information needs to become -- there weere have have it, at the closing bell. 1.4% higher on the s&p 500. up 2.3% on the dow jones industrial average. down in terms of volume. we are coming into a shortened week. romaine: good point, we will see volumes a little light. the numbers on your screen are pretty much around the eyes of the day for most of the major indices. definitely a lot of buying going into the close. a lot of names and there, some of them speculative names. something like workhorse, this maker,lectronic vehicle the gm lordstown plant in ohio, up 46% on the day.

thattart to see some of speculation in smaller cap to mid-cap names. keep in mind, the rebalancing of the indices, that actually took effect today, so you will see a lot of the smaller names move into those mid-cap and large-cap, the russell 2000, the russell 3000. taylor: we are getting some comments from fed chair jerome powell. congressional testimony tomorrow. he is saying the path forward is extraordinarily uncertain and really hinges on this virus. untilecovery is unlikely people are confident it is safe. incoming data beginning to show a resumption of activity. a new phase is sooner than expected. millions of jobs are still lost.

he is repeating that the fed is still committed to using a full range of tools. below,y keeping rates buying bonds as well. romaine: the other thing that is going to start to drive this is corporate earnings. micron earnings crossing the wire. the three q numbers, adjusted eps, above the estimate for $.77 on an adjusted basis. for 5.3. are looking company had continued share repurchases. the q3 growth margins, coming in just around what the street was expect. caroline: let's get some more analysis now. wells fargo acid judgment, head of asset equity. perspective, micron doing well coming to earnings

season. patty you brace yourself earnings season. is it already priced in? is it going to be about the guidance? >> many companies have suspended guidance. lotink it will depend on a of what we are seeing in terms of reopening, whether or not .tates can stay reopened ont we will see is the focus what investors are starting to believe, a new cycle or if we are entering a new phase that looks like it's could turn into a significant slowdown if this looks like a new phase of growth

within, both from a trailing and , therd-looking standpoint market will look cheaper to investors. believe we are entering a new slowdown phase based on other changing dynamics with the election, they will be a different perception based on earnings. it will not just be about the e. it will be about what kind of multiple investors choose to put on it. taylor: jay powell, we know he is supporting the credit markets. much of the recent rally in the equity markets can you also contribute to jay powell? creditdo believe that indicators and having so much liquidity in the market has definitely cap the equity market

strong everybody talks about the fed could play a significant role in the equity market. we talked earlier about bankruptcies. but most of these bankruptcies are not aing surprise. these were prior to the virus and they did not need to much more of a push to get to where they are today. we are seeing a lot of support both from the fed and from the government. sorry, from low interest rates and then from the fed. we are going to see some companies survive much longer because of that. caroline: wells fargo asset management head of equities, ann miletti. that does it for "the closing bell." next on "what'd you miss?" we talk about fighting covid-19

using artificial intelligence. this is bloomberg. ♪

♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. romaine: this is "what'd you miss?" caroline: we are up significantly across the main benchmarks. thenasdaq at one point -- dow jones industrial average, helped by boeing come up more than 580 points. that is even as the worst is yet to come. the head of the world health organization does not mince words. with dr. kamran khan on tracking the vaccine through ai.

and, leadership live with david rubenstein and the vision -- the activision-- blizzard ceo. , lor: lululemon to buy mirror, a work from home platform where you can exercise from home, certainly going to be getting a boost. after of lululemon up hours. of this comes as we continue to talk about the virus cases, perhaps the rise that we continue to see and how we are eventually going to treat the virus and how you are going to pay for those treatments of the virus. gilead coming out and saying this is a story we have not yet

talked about. remdesivir actually below some estimates, the drug could cost $5,000. they recouped a billion dollars in r&d spends. on the other hand, underperforming stocks, as you can see in green and orange. deep -- these generic drugs have been around for about 60 years, made by my land and -- made by mylan and merck. joe has been writing about this, not only how to treat it. but we need to give them may be a little bit more credit. i wonder if part of this is frankly the death rate stabilizing to falling, particularly in states like florida. how are you seeing the rise of

