look at that credit selection within the missable bond market. there is quality but also risk. are getting the closing bells here. finishing relatively strong. the dow jones up about 0.9%. the nasdaq composite started the year at 8972. it closed today at 8979. so, officially, it appears we all of theecouped losses for the year on the nasdaq composite. we climbed a long way. wrapped around some of the earnings reports as well as some of the data. a lot of folks looking at those trendlines and started to think

that the worst of this may be behind us. and they can start thinking about what the recovery is going to look like. someet: i know we have earnings coming out. romaine: travel companies will be reporting after the bell. on booking, what we are looking at, the g1 numbers coming in at 2.29 revenue. that was the estimate for 2.15. well belowitda estimates. the estimate was for $363 million. so, no real forecast here. the company did say that covid-19 would profoundly impact the travel industry. we will dig deeper to see if we can find a little bit more about any forward guidance for the

company, basically saying they would emerge from the crisis in a position of strength. scarlet: right now, this is something that all companies are open for, to come out in a position of strength. for we go, i want to get an idea from you. this is something that joe weisenthal posited this morning. how much do you think this equity market rally has been premised on the idea that there will be more stimulus, a couple of other rounds to go? there is a lot more partisan bickering than the first three rounds. swoon fore a market anyone in d.c. to get anything done. there seems to be an unstable equilibrium at play as a result. obviously thenk

market is pricing in a substantial amount of stimulus, also thinking that it is something that could continue. to our going back earlier conversation, you have to break apart what is driving this rally. there have clearly been winners and losers. when you look at what is contributing, the sectors that have the ability to grow. many of them are trading up for the year. i think you have to look at, this is a market capitalization weighted benchmark and driving the rally and some of these returns are sectors and companies that are performing even in this work from home covid environment. romaine: just to bring some more earnings here, drop ox earnings crossing the wire. the headline numbers, q1 revenue

coming in at $455 million, up 18% year-over-year. shares moving slightly higher in after hours trading, up about 2.5%. the key for all of these companies will be what kind of guidance they can get, if any at all. we will dig through to see if we can find out any more information. torlet: we will continue bring more results as they cross. the bulk of the earnings season has gone. part, seeing for the most a lot of the countries withdraw their guidance and try to highlight the positives. one final question to you before we let you go here. we know that cities and states are facing this collapse in tax revenue. is divided on whether you come in and provide any kind of aid.

how do you deliver it, how do you claim it, and how it plays out eventually? from where you said, what does this mean for things like muni' s? i think, going back to my comments earlier, quality and credit selection are key. when we look at the facility that has been put in place, and something that is focused on the expiries, it has not been used yet. in compensated for taking on the risk but you have to do the additional level of work not only in the state selection but also in the specific credit selection. just like i walked through in the equity market how we are thinking of covid defenses and to docyclicals, you have

the same in the bond market in terms of what is sustainable, what tools these minister polities have, and what is part of this more defensive quality you're getting compensated for the risk versus what is highly exposed? romaine: always great to get your thoughts. stay safe, stay well. bitterly, city private bank head of capital markets. uber crossing the wire just about now. billionline, 15.7 8 growth bookings, the estimate was for 15.2 7 billion. uber eats booking also above billion. at 4.68 rideshare booking, above estimates. they are saying that total adjusted net revenue, 3.2 6 billion -- 3.26 billion.

the platform, a slight beat here on uber. we will dive deeper in a moment. scarlet: we just got roku results crossing the wire. net revenue, increase of 55% from the same time a year ago. a first quarter pro forma loss of $.45 per share. beatcoming in with a big on the top line. of course, we will bring you more details as they cross. that does it for "the closing bell." "what'd you miss?" is next. we will be joined by david rubenstein for leadership live with the ceo of qualcomm. this is bloomberg. ♪

romaine: broadcasting live from new york to our viewers worldwide, i am romaine bostick alongside scarlet fu. this is "what'd you miss?" scarlet: despite some discouraging and disappointing jobs numbers, we did see u.s. stocks gain on the day. nasdaq, dow, and finishing higher. the nasdaq is now positive on the year. after the market close, we did of course continue to get

earnings. roku reported first-quarter results, revenue beating analyst estimates. 55% from the up same time a year ago. the loss for the quarter remains at $.45 per share. it is still a deficit. roku reporting a pro forma loss in the first quarter. also got the big travel booking sites, one key revenue coming in it to $.29 billion, slightly above analyst estimates. so, the shares are falling. gross travel booking in the quarter down 51%. 2% in the prior period. we will wait on tripadvisor. the other big company reporting is uber. up 22% on there back of their earnings.

