among the outperformers in the broader sector today watch real estate. i will send it downtown to you in your respective homes back home to you. >> thank you very much, dom. good tuesday morning i'm carl quintanilla with morgan brennan and jon fortt coming from separate locations as we practice social distancing here at cnbc. pretty stable market session, jon, well off of the highs of the morning, but well off the lows >> yeah. indeed s&p about flat the dow and nasdaq hanging in there. let's start with that market action steve from wolfe research joins us now steve, good morning. >> good morning, how are you >> i'm doing pretty well, steve, and taking a look at some of your analysis of the tech market right now, you think it's fared better than things overall what do you think is going to determine how these stocks behave from here

>> well, tech is holding up well given it has high multiples coming into this part of the reason tech is the answer to some of the issues particularly working from home, things like krits tricks, zoom, microsoft, amazon, have outperformed it appears this is going to be somewhat of a permanent change there's a spike but even coming out they could benefit we would like to see more breadth within tech. it's been big and focused. last week was interesting. as we started to get a rally in tech we got a sense for what's going to perform on the other side, services,semis, smaller cap names. we don't think we're there yet but looking for infection rates to come down, pmis to improve. the economy is on the mend and then hopefully on the other side >> steve, it's interesting over the past day we see some little moves in this environment that might suggest something. yesterday microsoft announced changes to office 365, calling

it microsoft 365 planning to open up access to teams and features in teams to more consumers. at the same time we see some labor actions with amazon, both in their retail logistics facilities and in whole foods. do you think those point to the sorts of tensions with people versus software that we're going to see in the months ahead >> i think that's probably right. tech and washington used to be two completely different worlds and that's just changed dramatically obviously coming into covid-19 there was a real tech lash against a lot of those companies. workers even then demanding for better conditions, sharing in more of the profits. i think on one hand these companies are working well with the government and there may be less tech lash in that sense coming out and the government will have a lot of priorities beyond anti-trust. i think the f.a.a.n.g. companies will be advantaged by that but you see calls for these guys are

rich, why aren't they doing more for their employees and that's going to be something i think we will have to live with for some time and could limit the multiples on the stocks. >> steve, going back to your point about the fact that tech has held up relative to the rest of the market, i mean dow is on pace for its worst ever first quarter decline on a personal basis, yet microsoft is actually up 3% for the quarter despite all of that turmoil. has valuations in tech more broadly come down enough to -- for you to feel like there are compelling opportunities here? >> i would say valuation is not yet compelling we have had about a 3 to 4 p/e turn decline in most of the sectors but we're still above the 215, 218 troughs and well above 2000 and 2008. i'm generally not convinced valuation is the reason to own nor not own tech it tends to be a momentum driven group. we were on an extreme on the high side of valuation i can't argue we're at a low

point. i would point out that even though i made the case relative performance of tech is holding up from an absolute point obviously most of the stocks are down, perhaps not microsoft, but these charts are broken and we got a big bounce from being oversold but in many cases these charts are still broken. you know, we still think the absolute performance of tech is going to be pretty questionable, but again if you have to be somewhere, names like microsoft make sense. >> that does make sense. let's make this a broader conversation and talk about internet and bring in rbc's mark mahaney, who i believe -- i'm not sure if you're joining us via skype or phone, looks like via phone. good to have you you put out a note you're taking down your estimates of facebook of cour , google, pin industries, this v, i'm sure you mean the v-shaped recovery might go lower than you thought what are you seeing? >> the third time in three weeks we did this.

we did this going into last weekend and there was three major material data points that came out last week first, twitter essentially prereleased and talked about march month trends down, implied down 10, 20% and then facebook puts out this blog for the first time ever that i've tracked the company talking about weakness in ad revenue. i've never seen them talk about that and third, one of the biggest internet advertisers out there, booking.com, known as priceline, talks about publicly dramatically curtailing its marketing spend. things got worse interest our perspective. for the third time we cut numbers on the advertising names. i think if you look at all of the internet companies, the travel kind of hospitality names, most impacted advertising in the middle. and then you still have a few defensive plays but there are few and that's the netflix, amazons and acamis of the world.

