around that level despite it was up more than 10% on the week. right now, the dow jones industrial average down on the day 630 point or so. the s&p 500 down 82 points. all have fallen into the red, with each down, the dow down percent, scarlet, of a percent n .3 on a weekly basis. scarlet: really interesting numbers there for the week, since there was so much going on. we had a lot of economic data some of thecaptured damage done from the iavaroni pandemic, the lockdown, and, of meetings had central with the federal reserve, not making any big announcements, to make some changes, but perhaps not delivering what investors had expected. we should mention that it's may day celebrated across much of europe and asia. participants are absent

from the market today, even do see the that, we higher than yesterday, and volume down 6% or yesterday. same time let's bring back darrell kronk, ells fargo institute president to give us a little more insight off what we should be looking for next week. it's april jobs report, it will mid-march to mid-april, so asically a more clear picture of what happened when the lockdown really took effect. will that data point matter to investors. it's backwards looking, yes, but it's going to e really paint out for us in black and white the damage from the pandemic. darrell: yeah, it's a great point, scarlet. it will matter. it always is, if not the most important economic data point, one of.y

it looks less like on the math 22 millionhere around jobs would have been lost through the month of april on payroll report. to put that into perspective, that's basically all of the jobs in the u.s. ed economy through the 2009-2020 expansion period. the unemployment rate is going willeak to 16%, 17%, which far surpass the 2009 peak of 10.2. watching really close, though, beyond just the headline want of jobs given up, i to see what average hourly earnings look like. i want to see how much impact workweek.o the there is a whole bunch of data inside of there, i want to see that willipation rate be really important for us to think about how we should start may, june, into the summer months and how much permanent labor impairment done to this e labor market. i'm curious tol,

just thoughts on the permanency. how many of these jobs, i don't put a number, do you have a general sense of whether these jobs are going to order, ped in short meaning say within the next, i don't know, 12 months, for example, or is this a situation we just have to prepare ourselves that the number of unemployed people in this a ntry is just going to be lot higher for the foreseeable future? great : that's a question, romaine, i think anyone that tells you exactly answer may not be telling you the truth. rate ect the unemployment to finish 2020 in december somewhere around 10% which is three xtremely, it's times the number we brought heading into this. eliminated about 18% of all of the jobs in the labor orce and just to put that in perspective, that's about, that's the equivalent of one of job producing in the country.

leisure and hospitality employees 16 to 17 million today. about 22 million job losses, you're taking out almost the entire sector. obviously some of that will come back. the speed at which it comes back i think will be the critical oint about how much government assistance and support needs to happen. we think perhaps a year out from it, let's call it late spring or spring into ummer, you may see that unemployment rate drop down to 7.5%.r around 7, but from there, that's still double from where we were. to take a while. scarlet: all right, we want to cronk, the darrell wells fargo institute president. we want to take you to where president trump was speaking moments ago. let's listen in. with dr. p: i spoke fauci and deborah about it, it's a promising situation. we have been doing work with the i.h. and the fed,

gilead work spearheading this ublic private partnership to make it happen very quickly. so today, i'm going to let dan we'll let dan make a statement as to what the company contribution g a to really people that are not doing well, people that are sick, people that have this that set into our country and we're getting rid of and we're going to be incredible really results. e have very promising studies coming out on the vaccines, we coming mising studies out on therapeutics and the one is dan and gilead, i would like to maybe have you say dan, words, if you would, if you would to number one about and also the contribution being made by your company. we very much appreciate it.

thank you very much, mr. president, thank you for having us here. mr. vice president, for the collaboration we have had. all of the colleagues at gilead, want to thank all of the collaborators that brought remdesivir to this point. includes n.i.h. and dr. commissionertainly han and many, many more people that have been a part of this to to where we are today. and, in fact, really, the thanks o to the patients and the care givers that participated in these clinical trials. i also want to say i'm group ged to work with a of amazing scientists at gilead decades have been ording on anti-virals, we're posed to put remdesivir immediately into clinical trials hen we saw the covid-19 circulating. i'm proud of the colleagues at gilead. to say on behalf of president's point,

this is an important first step nd wants to make sure nothing gets in the way of the patients getting the medicine. donating 1.5 vials of remdesivir. we'll be working with the government to determine how best to distribute that within the united states. we'll be working very closely to working to patients with fema, working with other parts of the government to make that to the get patients in need as quickly as possible. there are patients out there benefit from this medicine today that are hospitalized and we don't want any time to waste for that. fully committed to continued to expand the supply of this medicine. e started investing in this back in january as soon as we became aware of the coronavirus. is a long time to manufacture. it used to be 12 months. it's now six months. scientists have brought that down. as we get into the second half haveis year, we're able to many more supplies available to patients and we're fully committed to working, mr. you, in your th

