Alphabet is up about 11 year to date amazon is up 50 this year you have to wonder if it is the revenue that will be hit particularly hard as travel remains under pressure and they get a good chunk of revenue from that sector. His tweet was on may 1st, the stock closed at 701 that day, were getting new details on the ppe program. Yeah, were waiting the release of loan recipient names. That should be about 13 of the recipients in the program. Here is what we know about ppe after as you mentioned the president signed that extension over the weekend 4. 9 million loans were guaranteed the average loan side was 107,000 about 30 billion in loans have been returned or canceled. Those that fall into the category will not be on the list that we are supposed to get today. This is supposed to be how many employees were in the company when they applied for the loan many businesses are facing deopenings, well be back with more as soon as we know it thank you, kate. That is a good way to get into stocks the nasdaq hitting another alltime high this morning and thats where well start with Michael Lipper michael, good morning. I want to talk about growth, what is a growth stock even meec mean how do you expect growth at a time when stocks are at these kinds of highs you say there are certain secular trends that matter no matter want. Thats right, growth and stock prices are two different things, right . Big secular trends that we see in society in the last ten years that have really picked up because of the unfortunate situation because of the covid pandemic that is everything Going Digital and they have proven resilient we need software and communications to work from home people have more time on their hands, theyre spending more time on video games. And so you know you have a lot of confidence in where the growth will come from. And that growth is going to come from things like ecommerce its going to come from things like e software, security, coming from home thats why i think those areas of the market have done very, very well. In the Top Ten Holdings are micro soft, tesla, alphabet, i see you initiated positions in facebook and snap in the volatile quarter that we had maybe it was the First Quarter what is the case for Digital Media advertising stocks in this time when you see a lot of their core customers, Small Businesses, in a real estate of uncertainty. Its the different between shortterm and long term were longterm investors and when you see stocks suffer like they did in the march and april time period, investors really had a Good Opportunity what will we look like when were through covid. Digital media is a massive trend, facebook has more people on their platform than anyone in the world. Over two billion people on the facebook platform. Snap which is large but dominates the 18 to 35yearold age group. Which is really, really hard for advertisers to engage with snap is also doing very positive things in terms of not just communications, which your kids might use, but entertainment, premium content on their platform with advertisers are more comfortable putting your adds against so we just thought there was a fantastic opportunity where snap got down to for longterm investors. Thats why we added to that one much more significantly than facebook you added to snap and trade desks being your Digital Media advertising. I know you spoke more about facebook now, but are they taking share from facebook and google, the dominant players, and what do you think the Regulatory Risk is when we go into a few months where scrutiny s ra is ramping up. Let me take on Regulatory Risk first it has been around for a long time it feels like it is picking up right now. A lot of that in the United States is particularly due to the media and election season. When there is one thing that both sides agree on like the Tech Companies we make an assessment of what businesses we think are more at risk and certainly of those three, the biggest waiting in my portfolio is amazon. I think the value of the parts is greater than the whole in the market right now we have done lots of analysis on some of the parts there. Your other question was on things like trades their ceo is talking about massive change in the way we watch tv, right . Tv moving from the old legacy tv where you watch a certain show at a certain time and they put commercials hoping you will watch them, not having recorded and zoomed through to what is called connected tv or over the top. The netflix, the hulu, et cetera you can have on tv what you had on the internet for 10 or 15 years, highly personalized and targeted ads i think covid is only accelerating that transition and that opportunity is massive if a company like trade desk. What is the consequences of the spike were seeing in covid19 whether or not it is creating discount prices for certain stocks or perhaps revealing some things that change your bullishness around certain names. Listen, we watch covid very, very carefully a fantastic Health Care Team we tried to avoid the politics of this. There is no doubt that because of the covid pandemic, how long it will last when they will come up with a secure or a vaccine, what impact it will have on the impact, were in a period of massive uncertain uncertainty. Sow what the market will do in the short term, i dont know, but were long term investors and we really try to focus on longterm themes that we think are indisputable some of the themes that were talking about are indisputable theyre not new. They have been going on for a decade they have accelerated, right they talked about how Digital Transformation has been accelerated by three months. In the short term anything can happen, certainly Small Businesses and their advertising, anything they suffered in the short term, but i think theyre only more eng g engrained in our society now once you change and you realize that something is better, work from home or going on net flick, orders from aamazon, these thing are engrained and they will continue that is the challenge for investors. Thank you, michael thank you very much speaking in large structural changes in the way we all behave, uber up 5 2. 