cases, yet stabilizing or declining death rates. that what people will tell you is that death rates are a lagging indicator not -- rise in cases are deathst resulted in the in the coming weeks. we really have not seen an increase in death. texas, deaths have been going down, which is kind of startling. the second part of the answer, i think when the various governors say that the problem is that it is younger people who are not socially distancing, using the reopening's to kind of go to bars, places like that, they can in effect spread the virus because they are not protecting themselves, i think that is

real. in florida, the age of the typical positive case has gone to 34..5 you see younger people go to the hospital less and much less frequently die. it is not good that the cases are going up but it is not as horrible as it would be if it were a nursing home. caroline: it is interesting the ron desantis, he basically really manages to always say the wrong thing. >> 100%. caroline: if you ignore what he says, when he does you don't think is actually too bad as a process? >> the first thing is, he did a really good job of putting a ring around nursing homes.

they test everybody and the staff every two weeks, they do theallow any visitors, even closest relatives, even if the person is very sick. the elderly deaths have been very low in florida. he probably reopened too early. he has been stressing masks, social distancing. he is stressing the same things they are stressing in california. the only difference is california is a blue state, they don't get the criticism. florida is a red state, they get piled on. the truth of the matter is that every state that has reopened recently has seen an upsurge in cases. frankly, we will see an upsurge, because it does not really matter whether you are blue or red, the virus does not care if you are democrat or republican. romaine: sure. i am curious, we know that as

states reopened and people start to mingle about, you will see the spike in cases. some scientists have been trying to pivot to different statistics like positivity rates that might provide more clarity about how severe that uptick is. when you look at the statistics that we are using, or more specifically that they governors or mayors are using, do you think those statistics are adequate enough to assess the longer-term threat of people sort of going back out? >> i don't. positive statistics are useful. it does show that a higher percentage of the population are getting it. the most important statistic is the r number. that is the number of people you infect if you get it. every state in the country is above one that is, if you are a floridian and you have covid, you are likely to spread it to

1.5 people. every single state has been so get theto get reopened, economy going, that they are all over one you sort of can't blame them they are all facing economic disaster and trying to avoid that as much as possible. romaine: definitely a lot of folks trying to blend the economic impact here. coming up next here on this program, we will talk to the software company that picked up signs of the coronavirus before it even had a name. bluedot. we will talk to the ceo, dr. kamran khan, about how his firm is using mobile phone data to track infections. this is bloomberg. ♪

>> we have been in conversation with facebook about highest level including mark zuckerberg and sheryl sandberg over two years. it is vital that this form take necessary precautionary measures. we have seen within the last month individuals reading up on facebook, that plotted and murdered federal law enforcement officers. we know for a fact that the platform was used. to purchase assets -- to purchase ads in the name of

black lives matter. there is a necessity to put guardrails in place. facebook has the technology, facebook understands how to address this. toa nation, we have to move the question of rate -- move the question of race above the question of partisanship. those things cannot be equated as equal. for us to protect our democracy, this behemoth of a company must be more accountable. >> what has facebook tell you? >> they know there is a problem. they may in some cases very rarely acknowledge there is a problem but we have not seen solutions that have led to outcomes. many organizations, anti-defamation league, color of change, naacp, have been calling

for the same approach to do something to protect american citizens, to do something to protect our democracy. the is the problem with lack of accountability. there is no regulatory agency that can oversee this. boardis no stockholder or of governors that can put something in place. this is where you have a runaway train and that is causing harm to the public and our democracy. the pandemic, it was a post -- a boast of the president that black unemployment was at the lowest in history. what, policy wise, would you like to see enacted in order to reduce the inequity in the labor market?

