Juniors bakery took a ppp loan at the beginning of the pandemic now the company has been laying off its workers. All 650 workers. Some have come back. Well take a look what the they have done with the money the owner will be back with us a little bit later today on power lunch which starts right now. Thank you, bill. Welcome. The s p hitsi inhitting its hig level. Lets get to bob with more on those market moves for us. Bob. Kelly, five straight up days for the s p 500 and Global Markets are rallying as well we had a terrific opening. Once again were falling back on the usual. The big megacap names. You know those names im talking about new highs for amazon, apple, microsoft, netflix as well. Were seeing a notable rally over seas in china and china related stocks in the United States doing well. Were seeing new highs, for example in alibaba, Shanghai Exchange at a twoyear high as officials over there literally trying to jawbone the markets higher they seem to be succeeding in the short term banks were notable out performers early on. They have fallen back a bit. Financials are having a good day. Morgan stanley, having great day and even the card companies, capital one and American Express have not had a good 30day period but they are out performing today why are stocks out performing . We can explain why but a lot of people dont find it is a tis factory. Investors believe the worst is behind us. Hello, robert, how are you . Im great thank you. I know people are disappointed im not in my kitchen doing this thank you, bob as we mentioned the market has been grinding higher despite the Record Number of coronavirus cases and the economic implications that they have. Texas and florida have been hot spots, big time, especially over the weekend. Lets bring in meg with the do we have any new numbers yet we do have a few new numbers. Florida reporting its updated case counts but mondays are difficult after holiday weekends because they are typically lower over the weekend overall, in the United States, the New York Times is pointing out we reported more than 250,000 new cases in the u. S. Just since this month began six days ago in terms of hot spots were seeing they are still in florida and texas for the most part. Jacksonville seeing the fastest case doubling time in the country now of eight days. Charleston, South Carolina is up there at nine days san antonio, orlando and tampa rounding out the top five. This as Miamidade County announcing today they are reclosing gyms and restaurants amid a surge in cases in that area the state has closed beaches some of them reopening although they are watching that closely this as hospitalizations are on the rise across florida, texas and arizona. Texas you can see the spike in hotizations up to more than 8,000. Arizona up to more than 3100 this as the American Hospital association, american medical and American NursesAssociation Just publishing an open letter to American Public saying covid19 is not behind us and we must resist confusing reopening with returning to normalcy underlining a message that we hear from dr. Fauci. He has said from day one that the virus will dictate the reopening and it should not be left to local officials to try and make a political decision of some kind. You just wonder how this is going to be treated in those areas that were resistant early on because they werent as hard hit as new york and the northeast was. Now they are being hard hit. They already started this reopening process. Yes they thought they missed it but they had not as stocks continue to shake off virus fears, our next guest raised his target on the s p he still thinks there are gains in for the year. Why the change of heart now . I think this is probably one story more than anything else. If you look at the actions that have been taken by the government, they have really done a great job of addressing the down side risk specifically look at bankruptcies which have not spiked the way that they normally do around a financial crisis the reason is, governments have taken action to make sure the company can borrow money they have these ppp programs and consumers have money in their wallets to continue spending and so that Downside Risk that normally plays out around a v s recession has been taken out of the equation on the other hand and were hearing it about the virus before, its going to be really difficult for us to get back to 100 were having what looks like a v shape bounce in the Economic Data which is great. Jobs being created, great ism report but when will we get back to a fully functioning economy its going to be much tougher than we think which is why the upside is somewhat capped. We had not a stock Market Strategist but more of a macro strategist on a couple of weeks ago and his point is hes looking at the feds money expansion and seeing 4,000 by the s p as feasible in that kind of environment is the Balance Sheet going to overwhelm a lot of the concerns that you and plenty of others have described these arent baseball cards were trading. These are ownership of companies and ultimately we pay a multiple, pe e on an earnings stream the market is trading with a 22 stock market multiple which is about where we were in mid1998. Its elevated but not outrageous there is a limit its not as if the fed can print money and stocks just go to the moon i do think theres the ability for stocks to go higher as the economy recovers