>> just to dig into that more. the fact that we are seeing weakness in internet advertising while some of the same companies are saying their euruser numbers are up, engagement numbers are up, at what point do you see the advertising dollar flows start to shift given the fact that there are so many more people sitting at home engaged in the internet and clicking through these different sites and using they can >> i think what you have is a buyer strike i think advertisers are simply cutting back on demand -- i'm sorry on brand campaigns and then on performance marketing campaigns. it doesn't matter what kind of engagement you have got. it's great for the business long term advertisers don't want to advertise in the environment certain sectors that have gone zero in terms of ad dollar spend, travel and hospitality, a lot of major brand advertisers, consumer discretionaries, high end, high price point. i think those campaigns have been stopped now those could be turned on very quickly again and we assume

they will. that's why we're goi when that is is hard to know you know, regardless of your engagement twitter was your data point. twitter is saying they're seeing an acceleration in user growth but the ad aren't followsing that that's the case with google and facebook they will be the last to cut because they haves the best proven roi in terms of internet advertising and frankly across all ad platforms, the more second tier speculative ad buys, pinterest, snapchat and snap and twitter, those will be cut so those you'll see a more severe v with those names >> mark, it's carl really quick, wp p today did pull the dividend, the buyback, their guidance and they said we're very cautious about the impact on marketing budgets and i think they're talking ex-travel. what makes you think the spigot would be turned back on from non-travel related companies once we get through this >> well, i think it will get

back to, you know, you need to generate demand for your products and if you're going to launch new products you want to advertise. twitter has been a pretty good place to advertise new launches. one of the big positives we saw if i go back a little bit in history of q4 last year, was kind of a surge in on-line advertising associated with the distance plus launch there will be other video streaming launches and ad budgets spent against those. i think you're going to go through four, eight, 12-week pause in new ad campaigns, especially for certain verticals, travel, high-end consumer discretionary those will come on the question is the timing and whether that's back after the year or early next year. our guess right now, our assumption is the back half of this year. >> all right lots of talks of vs, us, ls, different letters in the shape of the recovery. thank you mark and steve >> whole foods employees are

staging a nationwide sickout this morning, adding to some of the trends we've seen with amazon and instacart this week deirdre explains the latest. >> hey, good morning, morgan instead of walking out whole food workers are calling in sick to demand better protections amid coronavirus among the things they want paid leave for all workers who self-isolate or self-quarantine, hazard pay of double the current hourly wage for workers that are showing up and free coronavirus testing for all employees. now guys, i'm in a group chat set up byes the organizers of today's sickout. there's about 300 members. several of them have said that they have already called in sick today. another man says he's going to show up to his store in wisconsin with a loud microphone and megaphone and a sign beyond the sort of anecdotal stuff it's going to be difficult to see the size and scope of these things, as it has been

with other coronavirus-related demonstrations last week a group of instacart workers staged a nationwide strike that attracted a lot of attention in the leadup and yesterday, but instacart told us they had, quote, seen absolutely no impact to operations. also yesterday, morgan mentioned this, amazon workers at a fulfillment center in staten island staged a walkout. amazon said there was only about 15 of them of more than 5,000 people now we will see how today's action pans out, what kind of attention it gets at whole foods. but perhaps guys, we could see a little bit more added pressure because just this morning i know we've been hearing about it, walmart has implemented more safety measures for their employees including requiring a temperature check for anyone that comes in, any employees that come in back to you. >> all right deirdre, thank you very much. dow up 66 points on this final day of q1. take a look at some of the

quarter to date losers on the ndx. united and american down 50%, marriott and expedia and align technologies 'lta are a bback in a moment. lot of financial sense for them to stay in this great big house. but, well, this is home. it's where they raised their three boys. could they downsize? sure. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide.

welcome back let's get to jim cramer who joins us with a special guest, marvel technology ceo matt murphy jim? >> thank you so much, jon. matt, great to see you

you are on the i would say the cutting edge of what's going on in semis and used to be -- ran the semiconductor industry trade group. what i want to talk about today is how there's an infrastructure idea being floated in washington by the president, but you think that semiconductors are the new infrastructure and why don't you speak to that. i really couldn't agree more >> sure, jim it's great to hear your voice. i actually just saw the tweet from the president about the infrastructure bill and we couldn't be more supportive of that i think a key element of that needs to be the data infrastructure of the country and you can see the load that's being put on every nation's data infrastructure today, semiconductors is the essential building blocks of almost everything that's built in the world, in particular the networks of the world, which include 5g, cloud