>> we have to approach the policy structural racism that has been embedded in our system when social security was enacted , southern politicians were able to get an exemption that agricultural workers and domestic workers were exempt from the program. we lost two generations of workers, african-americans, not even qualified for social security. if you look at that one example and wrap that up to current, we where itt of examples as ated our ability community to advance. romaine: we were listening to the and aa cp president and ceo derrick johnson speaking to vonnie quinn.

using ai to track and anticipate the spread. digital health startup bluedot was among the first to detect the virus. i want to welcome in kamran khan , blue dot founder and ceo. thank you for being here. ,our company, your technology came to a lot of folks public awareness late last year when it was used to detect an outbreak of what was then called aeumonia cases in neighborhood in china. useds the technology being to track the progress we are either making or not making? >> you are right, the platform , locally and

globally. more recently, we have been focusing on mitigating risks of local transmission within communities. a lot of this has to do with the fact that, as we have learned, this is a virus that spreads from person to person and population movements are a predictor of how diseases spread. we have been involved in working with the government of canada, the state of california, a local governments, to show these trends, not only in local communities, but as we see transmission for example in the u.s. increase in different parts of the country. in certain parts of the country, cases are cooling down. how that mixing is taking place. the is ultimately to inform

public health community so that they can use these insights to mobilize the most effective and efficient public health responses. you are working with governments and private companies and industry groups like the toronto international airport. how is the airport deploying your statistics of your data, ensuring that as you are traveling through an airport, you are less likely to see covid-19 rapidly spread? speaking specifically to the private sector, we have started to work or with private enterprises, the travel sector being an important one. covid-19 has absolutely revealed that outbreaks can emerge quickly and spread rapidly and have profound health, economic, and social consequences.

theel, this is essentially conduit of how people move around the world. we have been working, fortunately -- we have been fortunate to be working with pearson international airport. they have a healthy airport initiative, to help offer them this global real-time situational awareness of epidemic threats. so they understand how they might disrupt their business, how they might impact the safety and well-being of their employees and customers. we have learned with covid-19 that time really matters. having this type of timely intelligence becomes very important, not only to protect their own interests, but ultimately also relate to protect the interests of everyone around the world. airports,rking with

private sector enterprises you talked about, what are some of the practical solutions that are then put forth after using the ai software? you can sort of see the data and how people are moving and spreading. >> there are a number of examples. now,e starting to come in as we work with the travel sector, we are learning more about how they can perhaps insights intor specific actions and responses. even knowing that there is an important outbreak happening can offer insights into crew or staff that they be in that location, or how a disease or outbreak is likely to spread through commercial air travel to another geographic location. a lot of that is around going to the occupation health and safety entities within these organizations but also thinking proactively about travelers, if

they are manifesting symptoms, to be aware of an outbreak, and more broadly to be thinking thet the impacts to operations of these organizations that are ultimately transporting people across the planet. it is really ultimately think about enterprise risk management, the safety of employees, the safety of customers. this is how these organizations mobilize this intel to these types of responses. caroline: thank you so much for explaining him bluedot is helping crack the covid spread. withg up, leadership live david rubenstein and the activision blizzard president bobby kotick on the challenges that the covid-19 crisis has created for the gaming industry. this is bloomberg. ♪

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months of lockdown fueling videogame sales. but as the global economy reopens, will gaming continue to be a bright spot. david rubenstein is speaking with the head of activision blizzard right now on leadership live. david: thank you for joining us. runyou have built, and you the largest gaming company in the world -- video gaming company. it is activision blizzard. you started it many years ago. we will talk about that in a moment. hass talk about how covid

affected your company. i think most people probably presume that when people would be staying in their homes, that would be great for the video gaming industry because people have lots of time on their hands. did that turn out to be true? abby: of course, this is not good time for anyone. but, what we have seen is a noticeable increase in gameplay. audiencefor 50% of our is female, 50% is male. we have seen across all demographics is increase in play that i think is keeping people more safely at home. david: you said 50-50. i am surprised to hear that. the presumption often is that it is young teenage boys playing video games. is that not the case? bobby: our single biggest community of players is actually