uber also reporting relatively positive earnings. there growth above the consensus estimates on the street. monthly platform customers, all of that came in above estimates. we are seeing shares a little bit weaker in after hours trading. we will dig a little bit deeper and try to explain the movement. we do want to talk about the job market, the gig workers. we want to bring into this conversation, associate professor of sociology at the university college of buffalo college of arts and sciences. a lot of the focus today was on the numbers in the u.s. that show that more than 33 million people have filed for on employment benefits. you have numbers coming tomorrow morning likely to show the unemployment rate at at least a 60 year hybrid somewhere in all

of this, you have gig workers, people who were not officially on any payroll other than their own. i wonder how they fit into these numbers and how we can better reflect their contribution to the labor force and what could be there drag on the labor force? >> it is hard to say. we just don't have enough data at this point to have the full picture of what is going on and the complexities. we do know that we have historical numbers of people filing for unemployment. because of this economic crisis, people are searching for work wherever they can. one of those places that people often turn to is the gig economy. people can relatively easy start driving for lift, looper, or maybe deliver food for

instacart, in large part because people are desperate. they need the work. scarlet: of course, there is a lot of -- i do want to see excitement, but a lot of investors had been counting on companies like grubhub to benefit from the pandemic partly because people continue to need the services they provide, and there are people who obviously need to keep their jobs as well. there are people like jim chain else who argue that gig economy companies will come out harmed lawmakers on both sides of the aisle will be looking to beef up corporate responsibility. do you see any evidence of us moving in that direction right now? it is certainly a big part of the conversation. what has become clear is that these workers are both very important and very vulnerable,

especially to covid-19. thatcognize in a new way we haven't before that these front-line service workers are very important to keeping the economy going. but they are also so vulnerable. i think that is opening up a lot of new conversations, and important ones, bound corporate responsibility. you are right, it may increase costs for employers in the long run, but i think that is what they should have been paying for them all along. romaine: i am curious about i guess some of the broader trends we are seeing in the labor market. you have obviously done a lot of research in this area. talk about the leverage that employees have or may not have in the current economy, is there any sense that we would move to a different place in our

economy where workers may be have leverage not just over pay and job security, but over things like protection from harm at work, people working in meatpacking plants, or even just office workers being able to feel comfortable in that environment? erin: we may see that. it is hard to tell the future. crisisis public health is opening up new arenas where suddenly going to work can also mean putting your life at risk in new ways. it is not necessarily just a job that is already considered dangerous and difficult like, by the way, meatpacking is. but the extent to which employers are responsible for fully protecting workers in the workplace, we are now exploring that in different ways. scarlet: what about organized

unions in terms of providing some cover and protection for some of these freelance workers? there is a freelancers union. just looking at the website, they do have content on how they are building up a political voice during this pandemic. is this something that you , andve -- is there demand what would it take to get more of these workers involved in order for companies, employers to take notice? erin: that is a great question, and it is a tricky one when it comes to freelancers. any freelancers union is not a traditional type of union that is bargaining with employers. a would be more like professional association, which can very much provide its and members with resources and support, but may not doing the

same kind of bargaining work that we traditionally think of unions is doing. i think there is a great need for that. in some ways, the potential is limited because they are not going to the bargaining table with their employers. but anytime workers can come together to discuss issues in the workplace, discuss creative ideas for solving those problems, and not just with each other but also with employers. createn work together to innovative solutions for the work ways. that is always a good thing. scarlet: we appreciate your insight here. associaten is professor at the university of buffalo. we have just come out with guidance on tripadvisor. it is saying it is seeing little to no revenue in the second