infrastructure, all the advanced networks and interconnected products out there all powered by semi conductors we couldn't be more supportive as an industry for the country to invest in infrastructure. a key part of that needs to be the data infrastructure and physical infrastructure. >> i think we certainly saw that yesterday over the weekend, there was a note by satya nadella, really incredible, talking about 775% increase in traffic for azure is, and that 5g would make it so it was even more robust. what would a 5g world look like with all of this new stay-at-home, trying to get in touch with each other work, which seems to be maybe the future even after this >> i think it very much is the future, jim. i think even when we're, quote, back to work i don't think it's going to be the same as before i think companies not only tech companies but all companies are rethinking their workforce and

footprint. i think 5g is a critical part of that and if you look today, certain countries are making the investment, china being one of them, where they're viewing this as part of not only a stimulus for their economy, but a way to get their people back to work and get people connected i also saw hans was on last week and i think verizon as well commented about their continued investment there that's going to be a key part of how we think about working differently in the future and 5g will play a key role not only because of the bandwidth and the improved data rates but the lower latency and improved reliability of that network will be a big deal when it comes to remote work and different ways of working in the future >> couldn't agree more there's something else that i think is very important we should talk about. you mentioned hans hans came on "mad money" and took a pledge and the pledge was he had no plans to lay off any

of this employees because of covid-19 i understand that crisis has brought out the best in marvel and you're taking a pledge >> yeah, jim i think look, the crisis has brought out i think the best in the business community you had dan schulman on earlier. i know dan i think the ceos of all major companies are stepping forward to do their part i think every company and every industry is in a different position ourselves at marvel we're fortunate, our company is financially strong is, healthy, aligned to very strong growth and markets and as a result, you know, what i've told the employees of the company is that we have no plans to lay off any employees as a result of covid i want the team to be totally focused on the mission at hand, which is taking care of our customers during this time and also for them to feel confident that they can take care of

themselves, their families, which includes their children, and also their parents because many people are struggling today with the impact of covid and so as a company and a leadership team we made that decision to just allow people to focus on doing the right thing and we're fortunate that we're able to do that right now >> matt, hi, it's jon fortt. i wonder if you can give any per sp speculative on what you -- perspective on the impact of the rollout of 5g to be? when this really gets going, people will have to get up on poles and install equipment. they clearly can't do that now what sort of impact in delay and demand is that going to have >> yeah, sure, jon i think first of all, it's unclear, you know, exactly how the impact of the virus is going to affect it

certainly there's the human aspect of it, which is the countries in which it's going to be deployed needs to be safe, it needs to be in stable position countries like china where they are ahead of us coming out of it, they have very robust plans to do the installation work and to build out the network and that's going to be i think a big boom for 5g. i think other countries like the u.s., as hans mentioned, and others, it really depends on us getting some stability and people feeling safe again. so i think there's going to be some puts and takes. on the one hand, you know, you can see the benefit of implementing this network and any kind of infrastructure spending or stimulus will drive that on the other hand i think every single company and country is going to put the safety and the health of their employees first. i think that's the balancing act. the economics make total sense

it's actually much more cost effective to deliver services and data to consumers through 5g it's more efficient. i think over time you're going to see country by country, a rollout. it's a multiyear thing we've never said this is a one year these cycles can take anywhere from 5 to 7 years in terms of their total life we're in the early innings of this and i think while there are some puts and takes in the short term, we are very optimistic about the deployment of 5g, understanding the human aspect of it is probably the most important. >> yeah. matt, morgan brennan here. digging further into this infrastructure discussion, more specifically, i mean micron and sam sung have flagged strong demand in the data center market in the midst of this outbreak. is that what you're seeing at marvel where are you seeing the strengths and weaknesses amid

coronavirus? >> right we're, you know, we're seeing the same types of things we're not just exposed to the wireless network actually we have a very strong position in the cloud and think of it in all of the key parts of the network in between and so that part of our business, which is now the bulk of the company candidly, we still see demand as being very strong. i think the same trends that you mentioned are going to drive demand for network equipment the challenge right now is, there's a number of supply issues in the industry as we came out of 2019, the whole chip industry was on a very strong upswing and so supply was already tight before the impact of covid-19 and now you have the interesting dynamic supply constraints on the one hand