this idea that willynilly investors will pay unlimited, i think thats not the right way to look at it. Im hoping for an economy that korn continues to do better we surely could. I think its really much lower than i thought it would have been given the number of people unempl unemployed kudos to the government for stepping in and bridging this situation. However, the additional stimulus they add is not going to put these 20 million or so unemployed americans back to work, at least, not in total the biggest part of the benefit that we have gotten from the stimulus is probably behind us and going forward, its not bad news but its going to be more of a grinds forward than i think its going to be a leap the way its been. Very good always good to see you thank yous for joining us. Airline stocks have been mixed today as virus fears put a halt on Summer Travel season phil has more on that right now. Bill, the mixed market reflects the fact while the airlines, not really sure about what might happen over the next several weeks or months with regard to bookings, they are enjoying the fact the fourth of july was as expected a strong weekend for the airlines relatively speaking compared to last year its still way down. Three of the four days last weekend, the passenger levels were above 700,000 people. When you look at the passenger levels and how much they have come back after falling off dramatically, keep in mind ha the fourth of july weekend still down 72 compared to last year its the really the best weekend that the industry has had since midmarch. Having said that, the week and weekend numbers see how the growth is slowing down it was 23 back june 12th to the 14th a bit of a rebound fourth of july weekend most people are saying dont expect a big bounce here for the remainder of july going into august as you look at the airline stocks, keep in mind that the airlines are noticing bookings slowing down united said last week they are seeing demand flattening out in the last week of june. Ticket cancellations, ive been told by a number of people they are also increasing as people look around and say, wait a second, if this particular destination is shut down or theres a spread of the virus do i really want to make that trip. While the airlines are adding capacity in july and august, they are hoping they can get people to follow through on these trips and to book these trips because this is when they have to make money we know that business will slow down in the fall it always does vacation season is over. They need to do well in july and august maybe this is old news for you but its news for me when i hear from friends who have been traveling on flights and they arent socially distancing in that they are still selling that middle seat. How are they getting away with that or how do they explain that away american and united said we will sell every seat we can on our flights. If youre a flight that will have greater than 80 or 85 , they will send you an email they will say you can rebook to a different flight theyre feeling is, we need to fill as many seats as possible on these planes. Compare that with delta and southwest who said we will keep that middle seat empty we believe its what the passenger wants. We believe theres an advantage in giving our passengers what they want. You really have two different worlds coming e ining up, coronavie are on the rise forcing businesses to pause their reopenings well talk to the dean of the Stanford Medical School about how bad this recent surge could get. With restaurants struggling to stay open, well talk to the owner of juniors restaurant and bakery here in new york who is putting his reopening plans on hold much more power lunch after this i think it will be very hard for states that have epidemics right now to reopen schools in fall those decisions are made local even if the governor sets out the open schools, local boards wont want to open sdochools against the backdrop of an epidemic he was on squawk box this morning weighing in on the challenges facing those schools in hot spots whether they should open this fall states like florida and texas have seen a Record Number of coronavirus cases over the fourth of july weekend california is one of at least 15 states to break a single day virus infection record just last week dr. Lloyd minor is the dean of Stanford University school of medicine he joins us now to talk about the issue at hand. Its good to see you thank you for joining us today, sir. Thank you, bill its good to be with you clearly, its a local issue its going to be different for every school district, every universi university if you were advising as a medical doctor these School Districts and the people who run the universities, what are the conditions under which you feel would be good for them to reopen i think the conditions include looking at the number of cases that are emerging in an area at a given period of time we know this is a very flulds situation. While children and young people are not that will from the Coronavirus Infection or may be asymptommatic carriers werks know they are in conduct with adults many of whom have medical conditions that make a Coronavirus Infection very serious for them Testing Capacity communities is also important and very importantly we have seen during this pandemic and here in the United States, we have really seen the impact of health care disparities. We know, for example, that the hospitalization rate is 4. 