The stimulus package, but senators still working through some sticking points. It has not passed yet. What is your read . Romaine the market clearly waited on that. Around mid today midday today there was an outline from Bernie Sanders saying he had objections to the bill surrounding unemployment insurance, and he was willing to hold up the bill if these issues were not addressed. That seemed to take some wind out of the rally. We were doing very well up until about then. Day,a little later in the there was some news crossing the wire on apple. Was reported that apple might push back the potential release of the 5g iphone that some any people were anticipating this year. Based on that, we actually saw the nasdaq composite and the nasdaq 100 give up their gains on the day and move into the red, even though the broader market, the s p 500 in particular, remained in the green. But there was concern. Apple was actually up about 5 on the day prior to that, and closed down. 5 . Apple suppliers we saw also give up their gains or move into the red as well. So there is concern here, not just oh my gosh, we are not going to get another iphone, but this idea that the Economic Impact is going to be lasting. This is going to be something that we will not just recover from in june or july. This is something that will probably linger for lump for months, maybe into next year. I think that reality is sinking in for traders. Not enough to complete lees squash the rally, but you are seeing the fragility in terms of how people are trying to game what the outlook will be. Emily meantime, micron, which is an apple chip supplier, reporting fairly strong earnings, though they said some customers stockpiling, data centers stockpiling chips could be more of a signal of demand. But they expect demand to return to usual and the second half of the year, although others reporting much longer than that. Withdrewnd zillow their forecast for the quarter. Romaine this will be hard. The micron report was encouraging, although they had a lot of caveats baked into their statement, saying it was basically a lagging indicator so you cannot read too much into it. Does shows shoot some resiliency. Micron and a lot of chipmakers were beaten down prior to the covid19 issue. So there was already a lot of concern about these companies. They are coming up from a bottom. When you talk about some other mid other names, you have ad issues with twitter and facebook, ad spending will not be as robust this year as it might have been, and that will potentially hurt those companies. But what you are seeing from these companies is this idea that at least over the short and mediumterm, you will probably have a little bit of pain. The issue now for investors is whether these companies have enough juice in the tank, whether it is a backlog of orders, whether it is cash on hand, to really facilitate a little bit more of a recovery later this year. I think what you are seeing with Companies Like micron, and not a tech company, but would nike, yesterday this idea that some of these companies will be policed for a quick recovery, assuming will be poised for a quick recovery, assuming we get past this covid19 scare. In laurawant to bring kane, head of thematic investing at ubs. You guys think this is an opportune time to make some bets. That said come every time you make a buy, the price keeps going down. How do you know how far away the bottom is going to be and whether youre making a call at the right time . Laura we do see opportunities, selective opportunities for buying. I agree with romaine that the market is still volatile. In light of that what we are focused on is longterm secular trends that we believe are going to play out over the next decade and beyond. That being said, we do see some attractive entry points right now for some of these thematic ideas. Ecommerce would be one of them in light of quarantine measures. We are seeing more shopping taking place online, we are seeing more reliance on Internet Services more broadly, everything from Education Services to mobile food ordering, food delivery. A whole host of opportunities we see across the internet space and ecommerce specifically. We also have a positive view on 5g buildout, more specifically on the infrastructure side than the smartphone maker side. We see really attractive valuations on the infrastructure side, which would be Network Equipment companies, and Tower Companies as well. Our overarching view is if there are longterm trends we see developing, this is a good time to get exposure for investors that do have some Risk Appetite right now. Emily that said, lets talk about ecommerce. Amazon shares ending the day down 3 . Amazon closing a warehouse in the u. S. Indefinitely due to employees at the warehouse testing positive for the coronavirus. This has happened a couple places across the web and is happening in europe. If you are a customer it is difficult to get what you want on amazon right now. And if you are buying online, talking about almost any vendor, it is difficult to get what you want. I wonder how positive the ecommerce story actually is under the circumstances. Laura i would say it is certainly not immune. That being said, we have seen a pick up in demand and activity. There is a lot of differentiation within ecommerce i would point out. We have seen the larger players do better during this period, but ecommerce players focused specifically, especially in apparel, you can imagine a lot of people are staying at home these days so there is not and not a lot of demand for new clothes, so we have seen those online retailers struggle. In contrast, not necessarily companies focused on ecommerce but are regular retailers with a strong online presence, has seen strength. You have seen reports from some companies in terms of their asia sales, their asia online sales. So there is differentiation there. It is not 100 all positive stories, but longerterm this is a space we expect a c 15 