administration, to make sure that patients in need can get important new medicine. pres. trump: i totally appreciate it, i also notice the job you have done with h.i.v., we remember so years agoears ago, 16 it was a horrible thing. a lot in new york, lost of friends through h.i.v. and also hepatitis c. just a quick s moment on how successful that's been, because i have seen things are pretty incredible that a lot of people don't know. dan: absolutely. i'm reminded of deborah birx and this field as well. colleagues in gilead have years.orated for it's really astonishing. this is one of the reasons why hen i joined gilead a while ago, the reason i joined is because of this progress. ou remember, of course, back when h.i.v. was a death sentence and now thanks to the scientists elsewhere, we have

turned this into a really chronic disease and also a disease.le i want to give special thanks to the administration for the work prevention and prep program that we're working particularly disadvantaged parts of our country to get more patients on best tion, because the way, of course, is to stop and end this epidemic is a ombination of treatment and prevention. and hepatitis c, i'm really appen to say, that the scientists came with up a cure some years ago and we made remendous progress and including some really creative new arrangements in the united tates like with the state of louisiana where we've looked at ways to look at programs to make in a hat every patient state is able to get the opportunity to be cured. have very proud that we this kind of science, but also hat we put this science in a way with access to patients. c, s. trump: with hepatitis

it's an actual cure, rather than keeping it down. oral therapy cure. we're still working on the h.i.v. cure. we have not given up. difficult more problem. we'll probably get the long acting medicines first. pres. trump: much more complex. dan: i'm really embarrassed to this in front of dr. to get t it's a complex the virus completely suppressed. pres. trump: where would you put corona in that level of complexity? an: we're in the early stages on coronavirus. this is the first step today. t may be like with other viruses we have seen, with this step, an anti-viral like way to actually get better results is to add medicines on top of an anti-viral. that is how we were able to get h.i.v. to a chronic illness by therapies. of this is the beginning, there is a lot of great companies out there that are working on this

we're collaborating with, my colleagues in the industry. dore all working together to everything we can with this. pres. trump: real exciting. is making, know, dan the company is make a major contribution towards helping people. that.y much appreciate i mean i'm talking about a monetary contribution as well as ore importantly what you are doing scientifically, so we appreciate it very much. doctor, would you say a few words? f.d.a. has been moving things along. it.hank you, i appreciate as the president just announced, e authorized gilead's application for emergency use authorization to use remdesivir in hospitalized patients. issued today, thank you very much and congratulations for the great work and the the collaboration that we've had. i also want to thank more than f.d.a. who yees at have heeded the president's call and reduced regulatory burden

red tape and moved things forward. i think i said the other day, this is lightning speed in terms getting something approved. from clinical trial to getting f.d.a. iszed from the has been the speedy and effective process. his is an important clinical advance that showed a tatistically significant reduction in time to recover from covid-19, the first authorized therapy for covid-19. really proud to be part of it, mr. president, thank you for your leadership h. hahn, one of dr. the most important jobs in medicine as you know, take the we're glad he did. very important job and a to endous reputation, but take this job and really proud of you. thank you, sir. pres. trump: deborah, please. dr. birx: i'll be brief. this illustrates what can happen in a short time. case that was diagnosed in the united states, now our first step forward with 90 erapeutic in less than

days, for those of us who have worked in viral diseases and long time, this is our really first positive step forward. step forward, obviously groups are still working on vaccines. thank the company for not only making sure this got into clinical trials, but or individuals who didn't qualify for the clinical trial, use made compassionate drugs available from the very beginning at our request and around the world. combination of really strong scientific rigorous clinical trials, but you don't really have compassionate ke use available was also quite extraordinary. omaine: we're listening to dr. deborah birx speaking at the hite house, alex azar and president trump talking about this gilead treatment that was by the for emergency use

f.d.a. i'm romaine bostick joined by and you are watching "what'd you miss?." we saw the aine, u.s. stock market close with losses, on the heels of a very in april, the s&p 500 had the best run in april and started off with some declines here. to follow what you're saying, ilead getting emergency authorization, emergency use remdesivir. patients benefit with as little as five doses. you posted with further developments. that's good news in the quest for some type of permanent here or any kind of helpful treatment to coronavirus. let's move on to another story it's one that we have been keeping an eye on here, especially as we turn to the weekend. berkshire hathaway's annual meeting in omaha, nebraska, is