25-49-year-old women who play games like candy crush. ok.d: so, when covid-19 is over, is it your expect tatian that video gaming -- your expectation that video gaming will go down? bobby: it is hard to know. one of the things we have seen, there are a lot of new players, people who probably have not been passionate game players before, were finding a lot of joy and satisfaction from gaming. the other thing is that gaming has become a very social experience. people have headsets, microphones, video, and they are playing games against people around the world, competing against each other around the world. it is not just a traditional form of gaming. it is much more of a social experience. david: a white 70-year-old

private equity specialist could learn how to play video games and enjoy it as well. bobby: i know you well enough to know that if you set your mind to anything, you could accomplish it. if you have any interest in becoming a professional videogame player, i would be your coach. talk about how you have been running the company from your home. beenhas that experience like? your company is based in santa monica, california. is that correct? bobby: we have six business units. one business unit is headquartered in santa monica, one in irvine, one in london, then a few different places. based inte in -- i am santa monica. david: you go to the office, you

have people you are telling what to do, they are giving feedback and so forth. what have you been doing now? is it hard to do this or because you are so used to technology, this has not been so difficult? bobby: early in january, we started to see the occurrence of offices in china. we had an early indication of what might happen. our partners like tencent, we had a pretty good sense of how they would shift to work from home. we were in a pretty good position to provide equipment, technology. we also collaborated across the world. we have studios in sweden, spain, the u.k., places like albany, new york. been studios had already collaborating with each other in those remote locations.

but one wedjustment, were able to manage pretty quickly. david: for people who produce video games, you have, i assume, young people, who come up with the games and do it. is it a one person kind of thing or is it several people? how long does it typically take to produce a videogame that is ?uccessful bobby: good question. we have some of the largest franchises in video games. you take something like candy crush, today there are 100 million people who play it on active user basis. we are constantly delivering new content to those players. there are probably 600 or 700 people in the development team on a game like candy crush.

they are constantly introducing new content. in a game like call of duty, there are 1600 people creating content on a regular basis. there are not great examples of a few people and projects like ours. the heirs -- these are hundreds or thousands of people. bobby: when someone david: -- david: when someone comes up with a new game, do you have to view the game and decide, or does somebody else do that? bobby: me personally? i participate in the process of determining which new ideas we are going to pursue. but remember, our company was founded in 1980. we have hundreds of franchises in the library. it is very easy for us to go into our library and look at new

ideas. we have a game called tony on pro skater which we released -- tony hawk pro skater which we released almost 20 years ago. we have a new version of that coming out next month. every year, we are creating new, from the ground up, potential franchises as well. david: there was a person who was a scriptwriter for a movie called butch cassidy and the sundance kid, and when he wrote his book, it was called "nobody here knows anything." is that true with the videogame world? or do you pretty much know if it is going to work? bobby: our business is unusual. one we have franchises. two, we can test the content before we commercially release it. this is my 30th year as a ceo. i am generally thinking in about

10 or 20 year increments of time. we can get a much better commercial and creative and critical result than i think you can in film and television. period ofing this time, you not only create new video games and so forth, but you have to actually manufacture them. has manufacturing been a problem because many sources are overseas? business isf our direct digital to the consumer. about 10% are physical products. been ansay that has especially difficult challenge for us. david: here i have one of your products. these are physically produced. but those are the 10% and the

rest is electronic more or less? bobby: that same game you could download if you wanted, but you could buy it in the store as well. david: i made the mistake of going into the private equity business. i should have gone into the videogame business. but you grew up in the new york area, you went to the university of michigan. he decided to work on some companies when you are at the university of michigan. but then, as i understand it, you had a meeting with steve jobs and he said you should drop out of college and work on your video games. is that true? bobby: not far off. i started on productivity software for the apple two. they had seen the work we were doing in got excited about it.

