Erased but futures have jumped back into the green. Jim, we know its going to be another crazy week, very hard to predict. So what is your tell this week i thought the advice we got from friday ended the teeth of it but if the market is up, were still oversold and thats what you got for it but i dont think theres much that you want to buy i think youd rather wait until it goes back that swing, at 3 30, the futures were up 80, it was crazy, but i think what matters is that there are a lot of people, the feds will take action today and i come back, peter bachvar was on with dominic chu unless the fed can create a vaccine or beat the virus it doesnt matter you said on friday this is a biological crisis. Not ultimately it could i dont think it will turn into a liquidity crisis, for a state at home economy and when you have a Service Economy like we have, you get an upgrade for darden, for instance, last week, Cheesecake Factory are you kidding me anybody anywhere theres a gathering is going to be a place that i think people will be reluctant to go and thats just the way it is. I dont want to, 1. 4 is the percentage of lethality. It depends where. Right theres so much they dont know thats part of the reason why the market is reacting at somepoint we will know a lo more we know that its appreciably worse than the regular flu we do although at the same time given the lack of testing thats been done and around our country. Right and in other countries its unclear how many cases there really are right anecdotally you can talk about people come back from milan not feeling well its here and the question can also be and a lot of people have got continue and gotten over it. Yes, never knew they it h it. I think the lethality is wrong, its lower and almost no under 15yearold people who have got it, which is quite different from our current flu davids right. Everything is so anecdotal, drives you crazy there was a tremendous piece last night, last week in new england journal of medicine by dr. Fauci, who everyone told me was silenced read him hes right there and im not saying hes reassuring but lets deal with facts. Dr. Than lapook on cbs said deal with facts you deal with facts its not as scary as the fictions. Right, but as long as were dealing with uncertainty, the idea that people are going to pull back, not gather, not create a lot of Economic Activity certainly still is in the foreground and how you discount that in the marketplace. Its a travel and leisure recession. It will be short but obviously theres just a lot of cold water poured on the idea that its over in april. We have, Governor Cuomo said listen the idea we only have one person that has it in new york, i mean its kind of silly. Of course you guys are talking about the demand shock the other side is the supply shock. Port of l. A. Forecasts containers down 25 this month imagine one in four products coming from china not coming in anymore. Thats something that is even harder for the fed to arrest right look, i think we covered the fed. Were a Financial Network and obviously the fed does what it does i care much more about what moderna does than i care about the fed. I care whether the chinese will do what an authoritarian government can do, to frontload the virus, they give the vaccine and immediately give the virus to people. We are obviously, do not believe in that. The reason why it takes a year to a year and a half is because we are reluck dactant to give pe something that can kill them i dont know what the chinese way is one of the things we know, the wet mark why arent they closed if it was the wet market what do we know about the 58 Million People quarantined they shut down the news out of china. Its still very difficult to measure the Economic Impact that its had there other than knowing it is quite significant. Right and the question is what they will do to try to spark the economy in some fashion. Yes how quickly its coming back, and some of its anecdotal depending on who you speak to, what ceo, the manufacturing plant was, how many are coming back to work its hard to piece together. Right hp, hewlettpackard a third of their factories are up but theyre running, actually a lot of factories are up but not running. May not be running full tilt. Therefore they cant meet the demand but they will and the good news seems to be at least as of now new cases certainly have dropped dramatically in china. Right now everybody back to work or many people returning to work there is that question as to whether it will spread again and well start to see an increase or whether theyre not going to be testing or who knows. Some of these countries, its not necessarily in their interest to track every case no. They have to close down their own account. One of the things that we are used to now from the chinese is the numbers are lets say lies fanciful . Fanciful, i like that, fictional. Their economy, the pmi recession number for china are they making it so that you go and we accept the fact some people are going to get sick no one believes the current mask they use are valuable. Honeywell mask very good, a couple hundred a couple hundred . Yeah. Its a real mask well leave it on that, there are mixed signals wearing mask dont wear a mask, the Surgeon General went out on twitter saying stop buying masks the ones that are traditional, the molecules are so small sure. As ed gardini said were not virologists and endeemologists i cant even play one on tv. No, you cant all the volatility is a topic of interest in terms of how it affects Consumer Behavior and spending patterns, what Lee Cooperman talked about on hour air last night this volatility is scaring the public its also amalorate the capital to business. Jobs, tax revenues, et cetera. 