staple in the global business community. it's known by some as woodstock this pitalists, however, year things are a little different. warren bu c.e.o. there virtually. we are hearing from bill. talk to you. i guess the first question to you think warren has been fairly quiet which it comes to the opportunities in the market, the environment out there, there has buy america rallying cry from the world's most famous investor during this difficult in the nation, why do you think that is? put it at two factors. that he has $125 and so to invest

somebody compared it to trying of water into a tea cup. factor, i believe is that he is good friends with and bill gates is one of the most negative people on we should control everyone and how long we should shut down and i think that in his y a big factor attitude. romaine: but, bill, one interesting thing and the thing seems to frustrate or at least confuse some people right that when you look at the set with how they invest, this would be the time and the event that would sort of provide them opportunity to take some of that excess cash work.have and put it to even if they are too large to maybe pull off some of the deals n the way that they were able

to when buffet was younger and had a smaller company, why not the company into another investment arm or find some sort of way to use that a way that can take advantage of the opportunities it. ill: your question is excellent and makes me think, ted weshler, his top pickers, why stock isn't he on the call with them. if they own 20 stocks, they own than a billion dollars in each stock on average which means they would be much more flexible. see, i view the current circumstances a lot more like market in 1974he after crushing 40% out of the in about a year and eight growthafter the nifty 50 buffett felt like

e was an oversexed man in a harem. e was buying bargains like "washington post," all of sea's candy, very small pieces or companies. you have $125 billion, monger both said the size of their capital have reached their returns. we have reached that day. that day.ch reached he already owns the airlines, so there is not much he can do that. already a big owner of the banks, two areas they got on the shelf already in a big way. if he is going into something to put $10 ants billion or $20 billion to work kind of a boy, that's square peg you're jamming into a round hole. scarlet: absolutely. bill, i guess one question that needs to be asked here is planning, it becomes

all the more critical now, we're the middle of a health crisis where the elderly is available. is it time for them to spell out, for buffet specifically, is going to take over for him rather than playing coy? you know, even a long that, warren buffet and have been the spiritual leaders of investing over the years. annual letter, he seems to be looking forward to passing that baton and i it's their vision to their e that role within company. and that is the bizarre all mstance here, we're looking for that spiritual is doingp from what he and we're not getting it and it's a source of frustration. anxious for him to

come out and say, wow, this is a bargain and oh, is this a great to buy and he might think at , but also, if you look the breakdown in the market, the concentration in the five or six largest companies in the s&p is the highest it's been other than 1999.e end of it's higher than the end of 1999. likes to buy a very large company that is way a of favor, which means broken growth stock of some kind and the growth stocks are not broken right now. 30 and 40l trading at and 50 and netflix and amazon's 80 or 100 times earnings. he didn't buy times or coca cola at 60 earnings in 1972. he waited until the stock was 1989 more out of favor in on coca cola. romaine: bill, real quickly, 30

seconds. let's say they were to move the baton to someone else. is berkshire a better investment in your eyes is bill: charlie munger said they becausee really careful there are many people that have 0% of their net worth in berkshire hathaway and shareholders like us do not want for that comfort. scarlet: well said, bill smead us by phone before the berkshire hathaway annual meeting tomorrow. this is bloomberg.

>> it's all about liquidity. these are not companies that are their own companies, they're sick from being affected by the virus. > if the corporate equivalent f a ventilator is a restructuring or a bankruptcy proceeding, how many of the clients or what percentage of the clients you're dealing with headed in that direction, need a ventilator, if you will? hard one w, that's a to answer because the information on when this virus end or when we will get back to something normal is difficult to know. i just read an article that said that 60, 70% of the population

by the to be infected time this is over and it's going to go on for another 18 months which is obviously a very negative article. o if that happens, there are going to be a lot of bankruptcies. if we get some reopening and it and there isn't a big second wave of this virus, then a lot of these companies survive. bankruptcy doesn't necessarily help most of these companies. them from perhaps an outgoing cash perspective in terms of any interest they're that, or something like but the operations are the operations. these are not companies that are like most companies going into bankruptcy that are looking to make big changes. they're a retailer and they're rejecting leases or something like that. this this] is not what situation is like. it's very hard to tell right now how many will go. a lot of ll will be bankruptcies, i don't mean to suggest otherwise. be, whether re will everyone will be in bankruptcy. a lot of that is driven by what

