Above 24,000 keeping an eye on whats happening with this. The dow has been up. The First Time Since february. If the dow is up again for the fifth session, the first time that has happened since the middle of january. Crude oil has been a big concern. That is down 11. 5 to 11. 85 you are looking at energy being the best performing for april even despite these big swings we have other energy news back with bp out the energy giant reported a 67 slide. Ceo Bernard Looney that the company had a good quarter tough environment here to date it has just been historic and went negative for a while. Back to 12. Crazy. Which is relative how many acres do you have there. You could store oil. Could you put a tank in the ground or just fill the pool we could probably do both we could do a whole oil field here no one Takes Delivery you would think given the challenges that uber is having, they would be doing oil delivery the other thing i told you to buy with all that land is live cattle instead, we got a bunny youve plowed with kale we have a bunny maybe hell make a cameo the family got a bunny so rabbit stew . No. A gray bunny named cooper. Well introduce you somewhere along the way. We have earnings to do some big reports due this morning. Well be getting results from 3m, caterpillar, merck and pfizer well also hear from dr hortons, harley, Southwest Airlines on deck and a lot lot more ill pass it over to becky just looking through some of these pepsi earnings listen to a couple of these, guys they are looking at withdrawing their 2020 financial guidance. No surprise with that. A bold move. We are expecting to repurchase 2 billion of shares in 2020 thats not something you hear a lot of with calls saying, look, these companies should not be able to buy back stocks. Also said Foreign Exchange on the head wind too. Well continue to look through those on adjusted number at 1. 13 revenue per share. That stock up by about 51 cents. Continuing with some of what we err seeing an update on the pandemic and what has been happening there. The number of confirmed cases worldwide has topped 3 Million People 211,000 deaths among that. The United States has 988,000 confirmed cases. New york state has 292,000 of those cases. A report said japan could scrap the olympic game s if they can be held by next year those games have already been postponed until july of 2021 last night, several Major Airlines announced plans starting monday, all jetblue passenger will be required to wear face coverings. United and delta are requiring passengers and crew to wear face coverings aswell. The buy backs if you are a company that has not required any assistance. Lets say you had a 30 drop is it a smarter position if you are not going to come and ask for help if you are not in a position of laying people off. If at the same time, you are buying back stock, you are going to be a target in washington id go farther than that. All these companies that signed. To me, i agree with becky if you are going to buy back stock, the commitment has to be, a, you are not laying people off and not going to access the fed window by the way, thats the same story here another version of our allemployment act taking place. All of the private equity firms are sending all of this highyield debt. Hoping that theyll prop up the market they are being hold up too remember when you were a kid, a lot of guys signed that with invisible ink. Did you say dr. Horton, i love that because of dr you caught yourself. I did the other thing. I think all you want is companies that have a cushion. A Rainyday Fund so when stuff like this happens, they dont need help from the government. If you are going to get phelp from the government or pay higher tsa taxes where the government can step in and help you. You want the can companies to continue to do well and thrive if you want to raise taxes, go high as you want but dont do it on companies because they got caught on the coronavirus down turn. The reason people buy stocks over time that money goes up over time. If it becomes a stigma, then we have a problem and buybacks arent that different in the form of return to capital right you want a piece of the company for every time they buy back shares even though there should be a debate about taxes, it shouldnt happen now the issue is say it. You want to have that conversation i want to have that conversation and then we do, unfortunately. A good conversation to have lets talk about there was a Task Force Last night after a high hiatus President Trump said theyve provided a blueprint to the states to safely reopen. They expect 100,000 covid tests to be administered every day through the end of may we are continuing to rapidly expand and confident to have enough testing to begin the reopening process. We want to get our country open and the testing is not going to be a problem at all. In fact, it is going to be one of the great assets that we have the president said governors are happy with testing and many states are in good shape or at least trending in that direction. Talking about food with nathans, sorkin somebody sent me a really great receipt for braised rapid. I dont think your kids are up yet . They watched the other day. I can tell you a funny story about that early in the morning too we dont want to talk about rabbit stew. No. Braised rabbit lets talk nathans and the l. A. Lakers because these are two companies, the lakers being the latest to return money they received from the governments paycheck protection that was intended to help Small Businesses the lakers received a 4. 6 million loan but gave it back the team said, quote, weve repaid the loan so the Financial Support will be directed to those most in need nathans famous also returning funds. Returning 1. 