Joe, the big story is oil prices once again im ready to move out past june move out where . June is too close if we are not going to open anything up, no reason to think it will be anything different than minus 38 a barrel it is related to the price of gold and the price of a suit, so i should have been buying andrew, you are spending 10 times what you are on a suit with those hugo boss things. Which none of them have belt loops for 4,000, you could get a couple of belt loops no hugo boss. It is ralph. Ralph who oil prices, it is not funny. This is out of the realm of anything weve ever seen brent crude only a 20year low you look at wti or what may was before the contract rolls. It is incredible supply shortage spiked overseas. The u. S. Movement, wtis june contract the price giving up earlier gains. Up 11 see, im ready to move to september. August at some point what does this mean for the saudis youve had your picture taken there on a sand dune youve got a feel. They should have done more than nine and change, all of them together joe, not necessarily. Sorry there was that take yesterday, remember, in some ways i thought this would be horrible for the saudis and everybody else he painted this as the final death nil of being producers that have done this for so cheap. In the permian basis, those would be the real ones punished in this. This could be Higher Oil Prices and eventually more that we would owe opec you could no longer turn things back off and on. If they were able to put more pressure on u. S. Producers and those go away, maybe long term this is good for them. You love talking junk and bankruptcies the fed is helping a lot of our producers, right as long as the Federal Reserve is buying more debt, this can go on longer. In response to the comment, that is still a shortterm duration issue. Johns stlu we go on a couple of months and then we are back you have tremendous damage to saudi and russia this becomes a whole geopolitical crisis. I do think there are people talking and thinking about the implications to that not just in the oil patch holding out to do this for four weeks, six weeks to eight weeks. Talking about problems beyond that that is beyond what anybody can foretell it iswednesday. I saw kemp on a competing network. I dont know i find myself nodding and then i find myself saying, a tattoo you saw dr. Burkes yesterday. I did then i think south dakota and people being totally shut down, so i dont know. I was listening to jim yesterday. Jim is as cautious as anyone just when you think about having no money, and having kids. I dont know really between a rock and a hard place. Andrew, you got this update. This is the between the rock and a hard place segment bringing you the pandemic numbers. Total cases in the u. S. Have reached 825,000, the death toll now passing 45,000 new york state has 258,000 cases and 19,000 deaths. Lets flip the story around. We have some positive news after speaking to governor cuomo, President Trump announced the usns comfort will be leaving new york to prepare for the next mission. President cuomo and President Trump agreeing to Work Together to double the rate of new yorks testing to 40,000 a day. Also good news given the conversation we were having before, clearly not enough also some new hope for struggling companies out there the senate yesterday passed a 484 billion package to help hospitals and businesses ravaged by the pandemic. The vote unanimous the house is expected to pass that bill by thursday. Putting another 310 billion to Paycheck Protection Program. And includes 60 billion for small lenders, 75 billion for hospital relief. Another 25 billion for testing. Joe . Definitely official at this point. People are sitting around eating Peanut Butter and jelly or ordering from chipolte mobil and watching Netflix Netflix got 16 million new subscribers. Shares did move around 16 million is double what people were expecting at home because of the pandemic. No sports. Not like you are watching Something Else you are driven to watch crap like this. If you want to watch tiger king. I watched an episode i was like, i dontknow. I didnt know people had cats like that. It is the greatest engrossing piece of trash youve ever watched. Okay. All right. You call it had a piece of trash. It is bizarre. It is engrossing trash is what it is it is a backhanded compliment i watched all of it. We could be watching universe or cosmos. Ive been trying to get my children to do that unsuccessfully pbs has put out ken burns a lot of his documentaries for free as part of the teaching thing. I know jazz is in it, baseball, americas greatest treasures and National Parks is in it. There are at least 10. You can see that for freon pbs there is a new season of fowda. I dont let myself binge too far because there are only four left this is part of the netflix story. All of the studios have shut down production. There are some new shows coming on line now, call me in six months or six months, that is when it will become more complicated because there is not going to me a lot of new shows netflix is going to be in a good position because they order entire series in advance that have to be completed for the others, it will be really difficult there is no betting i went on draft kings. I looked at russian table tennis i cant say these guys names. I have no idea it is okay. Miracle. Cant say their names either remember miracle. I was going to say more about netflixs. More than double, i said that already. I now do this. I have the script here having worked at home, i dont need the tell e prompter anymore they say this probably cant continue well talk to rich greenfield who knows about this stuff increases the cord cutting, the move to cutting cords with no sports and nothing else. Maybe i will say the thing ive been excited about. Because there is knots going to be new content coming out. Have you seen the commercials for peacock. There is a lot of old stuff out there. I want to go