Taken since yesterdays 3,000 point drop jim, you have never been a huge fan of futures, but you think they are especially irrelevant now. Right these are fraught. I got up three, the market looked great it was up like looked like we would make up half of what we lost yesterday i come back, were down. Lets stay focused on individual stocks individual stocks are all being brought down by the indices. The great opportunities, i want to use that word, come from the obliteration of the futures, mean while there are companies who are doing well theres companies doing quite poorly well go over both there will be opportunities today. Theres a lot of give up yeah. I want to get i have a lot of specific questions for you i know you have regeneron tonight. Signs of hope, whether its test kits from roche, therapeutics, you heard gottlieb a moment ago talking about it those three things, test, therapeutics, vaccines we are starting to see very early signs of progress. Absolutely. You look at tesla. Last night we had just an absolutely terrific interchange with mark casper 5 million tests will be available next week. 5 million test kits. Thats up from nothing thats heartening. Len schleifer reached out to me. They were the guys who solved ebola. We dont talk about the people who have been through it this is a second rodeo, not the first. They have something therapeutic for people who are sick and something preventive its far ahead of where i thought we would talk about the immediate term we have a new narrative. Its very exciting, the Public Private partnership. Well have two executives on today talking about that Bill Mcdermott from service now, and Chuck Robbins from cisco i got an announcement from facebook, Sheryl Sandberg will be on tonight mad money talking about 30,000 Small Businesses in 30 countries were waiting for the Federal Reserve chairman waiting for secretary mnuchin. America is not waiting for these people america is waiting for no one. Thats a major theme to get us through this morass. We need that money, the government will get it to us, but i like facebook is stepping up or cisco is stepping up or service now stepping up. Agreed. Jack ma sending masks all around the world. Sandberg did say yesterday that theyll work on fixing in ways they have not talked about before, fixing misinformation when it comes to covid, whether its a celebrity, politician, influencer thats narrative shift absolutely. We are getting data out of italy, if youre 39 or younger, youre just highly unlikely to die. Unfortunately the people i dont think theres been one at least in lombardi, not one fatality under 30. Exactly so what happens, carl i think were in a jam, you have you see younger people on the beach, theyre having a great time. Why are they having a great time they have it, many of them have it, they dont know. They come home to us, we find that we get it from them, but definitely in some cases like me, you cant afford it. The numbers show you cant afford to get sick, particularly after 70 so in many ways, our children are our worst enemy in this. Quarantining the elderly, quaeniquaen i quarantining those with preexisting conditions. Theyre getting from family members who are younger. Grandchildren, children. Thats what we have to worry about more than we worry about crowd gathering. Our own sons and daughters are giving it to us. My dad lives around the corner, i cant see him. Mel brooks and his kid were talking behind a pane ed glass window im not with my stepson, why bother if i have do tv, ill do it from a basement room. Not a snuff film, though we have a lot to watch today, commercial paper, actions by the fed. Lets get to our senior economics reporter, Steve Liesman checking in with what were seeing in the credit markets. Not hearing good things ive been on the phone all morning with people in the markets. They say theyre not performing well theres one or two markets, for example, the trading of yen or borrowing borrowing in yen, lending in dollars lending in dollars, borrowing in yen not trading all that well. A couple bullet points one, concern about outflows from Money Market Funds one person said to me the commercial paper market is shut. Finally the repo trading is pricing well above fed fund. Thats not performing all that well this morning. If you want, the commercial paper issue is quite specific. Whats happened here is that the money markets are the lenders to this market. There is concern they will have funds withdrawn from them. The companies are the borrowers in this market theyre trying to raise cash if they dont, they have to go over and draw down their Bank Credit Lines that puts additional pressure on the banks. Talking to a lot of people this morning, theres consternation as to why the Federal Reserve has not acted yet in this process. What do you expect to happen . I think the fed will come in here, im drawing on the reporting from eamon javers, he has people saying they expect the Federal Reserve to act my fknowledge of the fed, i said a day or two ago i expect the fed to come in in the commercial paper market the fed has been moving very fast here. What they did sunday night was a whole bunch of crisis programs doled out over months, they did all that in a single night its getting ducks in a row. They do have to coordinate this with treasury. My expectation is the Federal Reserve will act in the commercial paper market. Jim we know if everybody draws money at once, it breaks the bank that is toolisfoolish. I went over yesterday looking at things, this is not 2007 or 2009 were worried about, as you know, i know, moral hazard these markets may be seizing up. But i think the Federal Reserve is up to the task. Maybe they need to hear it from us if people take action on that and sell stocks, thats a shame. Its i femora ifemoral. The american system is so much stronger, its great we alert people to commercial paper and into a dollar yen trade. When i come to look at the companies that i look at, you