Disney has postponed its plans to reopen disneyland in anaheim, california, indefinitely. We will talk about that. It was a volatile day on wall street. Stocks rising nonetheless. I want to bring in kailey leinz, who has been following it with a choppy session, but still ending about 1 higher. What happened . We saw the fluctuations between positive and negative territory until the last hour of trading. We saw the furious rally into the close. Likely people taking advantage, using it as a buying opportunity. One caveat is the volume was about 17 below average for the past 20 days. Obviously, investors trying to take advantage from yesterday, despite the fact we are seeing worsening headlines, in regards to the spread of the coronavirus. Texas and florida having to pause reopening because of researching cases. Research in cases. They took part in the rally, smallcap kind of a proxy for the recovery story. They are more domestically oriented. The nasdaq lagged marginally, but it wasnt tech outperforming, which was differing from what we have seen over the sessions in the past couple weeks. Emily talk about the stocks that were primarily driving the gains, if it wasnt technology. It was financials, which is not something you hear all too often. Banks were up about 2. 6 in the thursday session. That was driven mostly by optimism surrounding changes to the volcker rule, easing up regulations banks have to face in regard to funds they can invest in and also margin swap requirements. Then we got results from the fed stress test about half an hour ago. Thats taking a bunch of bank shares lower in after hours trading. Goldman sachs and wells fargo fared the worst in this kind of scenario that the fed put together. Perhaps disappointment in the fact the fed is capping dividends at the Second Quarter level. Also for bidding share buybacks until at least september. Thats taking some of the bank stocks lower, even though they were the strongs performers on thursday session. Emily disney ending the day down just slightly. Apple shares slightly rising. Talk about some of these other stocks where you are seeing a real impact from the virus, and giant theme parks planning to reopen now being postponed. Disney is delaying what was intended to be the july 17 reopening of disneyland in anaheim indefinitely. The company wasnt sure if they were going to get approval from the government, or agreement from the union in time. Apple closing another 14 stores tomorrow in florida. The total tally is 32, about 10 of their u. S. Footprint. To me, this raises the question, even if state governments arent telling people to close down, Companies May do it themselves to protect their employees and prevent the spread. Emily kailey leinz with the update, thank you. More on the disney story. Disney being pressured to delay the reopening of its theme parks in florida, a day after postponing the reopening of its california parks indefinitely. An actors union and florida wants the same thing for cast saying itsr unclear how disney can responsibly open as cases continue to soar. To discuss, we are joined by crisco mary, who covers disney for us. We start with california. Disney saying indefinitely that they will not give a new update on plans for reopening until at least after july 4. Right. Californiaessure in on the company not to reopen. Mostly coming from unions. There were petitions from the general public. The unions are negotiating. They have reached agreements with 11,000 of their 17,000 employees in california at the parks. Thees a lot of issues unions want to see, in terms of safety about reopening. Emily disney mentioned it had something to do with state regulators. How much is the state of california actually dictating what disney can and cannot do . They have to get approval from the state in order to reopen theme parks. As manybeen doing stages, theme parks were a later stage. Governor gavin newsom said the ongoing negotiations with the park owners about winter reopening, and hes happy disney made the choice they did. He said it was based on their data. The covid cases increasing. It is pretty clear that the unions had written a letter to newsom and made their position felt. This statement from disney, given the time required for us to bring thousands of customers back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials. This in california specifically. What is the latest in florida . Disney world scheduled to reopening july 11. They have reopened in shanghai, hong kong, as i understand it, successfully, with new safety precautions in place. Do we expect this could impact plans in orlando, as well . Potentially. I checked with disney, they are scheduled to start the first two on july 11. One of the changes the unions mentioned is who is going to pay for covid testing, and if the company is going to do that. Disney said in a letter to the unions this week that the covid 38 s are unreliable, only of them fail. It doesnt want to be testing every single employee before they come to the parks. So thats one of the issues. They will take temperatures to maintaind trying social distancing, mask wearing, and cleaning, all of that other precautions. Emily obviously that is a massive undertaking, given the size of these parks and crowds. Chris palmeri, thank you for that update. We will follow the story as it develops. Coming up, what does office life look like post covid19 . If there is such a thing. Should companies allow employees to work from home forever . The ceos of slack, okta, and box are with us next. Later, our interview with nba allstar lebron james. His thoughts on getting back to work, and his mission to fight Racial Injustice off the court. This is bloomberg. Im looking forward to the season getting restarted, getting back in a laker uniform, and continuing to push the envelope, not only on the court, but also off the court. Like i have been telling colleagues and friends, i wont stop until i see change. Emily being a company through a pandemic is challenging, and can sometimes be lonely. The ceos of three tech companies, slack, box, and okta, have been