back and watch breaking bad again all of these services will bring those to you i saw seinfeld. A clip of 10 Different Things where the guy walks out of the stall in the bathroom and doesnt wash his hands and then hes kneading the pizza dough and george double dips all of these things gone cant do it in the covid era. You cant we have a lot more coming up including our favorite shows favorite well also talk about new tests to hit the market. This is Important News we have a warning from the fda dr. Scott gottlieb will be with us expecting results from the media giant at t well bring you the numbers when we get them. Squawk returns with more after this short break flexshares may look simple on the outside. But inside every etf. There are untold hours of careful construction. Infinite what ifs . And contingency plans. Creating funds that help target gaps in client portfolios. Tap untapped potential. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. For a prospectus containing this information. Swithout even on yoleaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Quest diagnostics will begin conducting nearly 17,000 Antibody Tests per day and hope to double that next month. A rival labcorp with Sample Collection the ceo of labcorporate will join us this morning former fda commissioner dr. Scott gottlieb starting with the testing issue and what we should know about it and how to think about it. The tests that look for an e antibodies that can tell whether you have some level of immunity. They stopped short of saying that they are unreliable i think thats a fair statement. Most of these tests have not been reviewed by the fda and will give unreliable results and give a lot of false negatives. They are good for population level studies and good maybe in concern professions where there is a high exposure for the general population, an Antibody Test may not be that helpful. Im going to go rapid fire on you. First is singapore you are seeing numbers spike there yet it is 90 degrees there. You have talked about the heat of the assumer there there, it is seeming to be Something Else it is concerning. Singapore had a fast wave. They have very good controls in place. It should be a concern to every country around the world we dont know if there is a seasonal component to this virus. That doesnt mean it will transfer it will still be contagious in warm months. The hot weather should provide some sort of backstop. Showing people in china, following a large cohort of people and outbreaks where three or more people and found no one had been infected from being outdoors it was an indoor infections. A number of smaller studies have shown even people with mild cases of corona are having what they are describing potentially longlasting lung problems when i read that, that was truly alarming we talk about trying to get herd immunity or young people catching it. How concerned are you about longterm damage i never thought letting a group of people getting this as a good thing even in young people what we are seeing is people with very mild symptoms who dont appear to have difficulty breathing when you do a ct scan, they are showing lung damage going on even if they are not showing outward signs of severe infection. A lot we are learning people are getting infections in their lungs as a result. Doctor, i think our connection might be getting lost a little bit ill ask a different question. Your response there is some what alarming as we all get back to work and business, people will put themselves to some degree at risk, even if you are a younger cohort, that could be a problem. We are also watching numbers spike in japan a place that seemingly kept in under control. A culture that wears masks there was a view that they were able to prevent widespread because of the masks what should we think of that i dont think japan has ever cleared. What we are seeing now is the second wave of infections. Probably the second outbreak we were never able to fully get it involved. That culture was in place more there. More around the diseases, they did have experience with sars. They do wear masks japan, hong kong has cases, singapore are having this explosion in cases after seeming to deal with the first wave of infections this is another indication this is going to be persistent. This isnt going to come and go. Well have to deal with this in the fall the cdc will come out and talk about how difficult this will be with the flu season. One thing people should think about in the fall is getting a flu vaccine. That is important so we can differentiate between the flu and coronavirus. The number of asymptomatic cases, is it 30 or 40 , do you think . Yes there is a number of studies between 25 to 30 you are breaking up but if you dont have the lung infection that people that are not asymptomatic yet if your immune system doesnt react. It is a nasty virus killing tens of thousands of people but if you get a moderate to minor case, you dont have lung damage what percentage are you talking about . Is every person that gets this, do they need to worry that theyll have lung damage the rest of their lives . There is a big difference between doing that and the vast majority of people who dont get it what kind of percentage are you talking about we lost him we dont know the percentage of data we are looking at showed people who were experiencing infiltrates. We dont know the number yet but asymptomatic people that dont get a case of the virus dont have lung damage, do they . Going forward with mild cases okay. We cant get a lot we are going to say thank you to dr. Gottlieb and work on that. What is that skype i thought he was using a pad caster sometimes it is issues with wifi, the broadband it happens brave new world. When we come back, a travel Company Turning to markets, the private sector for cash. More on expedia. Before we head to break, lets look at some images yesterday from the Global Pandemic welcome back expedia is nearing a deal to