will get Good Opportunity because of what happened and what we can say about these things, it will not end up being significant two weeks from now i feel strongly about that actually its just very important to make that point to people that the dollar yen will not bring down the treasury. Well understood, jim. I think its important. We have a role to play yeah. We have experiences from about a decade ago where we have learned some tough lessons, hopefully they come into play now. We will bring in Chuck Robbins. He will speak to the idea, theres two markets here the financial market, which people want to try to say are broken, and i just say will you please have some forbearance, and then the real market the real market is the economy thats what chuck rob bibins is good at. Thank you very much for coming on the show. Always great to see you. Describe what you see out there. There is, without a doubt, a narrative which says the world is breaking down i see theres another narrative, the private enterprise is going to save the day. Well, first of all, thanks to you and carl and thanks for all the work youre doing to report on this accurately and try to help people navigate the complexity i think of this in three ways. Theres the medical response, which, look, theres a great deal of human ingenuity in this country that will prevail and i think prevail faster than people think. Secondly, the fiscal side, which you guys understand, youre talking about it on a regular basis. And two other pieces theres the piece helping our customers remain productive during this time, also helping our communities. Its a real difficult time for the most vulnerable people, those hourly contract workers as well as the homeless and others in our society we have to come together so wie woere working on those r two day and night. I feel good about where we are companies are coming together. We convened about 35 companies on friday in Silicon Valley to try to tackle issues of helping people financially who are struggling now volunteers, frankly, are not showing up at homeless shelters, not showing up at food banks where theyre worried about getting the virus. We have to backfill those folks and figure that out. We have to deal with hunger, students being out of school theres an awful lot going on. I think business is stepping up in a big way chuck, when you say we have to deal with, were in a different time i think when you and i were younger, this would be something that the federal government would handle the federal government is bigger than all of us sounds like what happened is these problems are not being addressed correctly by the federal government the federal government is slow, or private enterprise is now the biggest source of social change in the country do you think its the latter do you think youre leading and the fed doesnt understand the federal government, the people who are 1099 employees, people who have just been laid off, but also people who have a paycheck coming from a solvent company, you seem to be involved in trying to help the people who do not have that well, i actually think that, you know, its a combination of both that have to solve this problem. I spoke to governor noewsome yesterday. He made some great moves on moratoriums on evictions, moratoriums on foreclosures, services being cut off, internet, et cetera. Theres a lot of work going on to to, you know, provide hotel space for those who are vulnerable but i think that i think it is both. I think, look, sometimes it takes the government longer to get some things moving that you have been talking about for a couple days now. I think in the interim we have to step in many of the companies have made a commitment to continue paying our hourly contract workers. Those workers who have been in our cafeterias, those workers who have been in the custodial staffs those are the ones who will suffer making sure we pay them at 100 during this crises are easy things that some of us can do. But every company cant do that. Those are the people being overlooked so far. Chuck, theres a big change in the way people do work people working from home i see you, im not sure where you are. Its certainly not looks good you have a thing called webx is there a fundamental change . If i were to call you today, could you say sure, jim, no problem. Or is it ten times the demand you had a few weeks ago . I have to say volumes are unprecedente unprecedented. In the last 10, 20 days, traffic has doubled. Weve seen four to five times the traffic out of korea, japan. And we were already the biggest platform globally in the world ill give you a statistic. Yesterday we held 3. 2 million meetings globally on webex that doesnt include oneonones. These are multi individual meetings in march we had 5. 5 billion meeting minutes. So, look, were just building as fast as we can our teams are working 7 by 24. Were trying to boost our Collaboration Team and security teams spirits because theyre working aroundtheclock everybody is working from home theyre having to increase capacity of their vpn connections, cloud security, were giving a lot of the technology away for free for now until we get through this issue. So, you know, were working as hard as we can a lot of our competitors and peers are doing similar things its great to see everybody coming together to try to keep the companies productive while were going through this this crisis chuck, its carl. You talk about getting through this issue there is this hopeful narrative that china and korea, as you mentioned, are a quarter, maybe a half quarter ahead of us in this whole nightmare, and they will offer demonstration that there is a door at the other side are you seeing any signs of that well, i i see the same things you guys see. I listen to the medical experts who i think have been just very steady through this whole thing. You listen to folks like gottlieb, they know what needs to happen. I heard this morning 5 million tests. Jim, i think you