exacerbated by certain countries going into shelter in place orders with little notice and companies managing around the supply chains and on the other side of it is really where does the end demand, you know, end up when this is all done. we certainly believe and see in our own company that companies aligned to the data infrastructure opportunity should do well through the cycle and it's a ray of hope in a very challenging time for most companies and most economies right now and it's a bright spot and that's one reason i wanted to come on and share some of our insights and things we're seeing. >> i'm glad you did because in the course of all of this what we're forgetting is you have unbelievable new orders from samsung, you've got fantastic new business with nokia, you've rearranged the company so i think it's the ultimate 5g play. you are starting to see some return in china. we know that sanjay from micron was on "mad money" talking about tightness and supply we had david, the new ceo of

western digital, talking about tightness and supply there must be some real goods business happening right now from marvel. >> there is. there is very good business happening. we're, you know, as a company, you know, despite the fact that we got almost all of our employees now working from home, we're bending over backwards to take care of these requests. i can tell you our team is -- has incredible perseverance, a week and a half ago i got an elon musk from one of our key design groups, we taped out to our partner one of the largest, most complex chips in the history of the company we did that from home. we did it on schedule and those -- some of those key companies you mentioned are companies waiting for this product. we ended up filing our 10k from home a few days ahead of schedule the company is resilient during this time and we're really

prioritizing as i said the employees of the company and mot only the employees, but all the folks that actually support our companies so the hourly workers, the people that support our facilities, the cafeteria folks, we're taking care of them during this time it's very important and double downing on making sure that our customers really understand we're functioning well and deliver our promises. so far i couldn't be more proud of our team and how well they've been doing during this dramatic change in how we operate. >> want to thank you very much, matt murphy, by the way, the company had a blowout quarter whlly to play 5g and it's a totally reformulated company because of a vooeseries of suf s matt murphy, great to see you. back to you, jon. >> thank you. >> all right, jim, thank you for bringing us that as well >> and now let's look to europe.

markets there set to close in just a few minutes mixed action seema moody has that from home. seema? >> hey, jon. europe started the day higher on chinese manufacturing data and has managed to hold on to some of those gains but if you take a look at the year to date losses for europe, europe actually faring the worst among its global peers with stocks on average down 25% there, following four quarters of gains when we started the year nearly every wall street strategist was bullish on stocks. all have been brought down due to the coronavirus the impact on europe's fragile economy, the world health organization saying the outbreak in italy and spain may have peaked but the effect will be long-lasting the imf says it's a foregone conclusion pressings each country to step up with stimulus measures where we saw the biggest losses in 2020, the european banks as

rates fall deeper into negative territory, take a look at deutsch bank down about 15% so far this quarter more european auto plants shutting down and automakers continuing to decline between 35 and 45%. some is bigs losses there. lastly, guys, take a look at german meal kit delivery firm hello fresh continuing to benefit from lockdown measures, earnings beating estimates and seen a meaningful excel race since the latter half of march as more people order in. i point out shares are at a record high. carl, back to you. >> all right seema, thank you very much let's get a covid-19 update with sue herera at hq. >> good morning, carl, everyone. once again we begin with the latest numbers unfortunately, there's another big surge in coronavirus deaths in britain the death toll there has risen 27% since yesterday to 1,789 new cases are up 14% to just over 25,000.

that is roughly the same growth rate as the past two days. the european union meanwhile is urging member states to uphold the rule of law and respect human rights while imposing emergency measures to contain the pandemic the comments come a day after hungary's parliament gave their prime minister's government extraordinary powers with no end date belgium and france have also expanded the powers of their executive branches in eastern ukraine, border guards say they seized 300,000 medical masks from a smuggling ring seeking to take the supplies out of the country. ukraine banned the export of any anti-epidemic goods. as the top watermelon producing state florida prepares for the harvest many workers are stuck in mexico unable to secure visas. they have been gathering in monterey, mexico in 2018 produce companies used 243,000 workers with temporary visas to harvest the crops as always, you can get more

on the coronavirus outbreak by going to cnbc.com. morgan, back to you. >> sue herera, thank you for the latest taking a look at markets, we've been fluctuating between gains and losses on the final day of the first quarter. firmly in the green right now with the s&p up about 0.3% we're awaiting a briefing from governor cuomo those highlights once we have them stick with us. acing our world, what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved.