annualized growth over the next decade. We like the story but you are right, it is not immune from disruption amid all the uncertainty. Romaine only a little bit of time left here. Talk to me about some of the buyout packs and pharma names on the tips of investors tongues. Lasting upward plays for investors, or is this more of a shortterm, intermediatetype move . Laura it really depends on the specific company. In the biotech space there is a lot of idiosyncratic risk. One focus is genetic therapy. There has been more focus on Genetic Research in general, as some of these techniques has been used to better understand the coronavirus. But over the long term we expect increasedincrease or success rate for some genetic therapies. We have seen treating certain genetic disorders. We have also seen increased regulatory clarity in terms of fda approvals. And finally we have seen interest from larger biofarma companies in investing in a space which will pick up m a activity. Within that biofarma space and biotech genetic therapies is an area we have been focused on. Soly laura kane, thank you much for sharing your views with us, and romaine bostick. Coming up, we are going to talk to u. S. Senator Marsha Blackburn, as the stimulus package moved to the senate slowly. We will also take you to washington as soon as the press conference starts. We expect President Trump to deliver his latest comments on the coronavirus this hour. This is bloomberg. Is bloomberg. Emily welcome back to bloomberg technology. With so many people working from we spokend the world, earlier with the cisco ceo on bloomberg television. We have seen unprecedented volumes. To your point, critical infrastructure, working from home, and Internet Service providers servicing all of us who are trying from work from home. Cloudnched both Free Security offers and free webex offers. In the first 24 hours of putting that out, we had 240,000 new users sign up. This is a platform that before this was running 300 million users per month. Meetings aat 4. 5 day. That does not even include oneonones. We are at 12 billion Meeting Minutes through march so far. Perspective,t in during the u. S. During any one hour period, we will do 100 million Meeting Minutes in just one hour in the United States right now. We have seen incredible demand. Our teams are tired, but when you are talking about a platform that is now trying to support three to four to five times the volume that it was ever built for four weeks ago, they have done enormous work to be where we are. Have you been able to identify any weaknesses in the system . Because no one was prepared for this kind of onslaught. What are those weaknesses and what are you doing . Primarily it is just about capacity. We have tremendous relationships with the large Service Providers around the world. And they have been incredible partners for us. We had minor one of the major ones in the u. S. , we needed capacity this week. At him a text at six 6 00 at night and by midnight they had done the work and increased capacity. There are minor things that will happen during the day that we need everyone to be patient, as we are seeing these volumes that these platforms were not built for. I feel for our team. I should have told you with these technologies, you need to build them to have everyone in the world working from home, and we did not do that. But i am so proud of what our team has accomplished. We are trying to put more resources with them, because im worried about them. I know cisco has made a substantial contribution to help the effort. Lets talk about your employees. At the same time we need your more than ever, you have to worry about the health and safety of your employees. How do you strike that balance . Our employees have been in the middle of this crisis response. We have employees in the hospitals built in china helping stand up networking equipment, delivering video units. We have been doing it in countries all around the world. We are working on trying to network and enable these parking lot labs that are being put up right now. So, our teams, many are working from home, but there is a small percentage of our employees who are working in the middle of this crisis right now trying to help get us to the other side. So we continue to do everything we can to take care of them as well, but we have to make sure we are doing our part. Emily chuck robbins, ceo of cisco there. Meantime, the senate poised to pass this to trillion dollars to ms. Package. But there are some sticking points. Joining me from washington, u. S. Senator Marsha Blackburn of tennessee. Thank you so much for joining us. Always good to have you here. You have senator sanders threatening to hold this up, you have republican senators threatening to hold this up. What do you think this deal gets right and what does it get wrong . Sen. Blackburn what it gets right is altering the definition of Small Businesses to include self proprietors, independent contractors, and the selfemployed. That is a good, positive choice. Change. It also gets right tell health. Some of the problems deal with the unemployment insurance. There was going to be a plus up of 600 so that you could get to the max of what somebody can earn. Well, some of our friends across the aisle, senator sanders i think being one of them, who wants that to be on top of. So, there are people who would end up making more on ui than what they would make when they are employed. Ionres also a 400 mill allotment for election security. And most of the states are telling us they do not need the money. They have got their systems set, they are ready for the election. So that is causing concern. And then of course you have 150 humanities,arts and and we need that money going into research, bringing our pharmaceutical manufacturing back from china, so that we do not find ourselves in the position again where we need some of the active pharmaceutical ingredients, some api, and the only source for