quarter. significantly negative ebitda and the second quarter, but it does see some improvement in the third quarter. tripadvisor sees a negative adjusted ebitda to persist through the third quarter. first quarter revenue dropped to 278 million dollars. adjusted eps was seven cents per share. we are going to take a look at macy's. to release other luminary results on june 9. it plans updates on the first quarter results as well. macy's released preliminary first quarter sales before the market opened. this is just kind of an update on future results and the scheduling of all of that. much more coming up. ♪

romaine: welcome back. want to bring you some headlines crossing the wire on macy's. the company effectively pushing back the date of earnings reports. luminary q1 sales numbers -- preliminary q1 sales numbers. the full results will not come until june. the company has said that its ceo will address folks on that may 21 date and again on june 9, when we will get the full results. we want to continue talking about what is going on in

retail, specifically with the department stores. we have seen him in markets file for bankruptcy after efforts to manage that debt load, that unraveled during the pandemic. we want to bring in catherine doherty, a distressed debt reporter. can you give us some sense of how high that was and how that weighed into the decision here to pursue bankruptcy negotiations? >> nieman filed today with around $5 billion of debt. that hadignificant, been ballooning since a leveraged buyout from its current owners. the bankruptcy plans filed today called that debt by about $4 billion. it will be a significantly different company once it emerges.

that will take time and also mean new ownership for the company with lenders exchanging their debt for new equity and effectively taking over. scarlet: one thing that is interesting here -- we look at the midmarket assets, there are 40 stores, four door goodman stores, and also the outlet kind of stores. and there is a brick-and-mortar version in germany of its online merchant. that is not part of this, is it? why is that the case, that it is ?eparate from the other stores [inaudible] someet: we are having technical issues. it is thursday and we are having

some issues with our phone lines. let's jump ahead and give you some other corporate news. a check of our business flash update. shares of viacom cbs jumped. a surge in subscriptions during the pandemic. plus, a new distribution deal with youtube. irnas of biotech firm mode rising today. given the ok for mid-stage trials. they are preparing an application for final approval as soon year. extrairlines make you pay for luggage and food. frontier airlines was planning to make you pay extra for a seat next to an unoccupied middle seat. it has since reversed course. the extra charge would have ranged from $39 to $89. that is your business flash

update. recape: we just want to some of those uber headlines across the wire. gross booking for the first quarter, those numbers coming in at $15 billion, slightly above the consensus estimates on the street. a big part of the moves in the quarter actually did come from uber eats comedy food delivery company. sales did help offset the ride-hailing side of the business. you add that up together and what you get is net revenue on an adjusted basis, $3.26 billion. consensus estimate was for $3.02 billion. that is what you are getting on the headline numbers. shares moving a little bit lower, a slightly different reaction than what we saw with lyft. 20%.

scarlet: let's take a look at roku. shares are falling in extended trading after that company reporting revenue and active accounts that topped analyst estimates. let narrower than what had been anticipated. revenue, certainly a big increase from a year earlier. higher than what analysts had been looking for. roku said that overall advertising expenditure in the u.s. is likely to fall in 2020 but they expect advertising revenue to still grow substantially from the previous period. the pandemic has led to increased tv viewing and streaming and roku was a beneficiary. coming up, leadership live with david rubenstein featuring the qualcomm ceo, steven mollenkopf. this is bloomberg. ♪

scarlet: during this global pandemic, the ability to communicate effectively and remotely is one of the most important things to keep the connection going. qualcomm is a global leader in providing wireless technology. with on leadership live david rubenstein, david is speaking with the ceo of .ualcomm, steven mollenkopf ofid: steve is the ceo qualcomm, which is a leading fighter of technology for smartphones. he has the advantage of coming from mile town of baltimore but