we had a contract to develop the software for apple. steve came to visit and he found out i was still a student. he said i needed to quit or i could not keep the contract. he also said that studying the history of art would not be a productive way for me to spend my time. david: you were an art history major? bobby: our history and doing a lot of computer programming. david: did you tell your parents you dropped out of college? what did they say? bobby: it took me six months. then they told me i should go back to college and stop wasting my time, but i did not. assume they on, i were pretty proud of what you build. your own daughter, if she told you she was going to drop out of college, what would you say? asby: i would not be

tolerant and forgiving. david: today, as you look at your business, you produce the games that go on consoles, might be playstation by sony or xbox by microsoft. you are in different to who is the manufacturer of the council, is that right? -- of the console, is that right? bobby: our biggest market is on phones. android is the biggest form for us, then ios. we are generally indifferent. we will support most platforms. the majoray, where competitors in this industry? are there chinese companies that produce a lot of content in china? nettie's aret and

probably our biggest competitors. we work with both of them in china. we have very -- for the last year, the chinese government has not approved any western content for release. to their someone said children, you can play video games a little bit a week, but not too much. for would be the argument why people should play video games as much as they feel appropriate? bobby: we could spend a half an hour on that. i would say starting with our mission, connecting and engaging the world. very socials a experience, you are playing

against people or could be playing against people around the world, developing connections. there also is a competitive dynamic. e-sports has become a very big way to accomplish success in video gaming. there are professional teams with players making hundreds of thousands or millions of dollars per year. kid whoadvocate for a has a proficiency in gaming that there might be a career for them as an e-sports athlete. what you get from a cognitive perspective. there is no question that we see that interacting with video toes has the ability meaningfully improve your cognition. your spatial relationships with three dimensions. there is really only benefits. david: it is said that if you want to keep your brain reasonably active, at a certain

age, you should learn a new language, learn to play the piano, do crossword puzzles. maybe they should say to play video games. our people my age or older playing video games to help their cognitive abilities? bobby: yes. there was a big wave of this in japan. nintendo launched a series of games called brain training. most of the people playing those games were over 60. they saw numerous improvements in cognition. you will eventually go back, i assume, to your offices. do you think all of your employees will want to come back and work in offices, or do you think they like working at home? bobby: we have not really done the studies in the employee populations to find out what predispositions they have.

but our view is that we will not allow people back into the they feel a high degree of safety. we've been doing work in the implementation of testing, health care initiatives, so that we would that our employees would be safe at work. some ceos like you have said, we can get by with fewer employees, more many prefer to work at home now. it is more efficient for them. have you talked to any of your employees who have said they feel like they can get more done at home? bobby: i really think it depends on the function but a lot of creativity comes from serendipitous interaction. i don't know if creative businesses have quite the same latitude for work from home. there might be certain portions of the creative process. but i don't think we are at a place yet where we have made a

real determination as to whether or not working in an office would be optional. your: e-sports, you have e-sports leak. gaming essentially video where you have teams that play against each other, where you can root for them, maybe even bet on them, i guess. do you expect that will continue to grow? bobby: i do. when you think about professional sports today, whether it is basketball, football, soccer, there are maybe 3000 people in the world capable of playing professional baseball, maybe 5000 people capable of playing professional football. there are hundreds of thousands of people capable of playing professional video games. so, when you think about the requirements, the

qualifications, to get that same thrill, same sense of accomplishment, but also have a career, it is a real growth opportunity for people and we are seeing an explosion of interest in the spectator component. what are people thinking might the next big thing after e-sports that might change or add to video gaming. bobby: we make games of skill, so in most states, most countries, wagering on games of skill is legal. we do not participate in that today but my suspicion is that as the e-sports leaks become even more prevalent and popular, you might start to see. wagering, wagering on the outcomes of these types of offense. leaksll see fantasy

emerge. -- fantasy leagues emerge. for me technology perspective, i love the social experiences people are having through video games. i think that once we start to add a greater dimension of the social experience, they will connect in ways that deliver a lot of meaning, purpose, and value. vr over the long-term will have impact on the type of video experiences. david: virtual reality, vr, is that really prevalent now or not yet? bobby: it is a ways away. i think there needs to be a much broader installed base of vr hardware. a decade from now, it will be. david: in your business, you are pretty well known. when you caught to eat at a restaurant -- when you go out to

