The market did give back gains we had seen earlier in the session. Part of what we had been seeing with wti prices. Oil prices up. Wti potentially having seen the worst. Talking about disney in a minute they are reopening disney shanghai on may 11 wti up 3. 5 . 23. 40 it has been a long time since weve seen these levels, andrew. It is joe, or becky. We may have to get tacos for joe at the end of the month. Dont worry about me, andrew. Thats like 6 for 12 tacos. What we have to worry about is the hypo allergenic malte opinion poo or whatever. I told you id be happier to see stocks higher so i could buy my own dog i thought, wait a second. Doughnuts for andrew taco bell. Then she slips in the hypo aller againic labradoodle. Shes smart. Andrew, where are we at we could be at 3,600 or 1,100 by the end of may who knows the reason i said that. Over time, i would have never bought stocks on may 1, which makes me think i should have well see. By the end of may, well it may be obvious to buy on may 1 we were reopening but it really wasnt obvious there was a lod of layoff notices weve seen coming through. The adp report jobless claims and the jobs report on friday how about disney if the world some day resembles the world we used to know is that not the greatest asset now 100 or if you think things will some day be back to normal, isnt this what you want to buy . You might lets get to our corporate story, which is disney we can have the discussion you are right. In a normal world, this would be a great discount the question is of course, how long the challenge persists for. Shares are trading lower. The Company Expects a bigger loss cutting profits by about 1. 44 million. Hit by a decline in advertising and movie delays the cloerz of its parks. It will skip its Dividend Payment as it tries to save some cash the Company Plans to open shanghai next week on may 11 well walk through what that looks like kps complicated. Here is what bob chapek said it may include implementation of guest capacity as well as health and prevention procedures that comply with state and federal guidelines we are seeing an encouraging sign of some return in china when they do open disney shanghai has the capacity of Something Like 80,000 people will start with 24,000 people or at least ramp up to 24,000 thats a cap put on by the government there as part of some of the social distancing measures that will take place. Well watch that closely to see what kind of demand there is even talking about potentially getting back to the cruise business well see. We talked about this at the dinner table last night. The conversation if they actually reopened disney world or land and had a limited number of people coming in, can you imagine how great that would be not to have the lines. Youd have to feel comfortable being among the first. We were game playing with the kids last night if you could go the number of rides that you could get on maybe it will be more attractive there might be a big pent of demand of families i dont know whether theyll wear masks, the temperature taking i notice that blade, the Helicopter Company will not just take your temperature but check your oxygen levels thats been considered a sign. That is a sign but that doesnt show up early. Well talk about those disney earnings the motion was that comcast is very conservative and talking disney right now there is theme park issues disneys array didnt really include that sort of 50 stable business some people would make the case that their assets were pure in a period like this, the conservative Balance Sheet and broadband busy dont know what they do. Well have jessica on. How about that concerned Balance Sheet. In the past, they leveraged it off. But comcast has made acquisitions is the sky issue more front and center now i was thinking the same thing. If you look at any of these companies. A lot are taking steps to be conservative they are making sure they can manage through this it is either going to be great for the people who show up with no lines to wait in or it is like calling the herd. Not everyone can do that. Take a disney earning and kiss up to the powers that be you are very talented, he. Joe. Lets go to china billion is going to do bitcoin or something did you see that i saw it. It is part of the story line can you give me any details i quantity. Im watching like you are. Lets talk about what is going on in washington fine. Move me on in washington news, u. S. china tensions it in to rise this isnt it. This is eunice yesterday, you were telling me this is live from beijing. We were off the air for a while. I was recounting one of these twitter feeds saying that china is gloating about and then they turned us on so they could hear me saying that they had done a great job that is unbelievable how that works. Thats right. We were taken off while we were talking about more sensitive issues such as Tiananmen Square and when you started speaking highly about what is going on in china and how they are proud it has done a good job of getting on top of the situation quickly unlike, say, the United States where things have been handled as well as chinas perspective you definitely came back on air. What do you have for us today there whats a message in Foreign Ministry after the long labor day holiday. The message is that tariffs should not be used as a weapon last week, he suggested he could impose tariffs or other measures for the virus. At least right now, people believe or at least hope this is all rhetoric Morgan Stanley came up with things they are watching for coming up with a report of its role among the spread and how harsh that