welcome back let's turn back to the markets this morning joining us now is ed campbell of qma and lisa shallette of morgan stanley wealth management. ed, with you on the last trading day of not only the month but the first quarter, what's been tumultuous, what do you believe is already priced into the market at these levels >> well, we saw equity markets

melt down at a dizzying speed for most of march. we did bounce hard off a low i would say that if we're lookings at a timeline where it's going to take a period of time for us to get to the peak number of new cases in the united states and, you know, from that point it's going to take a period of time to get this fully contained and then a period of time to get back to full production, so if we're at some semblance of normalcy mid-summer or so, then i would say the worst is probably behind us and we've put in the vast majority of the declines of course we're monitoring for economic tipping points and signs of economic contagion that could lead us to, you know, a more dire economic scenario, but i think if we are following the rough timeline that we talked

about before, then i think the 34% draw down we've put in so far prices in that sort of scenario >> i'm just curious when you say you're monitoring some of the economic data or potential for economic contagion, i mean today we've got gordon sondlaldman sa expecting a 30 -- in q3 potentially as well, but in general there's already a lot of really scary numbers out there for this quarter that we're going into, so what would that look like? what specific data points do you think will stand out the most and be most important? >> well, yeah, like you said, the economic data is going to be shockingly bad we saw goldman sacks talk about negative 34% quarterly annualized in q2 we're going to see horrible economic data like we've never seen before. the virus news is going to

continue to get worse in the united states. i would say one thing that is a positive sign, though, is that it does look like the number of new cases are peaking out and starting to decline in italy, right, so that could be an important indicator that gives market participants confidence western economies are going to be able to contain the virus i think that could be an important inflection point for markets. >> lisa, i want to ask you about the prospects for recovery there's been a lot of talk about the shape of it, is it going to be v shape issed,d, u shaped. i wonder if you're considering what a white collar recovery looks like versus a blue collar recovery it seems like the damage and trauma of this is different

depending on what sort of work you're doing. >> no, that's absolutely true. i think, you know, our vision for, you know, how this economy recovers is that really beginning if june we have a slow gradual reopening of that blue collar economy as you talked about that main street economy with restaurants and bars and nail salons and things of that nature, and that gradually, you know, you see a return to, you know, full activity coming in during the third quarter. we at morgan stanley are basically forecasting an annualized growth in the third quarter of about flat and that would essentially get us back to levels of activity that we saw, you know, during the first quarter and, you know, we are taking a very draconian view of the contraction that occurs in the second quarter

we do think that while there is a certain amount of demand that gets destroyed, that a huge amount of demand actually does get delayed. while that blue collar economy, those meals you were going to order out at the restaurant those -- certainly, you know, that haircut that maybe you didn't get or, you know, the spa appointment or the physical therapy appointment you didn't take, you know, those are the types of things that come right back because the pent up demand is sitting there and it's huge you know, we do think that the prospects for a v is-shaped recovery as we get into the later part of summer are very good >> lisa, to that point, and i don't mean to always ping-pong you with what mike wilson writes at morgan stanley but he has been outspoken this week, our base case is that lows are in for this bear market for most

stocks and current levels are buying points on the 6 to 12-month horizon would you put it that way? >> i would mike and i work very closely together and one of the things that, you know, we at morgan stanley have been, you know, very avid to point out is that most individual stocks is, and we have to separate stocks from the s&p 500, most individual stocks have been in a bear market since 2018 and not performed well they have under performed the index. so it is our belief that most stocks with this ultimate low last monday put in their lows for this cycle and that's why we're so avid about stock picking here and believing that there's great things for investors to own with limited downside and more upside >> yeah. certainly hope that's the case, lisa ed, to wrap this up finally, how

should investors be positioned in this market how would you be counseling your own clients? >> yeah. i agree that risk/reward for global stocks over the next six to 12 months is very good and that's even if there's further downside in the interim. i would be accumulating stocks on weakness in a judicious manner i think you want to be patient, markets always give you a second chance i don't think you should be chasing rallies. bottoming is a process that takes time you know, i assume that we're going to have to retest a low multiple times before we can be confident we've established one. i would advise against bold moves and making incremental shifts in accumulating equities. every day we get more relevant information and we have to weigh it against the larger picture. >> all right ed and lisa, thank you for joining us today with the dow and the s&p currently each up

about half a percent all right. pretty interesting market day. close to session highs here. dow up 120, oil up 3%, the vix down again, close to 50. when we come back, we're going to talk with the ceo of amc entertainment about the virus' impact on movie theaters do not go away

welcome back let's get to rick santelli in chicago. rick >> thanks, jon you know, the big rage for the last couple years has been there is no alternative. move over tina, because there's a new tina in town that new tina, there is no alternative, seems to be investment-grade corporates. yes, the corporate issuance market surging in march. no crisis is completely similar for even much more rhymes with