50 to 100 point swings up and down in 50minute time frames make no economic sense why dont they reinstate the uptick rule. The president should stop leaning on the fed chairman powell knows what to do hes done a very fine job. The president over the weekend did say the fed needs to be a leader, his code for cutting rates which odds of a 50 basis point cut 100. Look, i think they can do that is lee right about the uptick rule thats a battle that i fought, a huge number of signatures to be able to bring it back and the exchanges want the volume. It could cut down on the volume. They dont care about directional. I believe that lee is right. It was meant to be able to stop the air raids but according to people in the know, it would be much better for an individual stock but the exchanges dont care about this is not the era of dick grosso where the individuals are celebrated the era fast traders are celebrated what about the argument we only complain about Market Structure when market is down, way down i hate any run that is aggressive either direction because it means the algo people are exacerbated. When this i saw this morning when i got up at 3 00, the rally from 600, 700, you talk about 800, a full swing now. 1,000 ticks. I know. I hated that rally. Its a phony rally the pajama rally my keen sense for the obvious. Last week was an extremely violent week in the markets. There was a lot of money pushing through. Right a lot of positioning getting done, i would assume right can we assume this would be a quieter week as a result i think that everything depends upon the virus news. If you have an outbreak, a cluster in the state of washington, i think thats going to impact the futures. You do . Yeah, i really do i think also anybody who is visible catches it, even though its wrong, i think that matters. Study what happened in iran high level officials dying. Eiran is not the united state in any way, shape or form. Talk about master of the obvious. We have a primary that could be, we could, you know, got to move on but the primary is very important. Bidens ascendance could be a positive for the market. That we can talk about as easily as the fed i guess. We want to get an update on caseload and what Scott Gottlieb said on squawk this morning. Meg tirrell, good morning. Multiple cases in california, washington and oregon a nurse facility in a Seattle Suburb has more than 50 residents and staff showing symptoms a patient has died bringing total deaths in the u. S. From the coronavirus to two experts suggest there are many more cases circulating an analysis in snohomish county, washington, suggests the virus may have been circulating there for six weeks and there could be 150 to 1500 cases already in the community there. The new york city also responding to its first case, a traveler from iran, Governor Andrew Cuomo saying in a tweet this morning the patient lives in manhattan and had no symptoms upon arrival, noting she is a Health Care Worker, knew to take precautions and didnt take Public Transportation. Still the medical community on alert and doctors expressing concerns about a continued lack of coronavirus tests dr. Matt mccarthy on squawk box saying he has to plead his case with the department of health in order to get a test and that he expects thousands of cases by next week this as pharmaceutical executives head to the white house for a meeting this afternoon on Vaccine Development. The ceos of glaxosmithkline, gilead, moderna, and research of Johnson Johnson and pfizer will be in atendance the meeting was already scheduled to talk about drug pricing but theyll obviously pivot to this today. You look at pfizer one of the highest yields in the dow, 4. 5, sells at 12 times earnings, kind of interesting stock ive never been a big fan of pfizer but you look at the companies in the dow that could sustain that dividend, thats one that comes to mind david, youve always seen that company as being a consistent company. It is its still being penalized by that deal it did with mylan in terms of the reverse trust its never fully recovered from that no. It is down this year fairly sharply is pfizer but yes. No one can pound the table. Its interesting, like again we think about, like i said to my wife, lisa, i dont want to be subdued. She goes why not i dont want to be subdued because im not a subdued guy. She said thats wrong. David, how subdued do you feel typically am. I try not to be too morose or mournful im occasionally lugubrious. You were upbeat saturday. Was that the phony faber or real faber . A couple of tequilas in faber. We are in mourning this morning, jack welch has died at the age of 84. As ges chairman and ceo over two decades he transformed the company and grew its market value from 12 billion to 410 billion. Fortune in 99 dubbed him manager of the century could you choose the board manager, leader, motivator, jim, he was all of those things right all of us think of him here very fondly he cared about us and the network more than pretty much any ceo and david, how many times did he weigh in just in terms of your day . And when i started here in 1993, as a young person, having exposure to jack welch is something you could never imagine. We had an outside presence with him given our lack of importance overall to ge. At cnbc, he enjoyed the product a great deal and he was an incredible motivator, as you said knew how to celebrate success. Yes and i obviously am very happy or look back on the years that i had that kind of access to him and time with him is a real gift thats a great point. Im sure you saw this, too, carl he knew us and he would say things, i used to get the facts, it was like you get a fax, fax kind i did good you liked me today you could be brand new as an employee and he would be aware of what you were contributing already. It was stunning his awareness of the rank and file. Amazing, and his notes, we would send you notes right via fax or mail sometimes right and or eventually email it was important to state how important he was when ge was one of the largest market Cap Companies in the world, when it was seen as a paragon in terms of operations and he was viewed as the single most successful ceo, certainly of his day, if not overall. Now time has a way of course of changing perspectives and views and we can sit here and talk about the influence that ge capital had overall on ges earnings and how much that certainly came to pass offer the financial crisis right but this guy was number one ceo in america for many, many years. I think that there are people who have been in that room, when he would do the end of year