talked about it i talked to some of my friends in the Pharma Industry thats where this notion of this human ingenuity will come through. We are the most innovative country in the world we have lived through crises i think well get through this one. How long it takes, i leave that to the medical experts in the interim, its our job to focus on helping those in our communities and to make sure customers are taken care of and employees. Chuck, i also know that you took a lead marc benioff gets some credit but to try to help the homeless. Your company has been a leader in this. I want to talk about the evolution of what i regard as esg, particularly for younger viewers out there. Im listening to you, my travel trust is cisco shareholder how do i justify all the money youre spending on these things and im just being devils advocate, i feel these things are important and we know each other off screen how do you justify to shareholders this is the right thing to do given the fact that it will hurt the quarter . I tell you what, we have one thing i learned in the last few years is that these Community Issues and giving back to those less fortunate is helpful to employees we talk about the millenniums, but its every generation. Employees want to work for companies that have a purpose, that care about the communities in which they live, so i think that our we get the best employees when we do these things, theyre more motivated when we do these things, they innovate more, theyre more excited about coming to work i think thats one of the big things i think our customers appreciate it in general, it actually fits very well into the Overall Economic strategy that we have for our business plan. Look, the more motivated your employees are, the more they innovate, the more excited they are about coming to work, the better job they do thats how i figured out this is the right thing to do. As it relates to this crisis, we all have to do the right thing for our people and not worry about the quarter. So glad to hear you say that. One last thing weve seen this illness ravage whole countries. How is business in south korea and japan . Look, theres huge demand for our video conferencing, our conferencing technologies. Our security products. Theyre trying to build up capacity for employees working from home. Weve been focused on just getting whatever equipment these countries need weve been taking equipment into these popup Health Clinics in china and korea. I think its too early to tell what Business Conditions will be like after they come out of this, but were focused on trying to help on whatever needs they have. Its so notable youre working to help others, but you also have to help yourselves keep the Balance Sheets strong can you talk about efforts to bolster up credit and build a bridge for cisco over the next couple months or quarters . Were fortunate in that we have a strong Balance Sheet and we think our customers likely will come out of this and theyll realize that this crisis has demonstrated that they need to be building up infrastructure even more. I think right now the irony is what we need are companies that understand how to build atscale infrastructure to support whats going on in the world. This sun preis unprecedented when we designed our technology, can you imagine me telling our teams i need you to build this so it can accommodate every person on the planet working on the country, theyll go home and work from home and you need to scale and support that its bringing new requirements to bear. Our Balance Sheet is strong. Well get through the shortterm issues and do very well Going Forward. Chuck, thank you so much. Carl shares this its good to hear a different to tone theres a sense that Corporate America is running to things to help thank you for your comments and for doing something that longer term will help everyone. By the way, i wouldnt be surprised, as you said, well come through this. It may not be years. It may not be seasons, it may be a few months thank you, chuck thank you, guys into the not to pile on too u have to think about the responsibilities chuck and all of his peers have trying to lead big business and willingness to come on and share a message, not too specific, but just get out there and communicate is key thats all it takes we have a ton of headlines to get through. Kate will walk us through those. New cases today in more than 183,300 around the globe with more than 7,100 deaths in the United States, cases have surpassed 4,600. While china recorded 20 additional new cases, just one new locally originated infection was recorded in wuhan. Others were from travelers the Trump Administration released new guidelines on monday to help slow the spread of virus the moves include closing causing, pausing discretionary restaurants, closing bars and restaurants. Seven counties in Northern California have been ordered to shelter in place for the next three weeks beginning today. Residents have been told to stay home except for going to buy food or caring for pets. These are the most restrictive measures weve seen in the United States. This after governors of new york and new jersey banded yesterday to steer people away from bars and restaurants. Gyms, theaters and more are temporarily closed and gatherings are limited to 50 people amazon says they plan to hire 100,000 employees across the United States. The company says they plan to increase pay for workers in fulfillment centers, transportation, stores and deliveries by 2 an hour for more coronavirus coverage, head over to cnbc. Com. Back over to you thats a taste of the corporate headlines weve gotten in the last 18 hours lets get to some mad dash i know your watching dow i think a lot of people are worried about what Chuck Robbins just mentioned, he said we have a good Balance Sheet, therefore his dividend is it not in question a lot of people are starting to think when will i get some income how do i get income . Cds rolling over, theres no money to