he now lives on the west coast. he is a graduate of virginia tech and the university of michigan. he went to qualcomm right out of the university of michigan in 1994. he became the ceo in 2014. he previously served three years as the president and chief operating officer. thank you for joining us. steve: thank you for having me. say thatny people technology companies have not been as hardhead as, let's say, tourism companies, hotel companies, restaurants. is that true? steve: everyone has been hit at a human level, of course. what we are more towards the category of being hit less than others. maintain -- able to our end markets are still sensitive to people being able to go out, go to stores, and by

phones. with one exception, a lot of people by their phones online. we have certainly been very lucky in the way at which the company has been able to operate underneath this pandemic. what: let's talk about qualcomm is. what does qualcomm actually do? steve: we consider ourselves the number one wireless innovator in the world. what that really means is that somebody has to go through and figure out how these cell phone are going to work. you have to figure out how to more the entire industry importantly, we invent the fundamental technologies underneath those cellular networks, then we figure out a way that everyone can get access to it. we have done that for 3g, 4g,

and now we are in the process of doing that for 5g. it is really an interesting company in the sense that we have the ability to touch many industries. first, the cell phone industry. but now, almost every industry will be impacted. david: you have how many employees? steve: about 37,000. david: you are headquartered in san diego steve: we have about 14,000 in san diego. some inthe bay area, india and other places. very highly concentrated in engineering. have kind of large development centers that we use. david: it is hard to believe that i lived most of my life without a cell phone. how many smartphones are there in the world today, would you say?

steve: i forget the number, but it is something like 1.6 billion per year are sold. david: if you have a cell phone, you have some piece of qualcomm technology in it, correct? steve: yes. every cell phone that is sold uses qualcomm technology in some way. so, all of the technologies that were required to figure out fundamentally how you get a cell phone to work, how you get streaming video to work, qualcomm did a lot of that. in addition to cell phones, we have a very strong ip position. very early of the inventors of streaming video codecs. the fact that we are watching each other today is actually due to qualcomm.

david: the chinese economy was shut down a bit. using cellhina phones, does that hurt your company, the fact that china was sort of shut down a bit? steve: it did. for the march quarter, we saw a pretty substantial drop. what is surprising, a lot of people forget this, it actually rebounded pretty quickly as well. totook about three weeks rebound itself and get back to a comparable to a year ago. it transitioned more of the phones as a percentage of 5g. that is really the only data we have, the consumer in the cell

phone space. the china market is a little bit , but that was reasonably good data. david: your company designs new chips for cell phones this, but even if you don't design a chip that is used, you get royalty for something you developed years ago. is that right? that is correct. or just the patents for all the technology to even have a cell phone. david: apple was disputing whether they should pay this royalty. eventually, it got resolved on the courthouse steps. so now you and apple are good partners and everything? steve: we are. it is about products, how we launch products as fast as possible. is there anybody not

using this technology? steve: it is a very competitive market. david: so they used your technology and don't you for it? -- don't pay you for it? steve: they are supposed to pay a license and almost all of them do. we have that done except for one big licensee, huawei. and we sell chips as well. david: tell me, what was 2g? about two g was really analog cellular and be able to pick a phone call. david: 3g? steve: 3g is about getting much more capacity, many phone calls so much so that you can economically get a cell phone to everyone for voice and a little

bit of data. david: 4g? steve: 4g is a computer in your pocket, cell phone. david: i am very happy with my 4g phone. now i know how to use this. why do i need to learn how to use a 5g? why is my life going to be better? from a cell perspective, you will have higher speeds, more capacity. but the new piece about 5g that is very exciting, and a lot of other industries now can take advantage of cellular technology. one of the ironies of the whole know the we now ,mportance of the enterprise telemedicine, being able to educate from home, these are all

, 5g enables almost all of them. david: let's suppose you convinced me that i should be happier to get 5g rather than 4g , i read that in the united states we don't have the infrastructure and in china or europe, they are ahead of us. how can that be? steve: we do have to pluymen. when people talk about that, what they are really saying is that there is no domestic infrastructure provider of the equipment -- manufacturer of the equipment that produces the network side of 5g. but, that is different from saying that verizon, t-mobile, or at&t, they definitely have the ability to deploy 5g and are doing it aggressively.