2 million joining names like shake shack and ruths chris Steven Mnuchin is only intended to help companies that cant get money through normal channels like the stock market. And Big Companies will face severe consequences if they take the money they are not entitled to that will happen at 8 30 a. M. Eastern. One of the issues we talked about, is a job a job a job . When you look at some of the Companies Giving money back, the end result is that they are still furloughing a lot of employees. If this is an all employment act, you can choose to funle the money through companies or through Unemployment Insurance thats an interesting conversation Southwest Airlines out with quarterly numbers. At 15 cents per share. Smaller than the 41 cent loss. I cant imagine these numbers are meaningful to anybody at this point southwest has seen demand virtually disappear. Seeing revenue down 90 to 95 . In a headline that would draw more attention before the coronavirus outbreak it is removing bowings grounded max from its schedule and doing that through october 30. Can you add that to the boeing saga when we come back, more on squawk box. The top stories include news on Berkshire Hathaway, tesla and boeing looking at shares of the f 5 earnings gear helps Companies Work remotely that company doing quite well. We are back after this we hope you find our Digital Solutions helpful to bank safely from home. Deposit a check with your phone or tablet. Check balances, pay bills, transfer money and more. Send money to people you know and trust with zelle. Stay safe. Stay home. Together, well get through this. Pnc bank across america, Business Owners are figuring things out. Finding new ways to serve customers. Connect employees. And work with partners. Comcast business is right there with you. With a network that helps give you speed, reliability and security. And enough bandwidth to handle all your connected devices. Voice Solutions Like remote Call Forwarding and readable voicemail. And safe, convenient installation. When every connection counts, you can count on us. Get the connectivity your business needs. Call today. Comcast business. Welcome back this years Berkshire HathawayShare Holders meeting will be different. Dubbed woodstock for capitalists. Generally, there are about 40,000 capitalists taking place six hours or longer this year, that meeting is going virtual. There will be only four or five people actually allowed. It will be streamed live via yahoo finance. This year, because of the pandemic, Charlie Munger will not be coming out from los angeles. It will be Warren Buffett along with greg abel taking questions. The vice chair of noninsurance happenings you can still ask questions if you are a share holder you can email questions to berkshirequestions cnbc we are taking takes. Well convene and look for questions coming out of this and ill be asking those questions of buffett and abel live on saturday andrew, you have seen a lot of questions . Ive been getting some great i have to say, ive been getting some fabulous questions in the past couple of days there was a series a while ago but this is starting to peak last weekend some coronavirus but some very interesting that are unrelated it will be interesting to see. Im trying to priorities them to get them to you, becky i appreciate it i can only imagine. Down think now is the time more than anything for socialism. Like that, andrew . Or different ones . No. No. No all my questions are just about how great the free market is you need those questions answered because of your sole searching. Im not sole searching. Im confident in my sole coming up, real estate fallout. As we head to break, some images c lepa pandemiict drive in theaters. Well be right back. We like to get an opportunity once in a while to talk real estate we were talking doctor horton i have found out, many people in that industry have referred to that as doctor horton for years. People are writing in. Talking real estate in florida and manhattan. The industry has been hard hit ultraluxury retail sales have remained strong. Extremely High End Properties in south florida have done well if you know anything about highend real estate, you know the Alexander Family this is Orin Alexander cofounder of the team. You specialize in these types of things we dont need to go into your clients. What is the most expensive piece of property youve sold. We are fortunate to hold the record for miami last year which was 50 million. New york, we have the most expensive apartment. London, we recently sold a townhouse for 86 million pounds. We cover the top end of the market in new york and miami for the last decade now. Huge sales in the last month, what has the trend been . We have heard people want to get the check out of the crowded new york city. Whether down to florida, palm peach or the hamptons. Is that a trend continuing to try to help people act on . Thats correct. Basically since march 1, weve been helping our clients relocate for the quarantine. We have a lot of highend places in the hamptons and florida, that is in miami that was a trend that started march 1 in the hamptons. Typically they rented started in june, now they just started that summer rental in march in south florida, we are seeing a lot of clients that have come down spending time in their home have a lot of new use of those homes. Clients are spending time in that home, appreciating that shelter and wanting to make it permanent. In south florida, weve seen four significant sales in the last 30 days in miami, two significant. One for 30 million, one for 49 million. Orin, youve heard the expression, the rich really are different than the rest of us. They really are. You point