Tread the virus spread between people to the highest level. To the lowest level. Abigail very risk on. The bulls rushing back in. S p 500 up for a fifth day in a row. Longest winning streak of 2020. This is the first time we have had a fiveday string of gains. That tells you the degree and strength. Individual stocks having positive news. The nasdaq had a new alltime high. The stock, the chips index, same thing. Faang index driven by the likes of amazon and tesla. The fangs, those are the stayathome stocks. You were mentioning the virus data still being pretty bad. Realworld. Een the last couple of days, it has been a global rally with asian and european stocks. The new york faang adex really doing its best on yeartodate basis. Then it is the chinese tech stocks, the cqqs. Up 22 . S s p 500 and European Tech etfs up just about 6 . That has to do with those European Technology indexes. Nokia, somerickson, of these other companies. Tech, one of this years star winners right around the world. Caroline getting past the february peak in europe. Abigail doolittle as ever giving us some of the best Market Action. Lets stick with Market Action and some of the deals we have seen. Bytt, i want to start off talking about a little bit of m a to kick off this monday. We did get an exit from postmates. Not the public exit. But how does it help the food delivery part of the business . Thanks a lot. Good ian with you. This is a deal that i think people were possibly thinking about. Some consolidation in this category announced relatively recently. W eattakewa justeattakeaway. Com. My i think people were probably thinking that uber was ready to make a move. According to data from second measure, at least as of may, they had a little bit over 20 share in the u. S. Postmates had 8 . That would essentially get them to the clear number two business in the category. Behind only doordash. It would put them ahead, relatively clearly, of grubhub, which obviously is being bought by primarily european and canadian competitors. About talk to us what is interesting, perhaps not as much of a concern about the regulatory side of the equation now but what do you make in terms of a focus now on food for uber visavis delivery . Postmates made its mark in being in general a delivery service. We have seen uber really try to scale back what is doing, focusing on food rather than being all things to all people. What do you expect in terms of where it takes postmates Going Forward . Interestingt is an point. At the least, i think uber probably has been pretty pleased at this point that it has a more diversified business than perhaps other more lets say focused ridehailing and ridesharing type companies. Even though i think it is fair to say that rides has been kind withindominant segment uber for some time, i think with to ubere to its eats, investing in category, i think it is indication that uber is serious about much more than simply moving people from pleased to place. With postmates, there is the possibility of even. So, i see them acknowledging the potential. It is going to be interesting how that plays out because one of the things that i think was noteworthy about the was, iement this morning think within a year, 200 million in expected cost synergies. There is clearly some overlap. I think ubers diversified Business Model has proven appealing for some investors. Interesting is about the synergies considering they will be keeping postmates as a mostly separate part of the business. I am also interested certainly, the Public Market liked it. Uber made back basically all it is spending from the market capitalization. An interestingn story. If you look at the market cap from about a year ago, i think they got to around 75 billion. As the coronavirus was having its most significant initial impact in midmarch when lockdowns started to happen around the country, the market capitalization got to about 25 billion. Today, i think theyre close to 55 billion. Clearly, there has been some fluctuation, but the recovery perhaps reflects the more diversified Business Model and the exposure with uber eats. Based on what we are hearing, it is something where there is momentum, there is consolidation in the category, which tends to be a positive for existing players. Less competition, perhaps more pricing our, may be better margins down the road. 56 billion market cap for uber today. Increasing market capitalization across the board. What do you make of the valuations we see, the domination of technology with aazon above 3000, tesla with 40 increase over the past five days. Are you comfortable with these evaluations . Evaluationt focus on as a primary aspect of what we do daytoday. Experts, ch industry level executives, about the world and what is going on in it every day to try to understand the big themes and trends as well as the companies that are kind of driving Investment Decisions and success. Clearly, one of the big themes is how some of these companies have clearly captured imaginations. I think one of the reasons for that is this notion of digital transportation. Saidmeone from microsoft during the recent Quarterly Results conference call, according to him, we have seen two years of Digital Transformation acceleration over the course of just a couple of months. So clearly, Certain Companies that have been positioned in the right places, are benefiting. Those companies that are either selling the solutions that are enabling digital solutions, or the companies that are further ahead, doing better when it comes to implementing those transformations seem to be the companies that are performing better and might be in more demand. Caroline stayathome stocks continue to win the day, great to get some insight on how you view this. Coming up, brain trust looks to connect talent with some of the Worlds Largest organizations. I catch up with