steve: ecosystem really consolidated into a small number. orot of them consolidated emerged into each other. there will be a change in the market when things go virtualized, which essentially means that the i.t. that you have in your chief information officer, that system of providers -- it will take a little bit of time. that market will change a bit. it really has to do with some of the moves over the last 10 years. the u.s.-china relationship is always complicated. now we thought for a while we had resolved this with our trade agreement.

now, some people are blaming china for the covid-19 problems around the world and the united states. do you expect the problems that will probably arise will impact your business? steve: i would say it is too early to tell. if you look at our history with china, and we have a lot of history with china -- me in particular over the past seven years or so -- potentially what has happened is, although there is a lot of rhetoric, political rhetoric, on the ground you see a lot of cooperation between the technology and -- technology ecosystem we play in. partners,ig chinese we, along with huawei, we actually participate in the international standards bodies to make sure that 5g happens in

a big way. underneath the rhetoric, there is still a tremendous amount of rhetoric. you believe there will be 2 million 5g telephones sold in the united states this year. steve: we reaffirmed that on our earnings recently. apple is producing a 5g phone, you must have technology in it. cost $1000 or to a little bit more. people will spend $1000 on a 5g cell phone? steve: at the beginning of a ramp of technology, we saw this with 4g, 5g, fairly big optics --the higher prices which

you tend to see subsidies from employers. probably more importantly, you are seeing a big -- i would say growth in the scale of handsets worldwide with 5g, even more than with 4g. the first year of 4g, you did not see so many phones launch and across somebody price tears. that is a good thing, it always happens and it is happening quickly with 5g and we are happy to be a part of it. your: i assume you have technology and everybody's smartphones. one day, use an apple, the other day a samsung, or out of you tell people which one you use?

and i i often do that sometimes get in trouble for being in the wrong place at the wrong time with the wrong phone. apple's 5germs of phone, is that available? aeve: i don't talk about customer's products, even if i knew about them. david: when the covid-19 crisis hit, you had 14 thousand people in san diego and another 23,000 people elsewhere. steve: we had them spread across the world. inhad about 5% to 7% coming on any given day. earlye that decision in march. you may know, in china, we made that decision earlier. in fact, the decision was made

for us earlier. it has gone reasonably well. it went that way because we planned for it well and we also got pretty lucky on the timing. we have been pleased with how it worked so far. david: there is a theory that technology companies should be able to adapt better than non-technology companies. do you think that is true? we use the technology we produce earlier than perhaps the rest of the economy. therefore, you might be more prepared for a situation like we saw. when we went to work from home, the biggest concern was really, with the network hold up instead of, i wonder if we have everything we need. and wem did a great job

benefited from that. david: 14,000 people in san diego, some of them may be near the beach, in attractive areas, do you think they will come back home? office or work from steve: it will probably be a bimodal distribution. we will have people that we need to come in and they will want us to bring the smallest number of people that we need to come back. there will be a second group that could be very successful for a long time at home that want to know, how do they plan for child care, how do they go through the summer. i think come at the end of all this, people will look and say, how did we learn? impact it will have an

on how people plan, sort of the way that people work. the irony will be, we will use more of the technology that we create and probably have less people on site any given day. as we goll learn through the summer what we really need. david: when do return, will they need masks? do you have enough masks, and how do you get masks? we are in pretty good shape for stuff like that. when we talk to the employee -- theyey want to want to make sure that things are in good shape. testing, masks, that is not the big issue right now. we are saying, we are productive, we can come back very gradually, which is

probably the right thing for our company and the communities we live in as well. david: have you thought about using your technology for smart masks? steve: we haven't. doors,hermometers, smart no touch locks. will: do you think you bring back everyone eventually. onyou have any thoughts that? steve: we think we will continue to grow the technology we need. haveay we work, we may more people out of the office but still productive remotely. that will be the way that a lot of the tech companies work. david: people who report directly to you, do you talk to them every day?