review about how you did he knew everybody. First asked how is your wife, how is your kids, know them all by names, how is this going, and then ask you, not tell you, but ask you, hows it going . What can i do more of . In a very positive way obviously if you didnt do well, thats a different thing. I know people who all feel i dont want to annal jiz the present day but how everyone loved kobe, and they said that they were his friend and its always surprising . All the people who worked for jack, except for the ones obviously he eliminated because they underperformed, they all said jack knew them. Jack knew them jack knew me i mean jack knew you jack knew you. And what the hell was do he doing knowing us our thoughts are with suzy, his wife, family, his beloved dogs there will be a funeral mass in new york at st. Patricks, theyre determining the date on that it will be open to the public. In lieu of flowers asking for donations made to the boys and girls club in salem, massachusetts. As jim said, he will be missed jack welch, dead at 84 we cant calculate our total taxes . Do you realize how many otal different taxes we pay . Sales tax, different pos systems in all seven countries. And online sales . Thats a whole other system. And different regulations. Therererealal eate e crits,s,. And we have no way to integrate all that . No. But bdo does. Peopopleho k kno knonow o. That sofa on tv is iexactly what they need. And now, they know it too. Thats the power of targeted tv advertising. Its smart. It grabs peoples attention. Then they come to my store. Buy that sofa. And leave happy its easy, and its effective. And its why Comcast Spotlight is changing its name to effectv. Because being effective means getting results. Futures have swung green, europe as well isms, stup e super tuesday and markets have its eye on coordinated central bank action. Were back in a moment legendary terrain in telluride, the unparalleled landscape of park city, or the famed peaks of whistler, youve faced the hassle of lugging your gear through the airport. With ship skis, youre just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. With unrivaled pricing, real time tracking ship skis delivers, hassle free. Ship ahead and go catch those first tracks on fresh snow. Ship skis. Your skis. Delivered. Should they downsize . Nesters now. Probably. Will they . Not as long as thanksgiving is a holiday. Planning for the future is about more than just money. Let equitable be your guide. Welcome back to squawk on the street. We have about seven or so minutes before we get started with trading for the week and what a week it may be. Lets get a mad dash ahead of the market open and talk ge. We were talking about its leader for many years, jack welch, during its most successful period the last few years for ge not quite as successful but today good news from an analyst being negative and influential steve tousa who will be on halftime request scott wapner goes from sell to hold, just a couple of things showing how humble he is he says we were wrong and likes the fact the Free Cash Flow was better, talking about how a lot of it is timing but theres an element to this and its a long report, an element that says look, theyre through the true hard times hes using an 8 target. Significant amount of downside youve been critical of him missing the boat after having been influential and right for so long. Right is this capitulation on tusas part . Yes, to some degree when he says we were wrong i did not like giving him the lampoon treatment because hes so rigorous. He was concerned about headwinds hes no longer worried about thats the last, he was looking at the last three quarters as glass half empty and not half full he was one of your great mainstays and doesnt feel like that anymore hes a very good guy and does good work and i think that this was a sign that larry colp nice note about jack welch but the ceo is managing things better and this is an owed to larry kolp saving the company and bringing it up to where it will be an industry and i think thats not more than that but thats a bold thing to come in at 10 and 11 and say you know what i was wrong, after being right from 27 down to 6. Hes hard on himself you point out he had a 5 target previously i believe. It does bring us to the wave of upgrades today. Im trying to make a list, jpm, ge, southwest, apple, western dig, micron, dow, deere, lyft, twitter. Whats going on . Upgrades on people who were right, they were right now, whether they didnt seem right at the time because they fought this market but all the upgrades that you meant almost every one were people who said the stocks should go lower, lower, lower and they went lower and now they want to take advantage of it to buy, and i mean, theres just these little notes like baird came in, Western Digital selling could be done it wept to a buy from a sell and i think whats happening is people who really got it right are getting the chance to declare victory. A lot of victories to declare. The optical pieceon apple, theres a person who basically missed the run he missed the run. Its come back and now he wants to participate i thought it was a thorough piece, it talks about the ancillary products you dont give apple enough credit for even a huge disruption in supply is immaterial in the longterm given the way theyve worked themselves into our daily lives. I totally agree we are in a position where a lot of people are trying to figure out when do you buy apple . Not a lot of people think being when to sell people have seen the stock fall and do you give it a 16 multiple, 18 youve got china on the bye side and china on the supply side i dont think the stock should be more than say 240, 250. We have an algorithm driven market where if you say apple should go up and the futures turn youll see 240 intraday and thats because the way that the darned futures work, chicago way overpowers new york. Apple has the cash flow to buy every share down there, right . David, the cash flow is king there. Even with this obviously slower demand that everybodys featuring. Stay at home economy, keep thinking about that, stay at home economy no one goes to gathering plac