tone is Morgan Stanley also said how quickly china will ramp up its purchases of products into the fall now china has been steadily buying u. S. Ag such as soybeans and monitoring if a second wave of infections to the point that it nullifies the value of the trade deal with china. Those are the things they are watching everybody i spoke to, foreign and chinese Business People all telling me the same thing. At this point, to append the trade deal would be devastating for them they are worried about customers not buying the supply chain. The trade deal is seen as keeping the u. S. China relationship together most people are hoping that this stays rhetoric i always thought china was like, well well do it but not that happy about it now they are showing that there is at least dialogue going on. I think it is all relative. Both sides have reasons why they dont like the trade deal. At the same time because china is worried about the economy and jobs market. Tariffs were slapped on the u. S. Companies and factories that would be dealing with it their suppliers. It is another level of uncertainty they dont want to have to deal with at this point. I hear from some people in the medical community in the United States, all of whom are still looking for the ppe. Much of what is needed in the oouts still comes from china when they hear this back and forth from the administration and the u. S. Side and the chinese side, there is anxiety and worry. Could it be not just that United States tries to impose tariffs and that they make it more difficult to get ppe at this critical time . Yeah, it has been a concern ive spoken to people who manufacture and have been agents to get ppe to the United States. There actually still is a group of people that believe that the government has been holding on to the most critical products such as ventilators and the n 95 mask there are people who believe that there is not evidence the government is doing that purpose fully to make things difficult for the United States. There is concern about chinas own situation. Some weve spoken to say supply is being controlled by authorities. If there is a second wave, a third wave but to pin it onto the chinese governments intention to stall shipment to the United States, it is still very, very uncertain. Okay. Eunice yoon in beijing, thank you for that report. Well see you very soon. When we come back here, veteran media analyst will join tous talk about disneys latest results and what is next f torhe industry we are back with her after a short break. These days staying connected is more important than ever. So were working 24 7 to maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Welcome back to squawk box. Tough quarter for disney the company saw a sharp drop in profits. A stunning reversal from six months ago the company said the outbreak cost them 1. 4 billion in operating. The company suspending its Dividend Payment for the first half of the year joining us, media analyst. I got to tell you, jessica, i was reading. What are they saving with the dividend suspension, 1. 6 billion yes my idea, i would raise the dividend today and save 2 billion. Would that work . Kidding. Thats not a good idea the overall numbers there, was it worse or better than what you thought . It was dully a little better. Second quarter a little better not that it is relevant. We are going into the Third Quarter, which will be peak losses we are projecting down 40 losses should be at peak, june should be the worst before the world starts to reopen you have a buy on it still way were talking about it still. I dont know if you were watching it is clear that iger worked years and years through it to gather these fantastic assets. Some people think he overpaid at different times. But the proof was in the pudding compared to how the company is performing do we assume that eventually those come back and become very valuable again or is the mix not right and it is going to be a new world and there is still some emphasis on theme parks it feels like we are at peak negative sentiment we feel all of its businesses have impacted froo theme parks, cruise ships, movie, tv production, advertising, sports, et cetera. Every one of their businesses is impacted in some way having said that, we are peak negative is sentiment. We are staurting to sigh the world try and reopen slowly. There is really Strong Demand for their product. The question is not when will the not if but when. There is demand. I thought one of the more shocking things was the demand for cruises. The last thingyou would think anyone would want to do. Reading your notes about what could go wrong it had nothing to do with pandemic cord cutting, problems at espn are still the worries and concerns about disneys future i guess that all assumes some day we open up society and we are not feeling too much of the effect of the pandemic now this is a chance for all companies to really take a look at their businesses strategically and from a operating standpoint and really examine what businesses look like for 130,000 furloughed employees, not clear how many do come back on a permanent basis initially, costs will be higher because they have to clean more and do testing there over the long term, has demand really changed for live events it will take time. Will you get a chance to buy disney at these levels again disney and your Parent CompanyComcast Universal have unique assets i want to ask to you about comcast earlier. I had one quick question as it relates to the theme park speaking about the idea of opening in shanghai in may operating at about 30 cap i was curious what kind