collaborating. All of the companies have benefited somewhat from the shift to remote work. I sat down with them earlier today to talk about how they have come together and help each other through this crisis. Weve been in the industry as ceos for a long time, so we have gotten to know each other through investors or social events and so forth. Ofhas been good the job ceo is a lonely. Its great to have people that you can commiserate at times with, celebrate victories with in these crisis times, compare thoughts on what to do next. Emily how lonely is that job at a time where there is so much uncertainty, not just a health crisis, but an economic and social crisis . Is pretty lonely. I guess it always is. It probably has to do a lot with the kind of decisions we are called on to make. A lot of the job is making decisions. But we trained over the course of decades in certain classes of decisions, and get pretty comfortable making them. Now we are facing decisions no one has had to make before. That makes it harder. Going back to how we got together, we have been more or less a mutual support group. Not just us, theres another dozen plus people that we spend a lot of time with trying to work through a lot of these challenges. Emily aaron, you have a remarkable way of finding humor in a very dark time. How do you channel that at a time like this to keep your team motivated, your customers motivated . Clarify that i dont find humor in the darkness, but there is sometimes things that happen that are y veryus amidst man difficult things. I think what we are doing as leaders right now is dealing with some unbelievable stress. Everybody going and working remotely, dealing with a tremendous amount of disruption to their daily lives, family members that might have health issues, economic issues. Now it is all layered onto many social issues of Racial Injustice, that has been persistent in this country for so long, but obviously brought to the foreground in a much more significant way. These stresses add up. It is an environment now where our companies have to lead and run with our principles. As leaders, we have to make sure those principles are clear and expressed. Occasionally, i may have a tweet that i may regret a few hours later. I do end up deleting some of those, by the way. Sometimes i treat twitter like a mix of a timeless constant chat room and snapchat. I just need to get something off of my chest, because the administration is doing something i am frustrated about, then i go back and say i am calm now, lets deal with these issues more productively. Emily on a more serious note, we are speaking on a day that cases of covid19 in california are spiking by the thousands. Are ceos responsible for leading thousands of people and keeping them safe. What goes through your head when Something Like that happens . When it almost felt like things were Getting Better . Okta for 11o of years, it has been an important job, but ive never had to make these decisions that have life, death, and health and locations for 2500 employees. Implications for 2500 employees. We take it very seriously. When you have to put down your priorities as a leader, it is really clarifying. Number one, the health and safety of our employees. Even if in the shortterm that might impact the business, thats the decision we will make. We have taken a very conservative approach, in terms of working remotely, not requiring people to go back to offices until there is a vaccine or treatment. Its a decision im happy with. Plans,changing your knowing that the second wave israel, is is real, is it changing the return to the office . Already set as marker several months in the future and revisit them. There is uncertainty. I think it is important to say we are not going to reopen before x date, so people can plan their lives. I think its also important to communicate the policies. I think its really interesting. We are all friends, we help each other, we also compete for talent. Not just among ourselves, with square, twitter, facebook, thats a microcosm of the tech economy. Of the whole i dont think of us as competing very frequently like Goldman Sachs or american airlines, but everyone is hiring software developers. Software is becoming an important target of every single business. Demand,we wanted to required employees to come to the office next january or Something Like that, if todd is making an offer to that same engineer, saying you can have flex ability, you can come in a couple of days a week and work from home, or you can just work remotely. You can go back to ohio or wherever you are from and be close to family, we are not going to get that person. There is a lot of uncertainty around this. The chips are already on the table from a lot of very Large Companies who have already made their decisions. I dont know if its impossible, but it is very hard to walk back. If you go down this path and 20 of your employees are remote, and 50 adjusted the way they work and where they live to work in an environment where they are in the office one or two days a week and at home the rest, it seems hard to imagine. Note, jack dorsey saying employees can work home forever, is that a mistake . Maybe its a domino tipping. I also think we are making the right choice for us, we will let people work remotely, offered flex ability. We still have to work through the ramifications of that. Emily indefinitely . Will bet know that we able to take it back. Say you are able to work remotely and move to your family with with your family to a different state. We cant call you and say come back to the bay area and buy a house. Spiking, what did people expect . Did people really think it was over . It has been bizarre to watch it, and also watch it become a political thought. Emily on that note, we have seen different parts of the country taking different approaches to just how serious this virus is. How do you take a stand on the health and safety of your employees when it is almost strangely a political issue . Thats been the most disappointing phenomenon in this already unprecedented scenario, the politicizing