you transfer up to 90 creditseed [announcer] if youve tried college but never finished, toward your bachelors degree. [woman] it doesnt matter how old you are, you can do it. You can finish. [announcer] finish your degree at snhu. Edu. Stocks are mixed today dow down about 106 points. Nasdaq is now u up by 48 points or half a percent. S p is hovering above a key level investors are watching that includes the likes of stev grasso steve, 2800 mark explain the significance psychological . Its also the midpoint from the all time high to the resent low thats the 50 mark. So thats where you get the bull bear to date the push and pull happens a lot around that level where people want to use conviction above that level because if youre buying stocks and below that level, they want to push them for sale or they want to buy things on weakness and obviously the latest thing weve heard has been the new u china debate again on tariffs then Warren Buffett today selling the airlines i want to ask you b about that you say you dont expect the market to go lower again until the economy starts to reopen what do you mean by that so i think you know very difficult to sell this market when the fed back during the financial crisis, it was basically, they were too big to fail now its no one will be allouedo fail so until we start the economy or things dont go as quickly as people think or death tolls or infections rise again, i dont think you can sell this market effectively and i would think that today and maybe the next couple of weeks could be a buying opportunity in some of these airlines on the back f o Warren Buffett some have came into this situation stronger were delta and southwest. They both had investment graed debt across all three Credit Rating agencies. Before they entered corona environments and i think inv investors could be using that at a way to get in. Im long Spirit Airlines because if travel is going to come back on sooner or the quickest versus international. Look for international the lag while domestic carriers will do better i just got a second you came through on the other side of Warren Buffett on this trade . Warren buffetts not always right. Hes a value investor. At the back end of february, he was buying up to a million r more shares of delta so i do think theres going to be a lot of push and pull near but i dont think the aerolines are all going out of business quite frankly. Thank you, sir. We appreciate it good to check in with you. What do you think, tyler i think steve was saying its too early to sell this market until we know more about the state of the economy i wonder if its too early to buy it until we know more about the state of the market. Obvious obviously. He was more measured than that over the weekend i think thats the impression most people are left with. Any way. See you tomorrow back in the kitchen. Our continuing breaking News Coverage carries on right now with the closing bell. See you tomorrow improving throughout the session. Lets have a look at whats driving the action escalating u. S. China tensions as the white house signals a return to a more confrontational trade policy Warren Buffett says hes dumped his stakes in airlines and is holding cash and more states move forward with their reopening economy plan