65 billion in stock. Consolidation in Meal Delivery but it is really not enough to get the stock from moving out of a range that it chopped around for two months yeah, i think you saw more of a response they were going after grub hub but everyone knows this is a industry, a landscape, that needs consolidation, right remember the uber eats in their last reported quart eer lost the million if will be interesting to see where uber takes this the investor call this morning they said that uber is profitable on an adjusted even up basis in a few markets but it still has a long way to go they have been focusing, they consider themselves a logistics company. Uber only considered themselves a food company in the last few months so they still have a long way to go if. Yeah, tony, im watching him now. Suddenly were talking a lot about uber and air bnb suddenly door dash is a really interesting stand alone start up their approach to growth, their arguably the last significant start up standing in this space. And the question is how does the pure play fair lyft was sort of that for ride hailing, but they are sort of all of that. But the shine is on food delivery do they raise more money, lots of questions for me there. Now instead of uber spending money on making rides cheaper for people, they seem to be spending money on consolidating and well see if that means that pricing goes up. Yeah, i think that will be tough for them because they spent so long trying to edge ride share door dash has been a pure play food company, and their strategy was so different than uber door dash went into the suburbs and got a lot of success there you can get to profitability i look at the chinese Food Delivery Company when they went public it was notching losses. Now it is about 100 billion market Cap Companies so is it winner takes all. Is there one that just dominates and turns possible. Well see who the early mover is with ghost kitchen. Nea anyway, rubios coastal grill with restaurants in arizona, california, nevada, and more the challenges of reopening as we see a resurgence of cases in those states that is next, stay with us introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Based on the data that we saw, and the he will shallty of this virus inside where we lose lives. When you combine indoors, close prom similarity, and by definition you have to take your mask off to eat. Well get there, i hope, but were not ready for it that was phil murphy this weekend on the rise of risks for reopening and indoor dining. Including arizona, california, and naevada. Mark simon joining us now on some of those challenges good morning and thank you for being with us. Good morning, how are you im fine, thank you run me through the last few weeks. Have you had to pause or scale back some reopening plans . We have we had to close dining rooms and in all cases we have been in come plins as quickly as possible with local ordinances, county health, or in the case of 19 counties in california as dictated by the state and we will continue to do that because it is in our best interest collectively to follow the facts and follow the science, and make sure that we are, you know, the health and safety of our team members squarely in front of us. What has that meant for your business to move forward with the reopening plans. Employees are concerned one of the things that we did six, seven, and eight weeks ago was we started lirl on with a focus on safety in the restaurants. Long before we were reer required to do things we shut down the sal issa bars, we adde plexi gla plexigl plexibla plexiglass we hired an employee that does nothing but clean, clean, clean. And the reason we do this is at the end of the day from my perspective, and i believe very strongly in this is that the way forward for sus us is to reinsta sense of confidence in terms of whether or not it is their shopping or designing experience to the extent that we can do that we can shorten the cycle of bringing business back to the extent that we dont the path way back will be longer and more difficult the miamidade Mayors Office say ing theyre reclosing restaurants and gyms as you look at florida, texas, arizona, and california, what to you stands out terms of hot spots and areas that you think policy still has the where with all to keep these out breaks under control you have to take it market by market and state by state. Governor newsome was an early component. I think they will take the steps they deem necessary to protect the citizens of arizona. Those are the kinds of things that we have to follow but we need to make sure we can be responsive to our guests we have been an oasis. We have fish tacos, beer, and sand in your toes. We want that experience to be available as bests with can. We moved to curbside pick up, express pick up. A focus on sanitation in the restaurants, everything that we could do to make it ease your for our guests tone joy their rubios favorites. We also changed our menu a tad we added family taco and burrito kits it has served us and guests well is sounds like youre saying restaurants in general because of the limb nations on dine in are going to get more casual by their very nature. By their menu, but the way in which you