of study have they done to be profitable does that even break even . Do they lose money at those levels what do they have to get into . Disney was not very helpful on the call last night in terms of sizing the impact most of the cost, the majority of costs are variable. There will be the initial opening. Having said that, our guestimate will be in that 20 to 30 range for them and same for universal. Okay we are going to wrap and move on you remember not everybody is in on the joke. Last time you were on, you have for a while thought maybe comcast had such a strong Balance Sheet that they could use it more or leverage it more. Do you have a different view now that the pandemic has made cash very dear or debt more threatening to a companys future what i said, i thought i was off the camera i do remember that i thought cam cost was too conservative yet, in this environment, they have the exact right strategy. As we recover and the companies who have strong positions can think about their consumer and the strength they want because of the financial stability. Thank you that was a great moment. That can only happen in studio hopefully that can happen again. Sounds like shes really looking forward to it. You can come here and hang with me. When we come back, a billionaire divorcing involving secret trusts, private island and a 5 millionum my. Going into the fortune that quant lab built. Thats next. Edward jones. Its time for investing to feel individual. Our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Right now, there are over a million Walmart Associates doing their best to keep our nation going. Because despite everything thats changed, one thing hasnt and thats our devotion to you and our communities. Our priority will always be to keep you and our associates safe, while making sure you can still get the essentials you need. I came across sofi and it was the best decision of my life. I feel cared about as a member. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Welcome back the worlds wealthy have stashed over 300 billion in trust in south dakota a divorce showing how the trust can also be used against ex spouses. Robert frank has that story for us robert big as billionaires they own their own private island and a 180foot sailing yacht with its own grand piano it was over the top now marie fears going broke ed filed for divorce in 2017. Rather than getting half of a fortune she estimates over 200 billion she may end up with nothing because he discovered an obscure tool that allows them to hide their money from tax authorities and spouses. What was it like when you realized what was happening . I cried i was in tears i could not believe some of the things i found out. When they married in 1989, he had little reported wealth they started a financial Trading Company called quantlab. They indulged in unusual tastes. She invested in Marilyn Monroe mem beil yeah, a 8 billion mumy and the piano from the paris opera house. During their marriage, he put everything they own into a complicated trusts south dakota allows them to transfer assets to new trusts that shut out marie without telling her. If hes going to take everything from me and stop my world. Thats fraud thats his duty as a husband in filings, they argue there is no Marital Property in the trust. Ed refused to answer questions from cnbc. What if it ends bad will i for you, what do you do . I dont know. I dont really have a plan this case was scheduled to go to trial in early april but like many, it has been put on hold because of the coronavirus back to you. All right, robert unbelievable we have dr. Gottlieb waiting we have to go. Coming up. The biggest coronavirus headlines. We are coming right back constructing funds that dont simply follow an index. But explore new terrain. Helping you fill portfolio gaps. Connect to client goals. 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. A new early study by researchers shows that the coronavirus may be mu tating and the new dominant strain appears to be even more contagious than the original strain. Joining us now is dr. Scott gottlieb dr. Gottlieb, you and i went back and forth a little yesterday about this i was concerned reading this and you made me feel a little better an analysis that shows the dominant strain in europe and the United States was a strain with a sing the base pair chain. They suggest that since this became the dominant strain, it must be more contagious. We saw a change like this with ebola and thought it made ebola more contagious. We found when we put it into animal studies, in fact, the change didnt make it more infectious we dont have anymore data but cell culture data. It could be this strain with the single base pair strain that got into europe and europe succeeded into the United States this could be considered the dominant strain in super it doesnt prove anything that this new strain is in fact more infectious it does raise the question about mutations and whether a vaccine would be able to stop. It take the flu vaccine you never know what strain will be the common that goes around any flu season is there a concern about this . Not as much a concern as it is with flu. The spike proten weve seen is relatively stable. It undergoes changes there have been changes in this virus as it spread around the world. That said, you probably would want to change the vaccine every couple of years. Two or three years, because there will be drift. You wont see the kind of changes within a season that would change the vaccine of this virus. Thats the protein that attaches to the cell when we spoke to the lead researcher at pfizer, that