happened with the virus. goes without saying, tim, this is the first time in modern industries whole have no revenue and some people the r, given that's been case for weeks already why we aven't seen more companies default, miss interest payments to the point where they're default or even start a bankruptcy proceeding. explanation for that or is it just too early? >> probably a little bit of both. ertainly the companies that i would describe as good companies great n with, investment companies, those companies, their banks don't want to seem them falter. the government doesn't want to see them falter. he extent they are hitting covenants, maintenance covenants that would normally trip them banks, you have to be careful about being too of the banks ost are waiving those covenants and

into liquidity covenants. you're a good company, you should be back, you should be normal at some point assuming is normal, i'm not going to cause you to go into default just because you have that you otherwise wouldn't have tripped. i am going to put a liquidity covenant that is going to say to me if you keep going down this path and you start to run out of i need to know. it's expensive to go into bankruptcy. you need to pay for all of the costs, the court, the advisors, the creditors, all of those costs. you can't run out of liquidity and say i'm filing bankruptcy. that, that is liquidation. that is what the banks are doing these bigger situations. them over time, but to provide ping in an offering which means capital. typically what they're getting of that is some boost in the equity and converting debt into

equity. they're quences, looking for the ride up once the company recovers. another day across the financial markets, we bring you special coverage here on bloomberg television.

romaine: welcome back. since the pandemic started, there has been a flood of liquidity in order to protect the economic slowdown. bloomberg's ed hammon is with an expert in grade issuance. >> yes, the head of barclay's, joining me today. >> thank you. >> let's start with this. at the end of a record week for issuance, the week a record, a record month.may, a blowout it the fed the market or put on steroids?

eghan: it would not be an exaggeration that clearly we are firing on all cylinders. in fact, just shy of $90 billion out this week which is the third most active week in the i.g. markets as you reference. to put that into contest, that's akin to the type of values that traditionally have priced over the course of an era e month in pre-covid markets and ahead of the fed back stops. solidifies april's $295 billion tally as and a new all march gh, second to only of this year, which is effectively topping an trillion in lf a new investment grade debt uptick since this began. i think as you rightly point normization inat our markets we attribute to the fed. i think it's central banks, both the pace and orderliness of the seeing,ation that we're

a timely but visibly swift of both primary and secondary corporate credit know, ies that have, you helped with risk management and eased i think fears as we about financial refinancing risk economic of ications as a function covid. ed: they have yet to buy a $700 e bond, they have billion to throw at the problem, so far they haven't had to spend a dime. it's true. the existence of the program the , but particularly inclusion of fallen angels and e.t.f.s in the second iteration on april 9 has market and n the addressed front end and least for now any that mightndigestion

have been in the outsized spring supply. factor, meghan, this huge compression in terms of the weeks, over the last few really since the fed intervened in the market. how much activity you're seeing have by companies who already issued going into march and are actually just refiing to of that ntage compression? meghan: you touch on exactly the right point. retraced more ve than 90% of the widening that we peaked in late march with 150 that points tighter over period of time. the significant wealth generation for the buy side which is helping to support this and helping us to throw out the historic playbook where getting an on set or uptick in terms of repeat issuance. just this week seeing transactions from coca cola, pepsi, and others following the lead taken by exxon and others market to take

advantage of significantly costs of l in financing. ed: have you any sense as to when the fed is actually going start buying some of these bonds? certainlyll, there is speculation that they're contemplating something in the near term. out a still hammering number of details. i think at the end of the day, $750 billion of buying power, an effective back stop of the not ety of the market has only eliminated significant refi affording t's corporations flexibility to weather this pronounced economic slowdown. ed: what happens when they take it away or they begin to take it away? meghan: with the question there boils down to some of the etails that remain a bit opaque. we have seen similar measures with employed in europe the e.c.b. having been involved out even toprograms

1-year matures, the fed is focused on five years and in. the question is how opaque is heir participation, do we have transparency in terms of which specific credits are benefiting rom that bid or participating in the programs and then the does that become visible to the market. they're attempting to do this in orderly fashion. this he have hired parties to behalf.their they're going to be discreet in terms of that activity. up might see volumes tick other balance sheets, but ultimately which specific credits have benefited i think something, you know, on a private side of the wall in those who have obtained access. to close this t out here with the market with the incentives and steroids that fed have sort of injected into it, are we hitting a issuance this year?