previous crises. if we look at the coronavirus crisis, companies need to stand in place, the big break switch has been turned off and there's a burn factor going on there we've all seen the volatility that ensued whether in the equity space or in the sovereign debt space but, what can you do if how can you find a way to invest in the companies whose stock prices have been so volatile and dinged so hard but you know deep down inside they're a good investment in the macro picture well, enter there is no alternative corporate investment grade issuance we have seen it sky rocket as a matter of fact, many of my friends that like to be guests on santelli exchange are like call me next week because we're doing so much business right now. that is a good thing i'm very happy to hear this because they're building the coffers and think about the investors partaking in some of

this they have less volatility to deal with, most likely they'll have some pretty good appreciation an when you compare the yields on investment grade to the yields we're getting in treasuries, add 250 or 275 basis points, those really make it a whole lot more interesting another issue that has arisen with the coronavirus and its impact on domestic and global economies is how every firm is trying to model so they can get ahead of this and keep their investors somewhat insulated from the risks and present the early signs of opportunity i caution here, you know, whether it was initial jobless claims, listen, i'm not saying that these companies that are trying to get ahead of this aren't doing a remarkable job considering, but the accuracy factor is going to be difficult and we're going to find that many things we are modelling to get a baseline so we can compare some of the details of the economy as we move forward through the cycle of the

coronavirus, they're going to find their way off in the grand scheme of things what you want to pay attention to, there is going to be a pent up demand scenario that's difficult to model on the backside of this and that's what everybody is trying to get ahead of morgan, back to you. >> good breakdown, rick. rick santelli. thank you. >> we're going to take a quick commercial break with the s&p up about a half a percent right now led higher by energy on that crude pop we're seeing stay with us the barkins are empty nesters now. should they downsize? probably. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide.

should they downsize? nesters now. probably. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide.

welcome back want to take you to comments moments ago from new york governor andrew cuomo giving an update on the number of coronavirus infections and deaths in the state. take a listen. >> 75,000 have tested positive, 10,000 people in our hospitals, 2700 icu patients, good news, 4900, almost 5,000 people discharged that's up 771, so people come in and get treated and go home. new york is at 75,000 cases. next state is 16,000, california, 7,000. new york is a magnitude of difference >> we'll keep an eye on the numbers from governor cuomo. movie theaters are feeling the

impact from the coronavirus. amc entertainment announced since st. patrick's day all of its theaters will be closed up to 12 weeks. its u.s. employees furloughed without pay or on a reduced work and pay schedule but all of the active health insurance benefits will remain intact joining us the chairman and ceo at amc entertainment adam aron thanks for the time today. >> nice to be with you >> let's talk about obviously the short-term impact and what you're doing for employees, but give our viewers a sense of conceptually when you think the movie going experience could return >> well, you know, we are in unchartered times. none of us in our lives have lived through something like this before. the summer has always been one of the biggest movie seasons of the year the summer and christmas i would love to think that america will be enjoying summer movie season again at amc

theaters, open, welcoming our customers back >> has china informed that view, adam, and what did we make of last week's seeming reversal of the chinese to have theaters that had reopened close once again? >> well, if you look at the experience in china, the coronavirus outbreak there was early to mid january they tried to open theaters in mid to late march. that seemed a little -- that would be two months basically. that seems to be a little too tight. that two-month timing for us, we shut all of our u.s. theaters and we are the largest movie theater chain in the united states, shut all of our theaters march 17, so two months from march 17 is mid-may. when we did shut, we said we expected to be shut for six to

12 weeks that would be mid-may to mid-june -- may 1 to mid-june. that might be the more of the right timing but nobody, nobody knows we're all glued to our television sets watching the news, hearing these horrible reports about the health of our fellow americans obviously we need to get on the other side of this virus as a country and look, i know -- i've been reading for years about a perception that there was going to be a switch towards home entertainment. i think if we learned anything in the last two it weeks is a people are just so want to get out of their houses. i think we're all feeling cooped up and want to get out and have life return to normal, but that's not going to happen in the next few days, the next few weeks. >> yeah. adam, our viewers may not know,

but you've seen all kinds of different business models in your career. you ran veil you ran norwegian. you were at united and hyatt all of those companies are feeling, to varying degrees, the kinds of things you're talking about. given that, and given your experience, which -- can you triage which industries would come out first >> sure. you know, i also ran starwood hotels and the philadelphia 76ers for two delightful years as its ceo look at how much americans have been deprived of so many industries temporarily shuddered. i was a very unhappy basketball fan when the nba season suspended. so many of us are disappointed but the country is going to come back how quickly, nobody knows.