interact with the staff, everything will get less formal, right . I think that is right, but we have to take into account i keep stressing the way back is to instill confidence for your dpess and employees. Requiring ppe. We do those things to protect not just the guests but also our people our people have birdie courageo courageous i cant thank them enough. One quick example was pivoting to add curb side pick up i challenged our Field Organization to get it done quickly. And 95 of our students that could have curb side delivery had it it enhanced the entrepreneurial spirit i could not have been more proud. As we fight and it is a daily fight, if we keep in mind that were serving people and we can be that oasis, that sense of normalcy, at a time when it is so dpresperately needed. Good food, served by people thoo remember you, and sometimes even behind the mask know who you are and that youre a frequent guest. Restaurants for a long time have had signs that say no shoeinshoe shoes, no shirt, no ordinance. You say youre requiring masks do you feel you can require masks when when the is not required by local ordinance . It is tough, but we want to in most cases we have done so. I do worry that noncompliance on the part of people that dont believe that masks are appropriate can put people in harms way thank goodness we have not had that problem i think because we have such a strong and long 36 year connection, i think people trust us to do what is right and i think that gives us a leg up in making sure the environment is safe and friendly. I want to ask about your workforce. What are their concerns that are perhaps not getting heard as much as they should for the workers out not serving customers and what more do you think even outside of your company, government and officials could do to protect workers like yours the workers have the same concerns that anyone else has. This is a very dangerous, very difficult pandemic to deal with. The levels are difficult to manage and our people have the same concerns as everyone else so to the extent that we can protect them with masks, gloves, face shields for those in direct contact with people. We do health checks, we take temperatures, and we have that difficult conversation if youre not feeling well we dont want you to come to work that is an ongoing concern in the restaurant industry. It is not new, again, given our long standing tenure, they trust us to know that we do have their best interest at heart and were trying to thread the needle between what is best for them, for the business, and allow us to create that safe environment that has been so football speci for so long. How are you delivering the family taco kits, how are you doing curbside pick up the third party t delivery partners have been incredibly important to us. We have good relationships with uber eats, and grub hub. But the last is very important in the industry. That and the fact that we developed an app last year that positioned us to deal with this even before we knew how important it would become and it has become absolutely critical we were pretty well prepared a little ahead of the curve in being ready for this problem so technology supported Third Party Delivery free delivery, and enabling us to provide free delivery where we subsidize cost is important for us to maintain share and make sure people can enjoy their favorite rubios items at home mark, it is certainly a new world out there for restaurants. That is mark simon, ceo of rubios coastal grill. Thank you for your time, i enjoyed it market has not really been shaken by the headlines that miami will close restaurants and gyms effective on wednesday. When we come back well weigh in on uber postmates. Dont go anywhere. Last look at d last look at d before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. John, that is right. European markets moving higher today lead by gains in the bank, tech, and auto Centers Retail sales rose almost 18 in may. Still down more than 5 year over year. The european condition is giving conditional clearance to remdesevir finally one of the top gainers in europe today is commerzbank still, the resignations came as a shock as they called for a more orderly transition at the bank which it called disastrous. Back to you. Time now for a update, lets get back to sue herera Nicholas Cordero has died at age 41 from covid19 complications. He was on a ventilator, placed into a medically induced coma, and had his leg amputated. North dakota Officials Say that will have a significant consequence. For more on the judges decision go to cnbc. Com under chinas National Security law foreign Media Outlets will be required to provpr provide information ontivitieons a statue of Frederick Douglas has been ripped from its base on the anniversary of one of his most famous speeches. Wsure up to date, that is the ne update this hour, squawk alley returns in two minutes. Hey frank, our workers comp insurance is expiring, should we just renew it . Yeah, sure. Hey there, Small Business owner. Pie insurance here with some sweet advice to stop you from overpaying on workers comp. Try pie instead and save up to 30 . Thirty percent . Really . Get a quote in 3 minutes at easyaspie. Com. Wow, that is easy. So, need another reminder . No, no no, im good. Uh, yes please. Oh. Ho ho ho, yeah need workers comp insurance . Get a quote in 3 minutes at easyaspie. Com. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Nobody i would rather talk to about the tech deal of the day than kara swisher. Good morning good morning, how are you doing . Im doing pretty well this one i think has a better chance of getting through without antitrust scrutiny because post