meghan: i would hate to say, but as we're volumes moving out of corporate earnings blackouts here. ay is expected to mirror the volumes that we saw in march and april. if that's the case, we're going $350 talking within billion or so of full-year 2019 than halfway through the year. i think it's likely we surpass well in lion mark advance of anyone's expect indications. you, ghan, great to have have you on soon. to you. scarlet: thank you. let's turn to mark crumpton in first word h our news. mark: the coronavirus pandemic is likely to last as long as two years, that is according to a new report from infectious isease experts at the university of minnesota. the report also predicts the outbreak won't be under control of the world's population is immune. the experts say people may be at most contagious before

they even have symptoms. 80,000 confirmed cases and 5,500 deaths, brazil is fast rising through the ranks countries most affected by the coronavirus. the country's president says just a little flu is no reason present brazilianings from resuming their daily lives, even as experts say insufficient is masking infection rates. some states are already easing malls, tions on shopping gyms and churches in brazil. to ysia is taking steps return to normal beginning on monday. the country will allow nearly ll economic activities to resume. the government says it will still enforce guidelines to make no large are gatherings. schools remain closed, malaysia cases of 000 coronavirus and about 100 deaths. resident trump says his presumptive re-election opponent, democrat joe biden may accusations following

a sexual assault allegation from a former aide. the president called mr. biden's ccuser tara reed far more convincing than christine ford accused kavanaugh of assault process.is biden has denied the accusations. president trump will travel to first time the leaving the white house compound in over a month. he is scheduled to travel more next week. he'll head to arizona, a crucial swing state. r. trump plans to visit a honeywell plant. that company is making medical supplies to fight the coronavirus pandemic. global news 24 hours a day, on air and on quick take by powered by more than 2,700 journalists and analysts 120 countries. i'm mark crumpton. this is bloomberg.

airlines, nationalized again. e're the largest airline in italy, we have to store up the for ts for the competition the next two years and we will cabin crew, fewer the remaining will be paid less. reviewing, we'll be closing bases and some of the spain and italy and it could take a year or two that traffic to return and we're also relooking at our orders.

we're in discussions with the boeing about our orders there. the ed to right size company for three to five years of very grim trading here at ryan air. jobs, you're going to have left, how many employees will you have left and what if flying comes back after this crisis? >> we currently employ about 18,000 people, so today we're 15%, cing cuts of about about 3,000 pilots and cabin the next three or four months. that's because this year we're less than 100 million passengers against a budget of 154 million passengers, we're down about a third in traffic. no traffic in the june quarter. in thatnever lost money quarter before. the situation is grim. to be allowed by the

european government to go back o some limited flying in july from july on wards. 40%, august 60% moving with the winter schedule. what we're facing now is a istoric decline in air traffic in europe for the next 12, 18 months. we do fly that when in july, i think the traffic will be strong, it will be airlines, the the ourist facilities in spain, portugal and italy will be discounting hugely to get people move during what remains of the tourist season before september. back in -- hink it's inhe havabhe have there is nothing else we can do. the remaining staff will be 20%.ing for pay cuts of

that is because the environment now in europe has completely strong for airlines, the airlines going into the covid have strong balance heets, low cost operations we'll expect to emerge any stronger. the people who went into it eakest, the legacy airlines, ave been nationalized are receiving extraordinary volumes, 12 billion euros in state aid, fans, on top of payrolls, are hugely distorts the playing field for three to five years. we will now be competing with egacy airlines who before couldn't make money, but now have so much state aid, they can to lose money for the years and do five

erious damage to the other airlines, the strongest now unless we weakest take this radical action that we announced this morning.

scarlet: c.e.o. elon musk tweeted that the stock price in is too high, that was followed by a stream of tweets that were reminiscent of 2018 when musk got in trouble with regulators. s.e.c. is the former chairman harvey pitt. harvey, elon musk tweeted that is also selling almost all of his physical possessions and on a house, he called for of the economy and sang parts of the star spangled odd, but odd is normal for twitter. amended violate the

accord with the f.c.c.? yes, it potentially does nd in part because he was irected to have his tweets run through the company's general bragged nd he has online that he did not do so. there is a potential violation of the amended consent entered into. romaine: is this the kind of thing, harvey, that the s.e.c. going to put a lot, pay a lot of time and attention into? for them n incentive to pursue something like this, ome people might just dismiss as elon musk just being elon musk?