ceo adam jackson. This is bloomberg. U. S. Is seeing a pretty marked improvement in the labor data, from a low basis. The weekly jobless claims are less exuberant. Longerterm unemployment looking concerning. A full recovery therefore is far from certain. The covid19 pandemic causing overnight shifts in how Companies Hire talent as well, especially in Silicon Valley. Joining us comedy ceo of brain trust, the first user controlled talent network. Also the founder of a telemedicine startup, doctors ondemand, which we will discuss in a moment. But, brain trust, how are businesses changing the way businesses want to hire talent, the way that talent wants to be hired now that we are all in a work from home situation . I think your last guest put it well. We are experiencing multiple years of Digital Transformation in the last three months. Before covid, before the lockdown, hiring technical talent was hard. Almost every u. S. Company is now being forced to act like a tech company but only some of them are in the labor markets like california and new york where there is a lot of talent. Wasre this lockdown hit, it tough to hire people, then you pull out all these Office Spaces and companies are still expected to innovate. What is it like in terms of perhaps a wider pool of people being available. People deciding that they are basically going to work from home by default Going Forward and offices will not be quite so necessary. Do you think we will see a wider pool of people being brought in the echo or is immigrant brought in . Or is immigration still a key concern . In march,omy slowdown all of the commercial office space closed down. Airbnb thats like were disproportionately affected laid a bunch of people off. All the while, you have companies that really need this talent. On top of that, they shut the h1b visa program down, which specifically brings in highly specialized technical talent. This is actually we have been working on this. We are a Global Network that connects really talented tech people with these big fortune 1000 companies that need them and cant get them inhouse. Companies like nestle. Porsche is designing automotive software. These are companies that could in seatshese butts you canovid and now, even go to the office anymore. You have to figure out how to keep building these big systems without being able to go into a Conference Room . Caroline on your website, you have task rabbit and the like, you mentioned nestle. How are they still managing to be creative, getting that production of innovative ideas when people are having to stare at cameras with each other rather than having those more serendipitous moment . Adam this part is tough, a combination of using tools like we are using now. But it is also about, people could work from home before in the tech world, but how did you really innovate . What if you could not get in front of a whiteboard and to draw things out . Doing distributive teams before everyone was forced to be distributed. So there is a bunch of tactics. We have engineering teams all over the world on braintrust that have never met in person. It is really more of an art than a science. Want to shift gears a little bit and talk about doctors ondemand. How is that scaling at the moment . How are you seeing covid19 help or hinder . It is a supply of doctors but the supply is suddenly pretty fierce for competition. But people want to be using this sort of product. I started dr. Ondemand, i was cofounder and first ceo eight or nine years ago. I am still very close to the team. Doctors ondemand next patients with doctors over video for nonemergency medical cases, behavioral health. I would say that we have seen that whole industry accelerate 10 years just in the past 10 weeks. People are understandably scared to death to go into Offline Physical care settings. Doctors ondemand recruiting new providers like crazy, increasing hours, stefan up all over the country to help people think through covid, think through their symptoms, help family members that they might be physically stranded from, and then help with all those other things that still happen to us that are not covid related. Caroline just want to be able to do it from the safety of your phone. Adam jackson, such experience. Thank you very much. Coming up, facebook still front and center when it comes to controversy. This time in hong kong. This is bloomberg. Caroline lets talk facebook. For now, it will not process user Data Requests from the hong kong government. There are concerns that a new security law imposed by china could criminalize protests. Facebook says it is conducting a human rights investigation. First and foremost, lets talk about hong kong and what the direction of travel might be for facebook as it tries to work out right now. Facebooks policy is usually to follow all local rules and regulations. When they get a takedown request, they take into account not only their own policies but what the local government is demanding. They do not feel they have a Strong Enough understanding of what the local law expects, which is why they are putting a pause on this so they can try to understand what really what what really does this law say. From human rights to civil rights. Meeting with Civil Rights Groups, this was initially going to be a meeting with Sheryl Sandberg. The chief product officer as well. Now we understand Mark Zuckerberg will also be meeting some of the key civil rights leaders who have really pushed for change. How public a meeting might this be . I expect it will be very tough. As you pointed out, facebook offered up a meeting with Sheryl Sandberg and the chief product officer, chris coxe, and the Civil Rights Group said, no, we will not eat unless zuckerberg is at the table. That kind of set the tone that they wanted to go immediately to the top. What we have seen over the past couple