exactly in what circumstance we're all going to learn together it's providing relief for our employees. it's providing relief for our communities. providing relief for small businesses, for large business it will help various parts of the economy to come back i do think entertainment will come back pretty quickly because people want to be entertained. i spent much of my career in the travel industry. i think the travel industry might come back slower as might be expected. you know, fast forward not two weeks or two months but let's talk about next year and the year after that and the year after that america's going to be normal again. we're going through an interrupti interruption, have very difficult, brutal interruption good times are ahead of us i'm an optimist and believe that with harr aeart and soul.

>> the one try constant in life is that everything changes this too shall pass. it will. when that time does happen do you think we'll see a new mentality or a new era around social distancing. do you think it could change the way movie theaters are set up and the way people are looking to interact in those types of spaces >> that's a great question all of us will have a pull in two directions we're all going to be curious about how we can socially distance we announced we were limiting capacity in our theaters to make sure people had space. i also think as important as social distancing is now, i think there's going to be a rise in a sense of community in the

united states. at times of crisis, this country has always rallied around itself there's a notion of american exceptionalism amc is very much an american company founded in kansas city a hundred years ago. we have been entertaining hundreds of millions of mem americans every year in our theater. i think you'll be amazed how much each american appreciates his fellow american once we have gone through a time when death and despair will be a common fear for us all. >> hey, it's john. good to see you. i guess my theory is we're probably not going to go from total social distancing to zero social distancing. when theaters do open back up, if you had your -- will you hand out masks at the door as people are coming in the way theaters

hand out 3-d glasses now is that something you considered do you think it would help >> i am very focused on getting amc to the other side of this crisis one of the things we're already thinking about is how can we ensure that our theaters are safe h we're already pricing out those temperature reading machines that you see in airports throughout asia where every one coming in the door is scanned. if someone has a fever, they m t not get in door. cleaning will be very important at our theaters. we know this.

>> there's going to be a lot of unreleased movies crowding into the schedule once this all opens up again we hope you'll come back soon. thanks for the insight take care. >> you bet lot of movies and a lot of people will want to get out of their houses trust me on that one we'll take a quick break and give you an update on the markets. all the major indices are higher the dow is up 100 points the nasdaq up about half a percent. we'll beig bk. chin rhtac ♪ (vo) quickbooks salutes the grit and determination of those who work for themselves. they're the backbone of our economy. and in these challenging times, they're adapting to support their communities. but many need our help. if you're a small business in need, or want to help a local

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. welcome back we were told healthy people shouldn't wear masks but now some doctors are beginning to question that. should we or shouldn't we? we have the story. >> this is my last used n-95 mask i'm keeping it just in case. i gave the rest away for weeks we have been told by health authorities healthy people don't need these. now globally some doctors are questioning that and even the cdc may be rethinking its position an article thinks maybe every one should wear masks in order to protect themselves but not necessarily an n-95 mask >> i'm going to show you how to make a covid-19 mask >> all kinds of do it yourself videos or on youtube showing people how to make their nonmedical grade mask. by making your own you free up the n-59s for those who need it like doctors especially those in

new york >> for the first time in a while, i'm actually not scared >> that's an emotional dr. david price on video answering questions from the public and pointing out an important benefit of masks >> the reason to put on a mask is because, i do this in the hospital, you just stop touching your face. what i would recommend is now when you're leaving your house is to wear a mask. you don't need a medical mask. >> even a bandana will do. i know it looks a little weird but it keeps you from touching your face. the other problem is one reason the washington post says the cdc is rethinking masks is you may think you can do social distancing when wearing mask and you cannot it really is a question of whether or not they're going to start wanting every one to wear

these outside but not these. these are still so scarce. >> indeed. although if you can make a million a month then maybe we can get supply out to enough americans. fauci did si thay they are reconsidering guidelines it's great story let's get to judge and the half >> appreciate it so much thank you. our breaking news continues now. welcome to the halftime report this is the final day of the quarter. you know what, i know we all feel the same. good riddance. it's been a miserable one. let's look ahead this hour to see if the markets can spring ahead in the months ahead. our investment committee is with us once again. what may lie ahead for your money? the answer