out that as bad as things have been in this pandemic where peoples net worth. The pandemic is bad because of all of the horrific Health Concerns but the market is someone we follow at cnbc. That has been affected rich people, they are numbers on piece of paper they dont really change a lot of behavior . They are still loaded. We are talking a very, very select market. We are not talking hundreds of people we are talking tens of people at these prices the tangible asset such as your home, it will hold your value. And you can use it. Exactly now especially this market has been on the upward trajectory now for two years. I hate to interrupt you you think now is the time that manhattan real estate starts bouncing but you think now it is at a level it gets a lot of interest it has been suffering the last couple of years now creating a lot of opportunity, creating the best buying opportunity weve seen since 9 11 people are realizing that and exciting to see a lot of transactions thank you we have to run lets do this again and check back dont look for any place for me. I dont thinks it is going to work andrew, maybe. Back to you. Thanks. When we come back, a crazy half hour for earnings just minutes away ll hear from four key components well be right back. These days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. And try pure protein shakes, with 24 vitamins and minerals. Good morning welcome back to squawk box. The dow looks like it will open up about 270 points higher the dnasdaq up about 97 points higher the s p up about 31 points higher as a result of that report yesterday around the vaccine out of oxford. If it works, they think theyll have a million of them available come september you look at the manhattan project, they are calling it we knew this would happen. We know more about monthlecular biology and sequencing the virus. We can do a lot nowadays also, opening things up in europe things are improving there thats why we were up yesterday. Why we are up 30 from the low a lot of things have gone back to spitting distance of within 25,000 on the dow. A year ago when it went through 25,000 the first time. We are not far from that caterpillar was up do you want to do 3m there first . Out with an adjusted value of 2. 16 cents the dow was looking at 2. 03 that company like every other company withdrawing guidance for the full fiscal year saying it is too hard to figure out how long the pandemic will last. Of course 3m has been in the spotlight because they make those n95 respirator masks they are proud in the fact that they think theyve been leading in working with response and also trying to do things Like Fighting fraud and price gouging working with distributors on those fronts the company also talking about how their own plan is being affected by the virus and what is happening they are reducing expenditures for the full year and spending close to 3 billion versus the 1. 6 to 1. 8 billion theyll take cost reductions and minimizing impact and save as much money without laying off as many people. That cost savings will be 350 to 300 million in 2020. They are protecting the dividend 3m up by 2. 5 . If you do the math on that, seven times three, 20 points c caterpillar, results for 2020 will be impacted by global uncertainty due to the pandemic. This quarter, the Company Earned 1 d 1. 60 adjusted, which was below estimates. The current figure was 10. 64 billion versus 10. 92 billion transportation sales 9. 9 million basically as much as you need to know they did end First Quarter with 7 billion in cash Credit Facilities globally of 10. 5 billion. 75 of the companys primary production facilities continue to operate some of the facilities temporarily closed have now reopened andrew, southwest was earlier, right . Yep thats what well do right now Quarterly Results coming from southwest moments ago. The man who knows them by heart. Phil lebeau from chicago this morning. Well talk about the q 1 numbers. Everybody is focused on cash, liquidity, and fleet plans when it comes to the 737 max. Expectation of a loss of. 41 cents a share. Coming in with 4. 23 billion versus an estimate of 4. 43 billion. Looking at their liquidity as of last friday, 9. 3 billion cash on hand this year, southwest has raised or boosted its cash position to cash on hand by 6. 8 billion dont be surprised if we see more of this the cash burn is between 30 to 35 billion a day. Ahead of going reporting q1 results tomorrow, they do not expect it to be back on schedule before may 30. Prior to this, they were probably set somewhere in the september time frame they are not expecting before september 30 they go on to say we expect the max to be removed through october 30 in light of the current environment, we are in the process of revising our current order book with boeing and look at a sensible delivery schedule. Theyve already knocked down the number they expect to receive this year as well as how many they will take next year, if the plane is ungrounded by the faa this is one of the topics well focus on when we hear from gary kelly, chairman and ceo of Southwest Airlines this will be today at 9 30, when we talk with gary kelly, you can bet, there will be a lot of questions about the 737 max and especially what they are saying in this earnings report. Guys we have to send it over to becky now. Thanks andrew, thanks. I just want to bring up pepsi quickly. The company did report an adjusted number of 1. 07 a share. What these companies are going to do with cap ex and share and dividends and how strongly they will emerge from this. They are up about 1 the company says they have a strong Balance Sheet they are doubling down both on returns for dividends and buy backs from share shoeholders. The