of very basic health and safety facts. We have very few weapons against this virus. One of those weapons is wearing a face mask. If you go outside or interact with people, and somehow that has become a statement of what side of the aisle you are on politically. It is shocking and very disappointing to see from our country. There are very few things where i really energize about. Racial injustice is one, the basic arguing of health facts in an environment where we as a collective have to Work Together to be able to solve this issue. We have had a very clear Leadership Void in our country. That Means Companies have to step up and make decisions on behalf of their employees customers, and employees, which is what we are doing. Generally, it would be easier to have a tail wind at your back of a government making sound decisions on behalf of the country on these issues. Emily talking about stepping up, we are in the middle of a social crisis, as well. The black lives matter movement, just this week it is how do immigrants feel about some of the decisions the president is making . Do you believe companies dont have a choice in taking a stand on these issues . How do you take that stand without alienating your customers when you are a Global Company . The way we think about that is there are a lot of issues that you could argue either side politically. Then there are some that are in the best interest of every future employee at okta and all of our customers. These are things like the health and safety of our employees. We will not be political about masks. Employees should wear a mask when they go out. All the evidence points out to that being the clear thing to do. Racial injustice is bad for everyone. Its a human rights issue, not a political issue. Its something very clear that we need to stand up for as a business and organization, and people in this society. The political issues that are beyond that that you can debate about, maybe we will have that debate, but those are fundamental to us and not debatable. When weow do you think do return to some sort of new normal, how will life be different, how will office life be different . Are you going to be getting on the road and talking to customers in person day after day . Great question. We will see. A lot of it is about the cultural ramifications. We all evolve kind of in concert. One thing for sure is it is a generational shift. I will put this in terms of technology, but i think it is broader than that. Like in the 70s, the first wave of digitization, or the 90s, the adoption of pcs. 2000, the spread of the internet, early generation cloud services. There will be a much bigger alliance on Technology Bigger reliance on technology. There will be a change in how we manage. Theres an opportunity now to reimagine how we plan, manage , it takes all of us to see what opportunity and see how much we can level up as a result of this. Emily how is this changing the way you think about your business . How do you plan for the short and longterm . Were i think we all represent Digital First organizations that have tried to run our businesses in a very agile, fluid, dynamic way. What we are seeing is the World Economy now has to catch up to that way of running an organization. When you think about what a Digital First is, it doesnt mean a remote first, office first, it is Digital First. It means people can collaborate in realtime, work from anywhere, the business is more fluid. When you think about how to plan for an organization in the 21st century when you have pandemics, disruptions to your supply chain, you have to build an organization that can be resilient to whatever gets thrown at you. I think thats what more and more businesses are experiencing. Thebased way to do that is make sure you the best way to do that is major you have a culture that can get through these events, and have a way of running your business from a Technology Architecture standpoint to let you be resilient, as well. Whether its the shortterm pivots companies have to make right now to enable a remote workforce, or the longterm Transformation Companies have to go and drive to be Digital First, i think you will see a completely new operating model that companies begin to incorporate Going Forward. Emily given all of the uncertainty ahead and all of your employees working remotely, how do you get them all aligned in one direction Going Forward . What is the healthy dose of paranoia for a ceo to have at a time like this . A full cup of paranoia, i would say. We are still finding ways to generate that alignment. People have meetings, they make presentations and write documents, but i think because we are missing a bunch of things we had when people were in the office, we are finding ways to compensate for that. Emily stewart butterfield, ceo of slack. Todd mckinnon, ceo of okta. Aaron levie, ceo of box. Going halfway around the world to the dramatic collapse of a european fintech star, wirecard. The german based company filed for insolvency today after admitting it could not locate more than 2 billion on its balance sheet. The former ceo was arrested earlier this week. Bloombergs luca kasi roddy has the story. The Biggest Tech Companies in germany has filed for insolvency on thursday. Thecompany, which was in german stock index, as much as 25 billion euros, has been distraught for more than a year after the Financial Times published the question of the accounts. Projected ford months, but last week, it couldnt claim almost 2 billion euros of cash. Then a storm on its stock, which has been wiped out, followed by bond prices. Officer, whocutive has been with the company for 20 years, resigned last week on friday and was arrested in munich, then released on bail. The coo of the company is also being socked by the german police. Germanyortant for , theng a lot of questions authorities, because calls for an investigation in the companys accounts have been coming fr for years coming for years now. The eye of the storm is the german regulator, which went and had beenellers investigating them for stock manipulation. Now the auditor of th