at a you run the company now? -- how do you run the company now? steve: by and large, we communicated by technology in the past. culture inbuilt the place. what we did do is that we have all used video conference more. we have less meetings. one of the reasons productivity is probably gonna a little bit, quite frankly. and, we tend to use cell phones a lot. it has gone reasonably smooth. it has been amazing. say hashat would you been the biggest surprise for you about this crisis? steve: probably the psyche of the employee base. you need to make sure you have financial stability, your balance sheet, stress test, and those of us in a position where

we did not have to worry about that, the next thing was, are we working on the right things when we get out of this? then the question is, let's make sure everyone understands -- it is about communication, about being visible. how do you do that if you can't people.ly see my biggest concern was, and seems to be about you keep the culture, the psyche of people -- how do you make sure they are mentally able to get through this? a lot the fundamentals are known and we know what we need to do. david: what lessons would you say you have learned that you think are valuable? if you were to talk at business school tomorrow, what with the two or three most important lessons be so far? is notfor some of us, it

the most natural approach. the other thing i would say, in a lot of cases it is the support structure, the administrative functions that you do not celebrate every day. celebratepany, we engineering, we celebrate patents being issued. what made it successful here was hr and the i.t. group. all of the time that you have invested in that was really for the two or three days that you had to make sure this network worked. culture you have created for 30 years, that is what shines. david: some companies have said, in light of the terrible problems some are facing him out of work, a need for food, some companies have either made donations in local areas or had things they have asked employees

to do. what has qualcomm done in this area? steve: we have done similar things as well, and in fact all around the world. italy which has been hit hard, china, india, san diego here. the health care providers on the frontline. get on basic, how do you through the next month and two months? we have also given in-kind donations. doesssue in san diego, how everyone get access to the internet at home when not everyone has a laptop? the issue, as you know, is so great. the stimulus that is required really has to be a

government-led issue. david: you are in your office in san diego, but are you working bit>f your home a fair -- a fair bit? steve: i am working out of my home. everyone is available all the time, so we all seem to be working longer and certainly spending more time talking to each other on video that we have done before. at, by and large, it has been good experience underneath of a very difficult situation. have two college aged daughters. are they happy to be home with their family? steve: quite frankly, i doubt it. they were enjoying the path to independence. we picked them up and put them back in their high school experience. , people that run

the dorm now, they are pretty happy to have the new students in town. david: you have managed a lot of crazies in your days at qualcomm. let's say 9/11. by did qualcomm get affected 9/11? was less a company, it impactful. it was really about the shock of getting everyone to understand how we would operate. huge issue.s not a david: how about the financial --sis of two thousand 7-2008 2007-2008? steve: it affected our financials but we invested in a lot of companies that would be the foundation after that. we thought, how can we be

prepared to come out of this financial strain -- financial crisis strong? , othersted in lte technologies we have relied on since. david: this crisis, you have come through it in pretty good shape, right? steve: the financial crisis did not prove to the world that the technologies we are working on would be meaningful. is now, over the last said,weeks, they have all i do believe i will be on video calls, i do believe the internet is very important, i do believe i need more connected health care. essentially, you do have the proof point.

we have to prepared for the rebound. oned: you have had existential crisis. someone tried to take you over a while ago, broadcom. that went away. i expect you don't think anyone will try to take you over again anytime soon. steve: that is not what we are thinking about. david: you're also trying to make an addition of nxp. are you looking at acquisitions now or happy where you are generally? steve: we are pleased to have the balance sheet to have the flexibility to take advantage of opportunities. scarlet: that was leadership live with david rubenstein and his special guest, steve mollenkopf, ceo of qualcomm. "bloombergnology" --

technology" is next. this is bloomberg. ♪

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from all of that on xfinity.com. faster than a call. easy as a tap. now that's simple, easy, awesome. emily: welcome to "bloomberg technology," i am emily chang. uber posting its first decline in its ride-hailing business, showing the pandemic continuing to wreak havoc on the on demand transportation business. markets ending the day higher, tech giving them a bit of a boost as unemployment claims continue to soar to record levels. 3 million more new jobless claims, bringing