of years is that these groups have been critical of facebook. They have been very vocal in the press with this and boycott. Anticipate that we will hear very shortly after the meeting how it went. I am not really convinced facebook and give them a lot of what they are asking for. I will be surprised if the reaction is that facebook kind of stepped up to the plate. Caroline many civil rights leaders have said, we have done a decent amount on discriminatory ads. But there seems to be a real focus on Voter Suppression, hate speech, and the like. Voters Voter Suppression is an interesting one because we heard on friday that facebook said they are trying to register for million new voters on facebook. How are they trying to spearhead these areas that are still a cause for concern . Facebooks response has been to point at things like this Voter Registration campaign to say, look at all of the stuff we are doing to try to help american democracy. The 4 million registered voters goal is something they are taking pretty seriously. They have created this voter information hub that has all kinds of information. And they are putting it on the top of every users feet. Everyone in voting age in the United States should be exposed to this when they log onto facebook. Facebook again is pointing to this to say, this is how serious we are taking this. The question still remains whether this will be considered enough for these groups that have been pushing for a lot of change for many years now. Caroline lets see how they come back after that meeting. Lastly, this has not just engulfed facebook, engulfed the executives such as Mark Zuckerberg, but other areas of zuckerbergs life, like the initiative he has formed with his wife, priscilla chan. Kurt being Mark Zuckerberg right now is not really the kind of person that people want to associate with. That extends down facebook. His Philanthropy CommitteeChan Zuckerberg initiative, as no had some employee pushback and some of the scientists they fund, they provide grants, they have written a letter that is basically asking Mark Zuckerberg and facebook to do more around hate speech. We spoke to some of the scientists last week and they said they are still waiting to see what they can do now to force more concrete change at facebook. It goes to show that when you have an issue in your private company, that extends to all the things you are doing. Even giving away money becomes now a challenge because of the way facebook operates. Caroline thanks for taking the time. I know youre a busy man covering all this. Coming up, second times the charm. After last months attempt to buy grubhub, uber eats has finally made a purchase of postmates. This is bloomberg. Caroline this is bloomberg technology. Back to the top tech story of the day, uber expended food delivery. The ridehailing service agreed to pay 2. 7 billion in stock for postmates. That is after last months attempt to buy grubhub failed. The postmates . Not quite as good as grubhub . I think it was a good deal. Deal, theygrubhub went out and bought the next best asset. Food delivery consolidation was abletable for uber to be to show real progress. Is byy they can do it consolidating. I think postmates are the number four player in this space. It was the next most obvious choice. They are losing money. Uber eats is losing money. Allline they are still losing money. I am interested about that efficiency play. They are keeping postmates separate. They are keeping the Management Team as well. How do you think the synergies will be formed . A when you are operating marketplace, you have drivers on one side. You have the restaurants on the other side. You have the consumers on the third side. You are operating the marketplace. Need to make all three sides have been. I do not think we need to worry about consumers because the demand is growing through the pandemic. The food delivery demand is here to stay. How do they make drivers and restaurants both happy . Probably by making sure the utilityhave more the and utilization rates grow higher. That drives into more orders for restaurants. I think uber can get to that. How they get to that is going to be a painful process. I think consolidating the supplies and the demand both from the driver and the strong side will be helpful on the restaurant side will be helpful. Uber charges . 10 on every dollar of food they deliver. Totmates is charging 15 . 20. There is a wide gap. Over time, all of them come together. S rate falls. Over time, that is how uber is going to make more money. Caroline talk to us about what has been hit hard. 70 . Iders plummeting how are you seeing that part of the business starting to recover if we do see food sales doing well . When will riding do better . Next three to the four months, there will be a slow grind back to [indiscernible] if we see places outside of the points comingata from an operator in china and an ierator in southeast asia, feel if we follow what has happened to ridesharing in those geographies, there will be the vshaped recovery. Go out thethe riders door and hail and override or ridesharing ride. It will be a flip of the switch at some point in the u. S. As well. When that happens is probably in the next two to four months. I expect a vshaped recovery in ridesharing. Getting much more worse. The decline is a pretty heavy decline. Caroline briefly, what does uber become . It has become a swimmer. They have been walking back in terms of financial services, electric bikes. Will they go back to that when times are better or are we going to see a more focused googler Going Forward . Focused uber Going Forward . I think a slimmer uber. Management is letting clear. The way they are doing that is focusing on two main segments, which is ridesharing and food delivery. They are checking on a few other lightweight things such as grocery deli