it is in china, and we cannot get it for drugs and compounds that are needed to fight Something Like covid19. So you are right. Saying that you do not think that this stimulus package should pass the senate as is . Sen. Blackburn no, im just saying you asked what were some of the sticking point, and i am articulating those sticking points to you. The things people have mentioned that they have problems with. I have problems with some of those items also. There are very good things in here. Telehealth is good. 100 billion get into hospitals is very good. It is needed. Making sure we do not segment the health care change so you have ppe going to Nursing Homes and hospice and assisted living. And also to our hospital and clinic workers. That is a very good thing. Having the Exchange Stabilization fund and the 454 billion there that will help stabilize larger companies. Having the loan forgiveness and the ability to have Employee Retention loans and tax credits for Small Business, that is a very good thing. So you have got some great things, you have some things that are workable, and you have some things that are causing some problems and people are saying, hey, we need to look at this language a little bit before we take a vote. Emily Governor Cuomo in new york says the package does not do enough for new york. What is your response to that . Sen. Blackburn theres a set aside for states and cities. Let me look at that number to be sure i give it to you right. We are still making notes. Its 150 billion state and local set aside. Now, for most cities, cities that are under a half million people, the money goes to the to each1. 25 billion state. Then cities that are a population over 500,000 apply directly to treasury. So new york city would be in that. Oft is a 150 billion pool money on top of money that is going into health care and into il the other components that have mentioned. Program, which is the Exchange Stabilization fund. So, there are always going to be some that say it does too much. There are always going to be some that say he does not do enough. Our goal is to make certain that there is a way for Small Business owners and employers to bridge this. You know, we had a very steep shut down of the economy. And people are really losing their businesses and closing their doors because of nothing that they have done. They were so ordered by the government. And it is heartbreaking to me. I am talking to people who are watching their American Dream evaporate. Aboutre very concerned making payroll. And they are wanting to do right by their employees. The calls on texts and emails are nonstop. It goes 24 hours a day. To me, it is emily senator, on that note, the president has said he wants to reopen the economy and the country by easter. But you have Health Experts and doctors saying no, we are not going to be ready by then. We could see a resurgence of the vibrance. Some of the president s own advisors, the people speaking to us at these daily press conferences, seem to be not on the same page as the president. What do you make of the inconsistent messaging, and what is the right call . Sen. Blackburn i love the way the president is always optimistic. And i have to tell you, talking to tennesseeans, his words about getting the economy opened up, that was so encouraging to so many people. Because to them, that is a light at the end of the tunnel. Decision to the open up areas will be left to governors and mayors. They are going to know when it has tapered off, or if they have no presence of covid19 in their communities. Their hospitals are going to know. When they are equipped and able to work able to work the workload and they have found the right tempo for their staff, they have the right protection for our staff. There are going to be those individuals that are Health Care Professionals that are local and state elected officials who are on the ground every day with this. And i think we should be listening to them. Many times i will say when it comes to looking at fighting battles and wars, listen to the commanders in the field. And this indeed is basically a wartime setting. So lets listen to these guys who are on the front line and follow their guides. Emily so does that mean we should be listening to our local doctors and not to the president . Sen. Blackburn not at all. I hope that you will see dr. Fauci and dr. Birx and the surgeon general, the president , the Vice President , they are in regular communication with these governors. And i have a feeling they are going to make wise decisions. Nobody wants to get this under uptick. And then see an so, lets not jump to conclusions on this. Lets give them time to get there areas under control and to slow the spread and to work forward how they think it is best going to work for their communities. We are all in this together, and we have got to get out of it together. Emily meantime senator, i live in the bay area. Our schools Just Announced they are closing through may 1, well beyond easter. Do you think the stimulus package does enough to get the internet and broadband into districtss, to school where people do not have the technology to learn at home or be engaged with their educators . And are you concerned that at the end of this when we reopen that there will be an education gap as the result of a Digital Divide . Sen. Blackburn as you know, expanding broadband and expanding 5g technologies is an area where i have spent a lot of time working. And this legislation expands telehealth, it expands those opportunities for broadband so that we can push to get this further into areas and make certain that the technology and the tools that children that are in unserved and underserved areas are going to have. And i think there will be a good bit of innovation that comes from this. I have spoken to so many women who are Small Business owners who are finding new ways to handle remote working. And keeping their companies going. And getting information t