harvey: well, there is no doubt what he's doing, in this my inappropriate. i think there is also no doubt there aren't any judicial or s.e.c. regulatory directives with one possible any tion, that will have impact. i think the only way to describe a visionary, but and at best an adolescent he doesn't take direction well incapable of keeping to his commitments. is that the lem s.e.c. has much bigger fish to fry, and so the question about

action against him on the is one that'sweet iffy because there are many more particularly s, now with covid-19 that the excellent is doing an ob of paying attention to and n that sense, musk is just a recurring thorn in everyone's worth ut he may not be effort.e and energy and there are some possible things done, however. don't know whether anybody will even consider them, but one thing that could be done is when seeks to raise capital, they could be required

a huge up front risk that companies' stock is volatile than other whimsical due to the company's ings of the c.e.o. scarlet: that's a possibility, if we were to look past elon musk's history his the agency and agreement with the s.e.c., is there anything potentially problematic or illegal of a c.e.o. of a company talking down a share price like this? else, would yone this be something that the s.e.c. would concern itself with? harvey: i think so. i think there is a lot wrong with it. not supposed to make statements to influence the of their ce securities.

and there is no assurance that it, .e.c. won't go after it may be ying that an unnecessary expenditure of energy because he is always to be this way. ut i also think that he may be ubject to private litigation and that might have some impact as well. romaine: harvey, great to get your thoughts, appreciate you time to be with us. hats harvey pitt, he is the and now e.c. chairman kalarama c.e.o. of partners. ime to take a check of the headlines. the busiest month in three

after the federal reserve's unprecedented move to some of the junk debt. the volume emerged after the fed 9, that rebound ollowed $4.3 billion in issuance after costs with the coronavirus pandemic brought to a standstill. clorox says organic sales will to 8% in fiscal 2020. that's a big jump from the zero to 2%.ecast of sales of cleaning products have coronavirus the pandemic. those are your business flash headlines, scarlet. let's turn to the coronavirus impact on food supply and the food supply chain. stepdowns and slowdowns of plants have put pressure on food distribution. we want to dig further into this disruption with mark allen, c.e.o. of the international food service distributors association. mark, we're going to continue

it was broken n, up by some technical issues earlier. i want to start with how the existing business infrastructure isn't really set up to make the transition from food service institutions o like hospitals and schools to grocery, at least not immediately. now six weeks into this lockdown. which parts of the existing nfrastructure have made the shift and which will be the most difficult to make the shift? scarlet, first of all, thanks for having me this afternoon, it's good to be with you. point out, the food service and retail grocery supply chains are very different. and although the grocery supply chain is doing quite well as continue to clean out grocery store shelves, it's uite honestly difficult to think of another industry that has been as impacted as much as ood service and food service distribution over the past six weeks. let me just give you a little on our industry. food service distribution is airline an the u.s.

industry and most people understandably don't think about meal at dients in the their favorite restaurant got there. 300 billion industry employing 350,000 people and distributing 8.7 billion cases of product all each and every year. so when the federal stay-at-home were issued in mid-march and restaurants, and colleges z, shut down the industry literally cliff and as a result overnight, our business 90% depending on customer base and maybe even region of the country. so as we think about moving into retail grocery and for most people, you would say or if food going to waste it's going to be easy to do, but both supply chains have been set incredibly efficient and incredibly cost competitive. hey're comparable in that they

both manage a very complex their chain, but that customer bases have very different needs. i think that's where the in.erence comes the food service supply chain which serves professional requires veryhefs different products than consumers do. this has been part of the challenge in moving products to retail. our package sizes are much, much different. 75 pound cases of beef, 50 pound satchells of rice or five pound cubs of cream cheese, the packaging is nondescript and oftentimes lacks a bar code. it doesn't easily go over the store andof a grocery might not have the nutritional content on the packaging that in a ers are used to grower store. in grocery, you have individual ack sizes and customers can easily take those home and prepare them for the meal. so pack sizes is a big one. ou have a completely different

sourcing structure between the processors, farmers who oftentimes only sell to the food service channel. equiped.not necessarily romaine: we have to leave it there.

♪ ♪ >> welcome to bloomberg emily chang 'm sheltering in place in san francisco. may.ugh start to the dow, s&p, nasdaq ending down 2.5%, this on the back of earnings of the biggest tech apple.es, amazon and exxonmobil posting its first quarterly loss in more than 30 years. meantime trump in the reviving an attack on china threatening trade