sell a take for nearly 1 billion to apollo group and silverlake i have expedia which has no revenue. We spend 5 billion a year in advertising. We wont spend 1 billion in advertising probably this year sources say apollo and silverlake will receive receipt. There were challenges before covid began and now leading them to a place where they are looking to raise some money. On the other side, you have people like apollo and silverlake, i dont want to call them bottom feeders but boy are they looking for deals now and this may be one of them. Before all of this happened and then youve got branson. All travel and tourism, right . By the way, says he doesnt have as much money as everybody thinks because all of his money is tied up in these companies. Hes rethinking that. Hes going to pledge his private island exactly that footprint will get bigger andrew, i was going to ask you with diller and skpeed yexp. I think it was the coo and ceo that both left because of difference of upon do you know what that was about in terms of how the place is run . Barry made some provocative comments that we didnt get to talk enough about about the company and the way it was being operated just a couple of months ago prior to covid. Effectively this was not a company he felt was firing on all sicylinders. Then there is google there is a different approach barry may have had a view on that differed from others. There may have been other things in the debate. If thats the case, it will be even more important to have a good operator, tight operator. Coming up, well talk about all the more subscribers and stuff streaming into their house. A look at yesterdays s p 500 winners and losers winners and losers pas to putting your true colors on display. Say yes to allegrad. Good morning welcome back to squawk box here live, joe is, from the Market Square becky and i are remote looking at the futures dow opening up about 300 points. Crude has been the story of the week wti crude now, 11. 57 a barrel meantime, lets talk facebook. Paying 5. 7 billion for a stake of just under 10 in indian tele commuter operator. Jio, in a market where investors have been hostility. Up ended the industry in india by adding cutrate pricing owned by reliance and that stock is up overnight as a result. Joe . Thanks. Netflix showing impact of the virus. Netflix added almost 16 million paid subscribers almost double than expected. Bringing in rich greenfield. Hes taking another break from fortnite can you just pause the game is any of this just frontend loaded will they add viewer in subsequent quarter because anybody wants it we got to get you to start streaming Stranger Things. Thats my background i watched the first season. That one kid bothered me a couple of them did get on my nerves the thing to think about for netflix is that they are being conservative about what happens the rest of the year wechlt dont know wh when shelter in place will end they were pretty open and transparent that they have no idea in terms of subscribers they are taking their best shot for q2 the thing that really resonated for me, they gave a stat last night nobody was expecting their entire shows, movies, tv shows, everything through early 2021 has already been shot it is in post production being done virtually or remote netflix will have fresh content through 2021 there is no media company, nobody has the amount of content stockpiled the way they do that will give them a unique advantage. They tried reign in expectations the reality is if you have a company putting out appreciate content the rest of the year space force, the crown in q4 they have a ton of content coming when i literally do not think there will be a fall tv season on tv because none of the seasons have been shot youll have a steady cade ance f fresh content on netflix can they do some kind of poll pricing. They should double what it costs for the next six months. They were asked about pricing. They made it very clear. The world is hurting, the country is hurting they offer the lowest everyone here is paying for espn and there is no sports on. In new york city, anyone paying for cable is probably paying 30 to 40 a month for sports and there is no sports on the network at 14 a month and every few days, there is no content. I think theyll use that to their advantage rather than pushing price during the pandemic it is fresh content others with content youve seen but not useless. Disney plus is a Great Service but there is nothing new. Its kids rewatching frozen and frozen 2. It is a great babysitter during the pandemic this is really changing how you think about streaming. It is going to be a big advantage. Remember, there is no movies coming out i dont think we have any idea when people watching this program will go to large movies. You saw what universal did with trolls. It worked exceptionally well Warner Brothers are going to try scoobydoo direct to consumers. We have to get gottlieb one of the gamer head sets this is the best audio what is your back drop . The back drop is Stranger Things season 2. Thats different. Im trying the book shelf with legos. The green strecreen. The jabra head set how many strange things can happen in that place seer yougsly they are cursed. It is indiana actually what i was trying to figure out when he moved, i saw the kids. I thought you wanted in thats it im going with the rich, can i jump in do you want to talk snapchat. I dont want to talk sn snapchat, of these streaming services are you of the view three or four months from now when it is harder to emerge with new content that people start to cut at that point . Will people say, im going to go off disney plus or hulu and pick it up in a few months when fresh content emerges. Disney plus is cheap enough at 6. 99, it is good value as sort of a babysitter it is hard to imagine any pricing power. A lot of subscribers are not paid verizon free offer, hot star, free offer do hbo max then show time, hulu . Im going to take an alternat