eat at a restaurant, do people come up to you and say, i have a great idea for a videogame? do you try to be polite? bobby: i am not very recognized. the only time i have ever really been recognized, i was in a friend's movie as the owner of a baseball team. moneyball?that let's talk about philanthropy for a moment. you are involved in a lot of different philanthropies. what did your company to to deal with the covid-19 situation? did you have anything your company really sponsored or that you personally not involved with? bobby: both in the communities we operate in, initiatives like food banks. on the health care front, we were concerned that there were

not really well identified protocols for outpatient care. we quickly started to initiate studies we were funding in places that we operate like southern california, new york, madison, wisconsin. convalescent blood transfusion, which we saw as one of the most promising near-term areas of interest, we funded a whole series of programs that have been very effective and successful. we started doing that for health-care workers initially. but now, more broad-based and on an outpatient basis. withe involved in a study a japanese antiviral drug that has only been used so far for inpatient hospitalizations but not on an outpatient basis. haves some promise if you

early intervention. we have supported a number of other research initiatives that we think have promise for treatment. i would not have expected a year ago that we would have been in the business of providing funds for these research initiatives, but we did not really see a lot of progress in a lot of the places that we operated. david: i think you have been involved a bit and veterans, helping them get positions. why are you so interested in veterans? bobby: there is a longer story. but about 10 years ago, we realized that in this country, a service person returning from iraq or afghanistan was three times less likely than the national average to find a job it just seemed to us that, if you were to go serve your country, make the sacrifices you

make in our military, to be three times less likely to find a job was just horrible. so we started a program. today, we have found over 60,000 great positions for veterans in areas of focus. our cost per placement has gotten much lower. the quality of jobs has got much better. thed: let's talk about racial protests that have arisen recently in this country for all the reasons we know. what is your industry done about this? how are you trying to provide more diversity in the industry or the company? the veteranso initiatives for a minute because i think that is a good segue. the population at large in the u.s., the black population is roughly 12% of the total.

found veterans hiring, we 28% of the jobs we have found been for african-americans. what we have seen is a lot of progress on the veterans front. in our own company, our area of focus has been education. an active program funding tuition abatement, scholarship programs. there is more work to be done but i think the work that we have done has really opened up a lot of opportunities for minorities in the videogame industry. david: bill gates dropped out of college. steve jobs dropped out of college after like one week or so. mark zuckerberg dropped out of college. what is it about dropping out of college? does it make you work harder? do you recommend that two young people are not?

bobby: -- recommend that to young people or not? bobby: i don't necessarily recommend it. i think education is one of the most valuable things you can get in america. the only reliable predictor i have seen for business success is how early and enthusiastic are you as an entrepreneur? i was always very entrepreneurial as a kid. when i got to college, i continued by starting this software company. i did not get the benefit of this college experience. two of my children have had extraordinary experiences, great educations. they are going to have successful careers. i would definitely not dissuade someone from a great college education. were in college today, 20 years old today, you said i was going to drop out of

college and do something interesting, what would you think would be a great area to get into today? video gaming is taken over by you already. what would be the next area? bobby: i would either go into genomics for molecular level computing, quantum computing. i think the great advances of society are going to come from those disciplines. opportunity, that is probably what i would do. david: you have been running a company for 30 years. generally, ceos on average in the united states probably last seven years or something. but you are more than a ceo, you are the founder and so forth. do you still get the same pleasure out of running it? might you consider going into government, running for office, doing something different than

you are doing now? bobby: for the last 30 years. i could not imagine anything different. next 30that for the years, if i have the opportunity to continue to do what i am doing, i would love doing that. david: ok. so, as you look back on your career, what is it that you are most proud of? is it having built a company more or less from scratch? having employee a lot of people? where do you take the most pride and what is the greatest source of your pleasure today? i get a lot of joy and satisfaction from -- caroline: i was leadership live with david rubenstein and activision blizzard ceo bobby

kotick. romaine: have a great evening. this is bloomberg. ♪ the best tv experience just got better

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♪ emily: welcome to "bloomberg technology." coca-cola,starbucks, the latest major brands to pull advertising from facebook amidst the stop paid for profit andaign backed by the naacp anti-defamation league -- anti-defamation league to take a stand against hate on platforms including