5 times higher among blacks and the Latin Community than among whites all those are factors that are going to have to be taken into consideration by local communities as they face this very important decision about whether to reopen schools and when to reopen them. Kelly i guess my question, doctor, is how much confidence do you have about some of the recent treatments that have been described and the progress toward a vaccine will we have to wait on that announcement or can heavy reliance on masks and social distancing continue to reopen the economy . I believe that masks and social distancing are effective at preventing the infection with the virus. We have to use them. Theyre not effective if the mask sits on the shelf theres a will the of progress being made in therapeutics both with antibodies and other therapeutics engaged in Clinical Trials and progress on the vaccine or multiple vaccines is proceeding at a good pace. Its likely well have a vaccine or multiple vaccines through phase three trials by either the end of this calendar year or early part of 2021 are you surprised at this wave that has hit now these hot spot states like texas and florida. Was it inevitable . Are we blaming the people who live in the states for this happening or is this part to have process of a global ban tell pandemic as it sweeps across the globe . I dont think it was in inevitable but it shows the importance of Wearing Masks and opening businesses in a prudent fashion. When those precautions arent taken then we see situations as we are now seeing in florida, in texas, arizona and yes here in california as well one related question to that and to the preventative measures that we can keep taking. What do you think about, were hearing more about air Filtration Systems as it relates to restaurants and movie theaters and heard people traveling say they were told their air is freshly circulated every seven minutes as they are making their trip. Are those factors really going to make a difference are they an important part of keeping us safe . A really important part and if so, should they be more or less required even though its a huge cost for some restaurants, in particular, is it something that should be part of our tool kit here i think they should be a part of our tool kit. Youre right the economic factor is coming to consideration. Even air filtration and the measures you mentioned, those still do not remove the need to wear masks and to observe social distancing in settings like restaurants as well as in confined spaces like a train car or an airplane my daughter went back to grad school last fall now she finds herself living at home now that they have gone to Online Learning again. Ive been having a front seat to the process. For her its okay. Shes fine for the younger students, what impact do you think it will have on them where socialization is all part of that educational process thats so important in Elementary Schools around the country, if they cant go back to school and have to sit in front of a computer screen again . I think it will have a significantly negative impact. Thats why every one is really focused on safely reopen schools recognizing all the caveats and challenges that with discussed earlier. Socialization is an important part extending through junior highway and high school. It becomes more important when we consider demographic differences because not every one has access to wifi service that is reliable and dependable. In those communities the impact will be even greater of not being able to reopen schools dr. Lloyd miner, thank you for joining us appreciate it. Thank you as the nasdaq hit a record high, check out the stocks driving the move its a familiar list tesla crossing 1300 a share uber jumping as it makes a big bet on its food Delivery Business by buying up post mates. The stock is up about 8 this year the traders tell us if theres more room to run with uber right after this quick break businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. 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With this type of plan there are no networks or referrals needed. Also, a Medicare Supplement plan. Goes with you when you travel anywhere in the u. S. Call today for a free guide. Welcome back uber is taking off today after agreeing to buy post mates for 2. 65 billion. Whether this gives an edge to uber over lyft, lets bring in your trading nation team what your thoughts on the stock . Well, we dont have a view on uber per se but we do think it should be provided at tail wind with just strength in ipos in general. Its at 8 waiting that ipo etf rates positively in our momentum work. We think it continues to lead. This begs the question, is the strength in these ipos, is that an indication of froth in the market we do not think so that ipo index up 25 over the last 12 months but for comparison purposes, was up over 300 into the year 2000 peak a real far cry from that strong but not too strong. We think it continues. That chart captures what youre seeing. Let me turn to you and your thoughts on buying uber versus lyft i would have to disagree about uber i think its been a laggard for the majority of the year its incredibly small especially compared to door dash. When youre looking at this and thinking is this going to be the straw that gets uber out of this hole, i dont think so whn y