than the rest of the world did, the u.s. index and it could be that this recoil just has more oomph behind it. >> we are out of time pretty much on "closing bell," we closed up 3.4%, for mike, sarah and i, please stay healthy brian sullivan has you covered on the other side. ♪ ♪ >> and welcome, everybody, to cnbc's continued coverage of "markets in turmoil" and "fast money. i am brian sullivan. thank you for joining us on what was an eventful, and it was a big wednesday. the markets continuing to move higher there's a lot of reasons why and we will get into those in just a few minute, as well. of course, we have the ceo of tgi friday's and one of america's leading restaurant chains doing about the current situation and their employees. should they get more federal help there's a lot more to cover. welcome, everybody, and thank you very much for spending time for us here on this wednesday and a great trader panel for you

tonight. we have got guy adami and we have tim seymour and steve grasso and brinmar trust jeff mills. guy, we're up 770 points on the dow and we have oil spiking, as well and banks participated and a lot of different sectors participated in this mini run or mini rally and whatever you want to call it is it because of fed help? is it because some of these coronavirus numbers came down, giving us a reason for optimism or was it something else >> yeah. typically it's all of the above and i'll have to reposition my camera in a second and i apologize if the shot is lose pep yesterday made sense to me in the way the market traded up and failed at the levels that we talked about it didn't make sense to me, but to your point, i think the howard marx article helped and the fact that bernie sanders dropped out helped and i think

the dr. fauci comments helped and it's an amalgamation of a lot of things that are positive and i understand the reasons for optimism my concern is even with the market currently where we are at all-time highs with s&p 3393, assuming $160 100 earnings and no way we're coming off of 160 and taking 20% off of that and here we are trading 21 times in my book, all the market's really done is recalibrate and we're at the market spectrum thatty woo should sell off from. >> with our viewers that aren't familiar with the howard marx comments coming out with a note saying he's an optimist. he's buying in the market because we're all dealing, tim seymour, we all know the past. none of us know the future, but marx remains optimistic and perhaps that giving a boost to

the market, as well, to guy's point. >> and marx who is very cautious, just a couple of months ago and the high remarks is certainly a market participant and a thought leader that we should listen to everything we're seeing and the pain trade remains higher and i know everyone says bear markets don't end like this and i'm not saying that this is the end of a bear market. i'll also just say that people think that december 2018, i think, that was a bear market and we had strategists come on our show and say there was a bear market. there's an enormous fed and fiscal response and we know there are two phases of analysis here and one of them is the horrible virus and the global destruction and the health crisis and as you said and as we say every day because we have to recap this this is part of the story and then it's about looking to the other side and when you look at a day like today when banks which are now almost 30% off the

lows if you measure by the xlf and some banks significantly more and if you look at small cap stocks and if you look at transports that led the market and really led the market over the last few days, that's a sense the market is telling you that economic sensitivity is not as significant as people had told you it was going to be, but we still don't have any real data, every economist worth their salt is pointing to anywhere from 10% to 20% to q gdp contraction and we'll have a terrible jobless claims number tomorrow and yet the market perseveres higher because i think equity allocations are still under weight here. here's my negative spin because i tend to be somewhat constructive here. i don't think you have to chase anything here. i do think that valuations are -- and we talk about it all of the time if you look at s&p earnings and what's expensive and what's cheap especially when rates are at zero. >> steve grasso. tim makes a lot of good points

and you look at data points like tomorrow morning's jobless number let's be honest, it's going to be terrible and whatever the number is, it will be too many we know that, but what we also know is some of the macro data that we really care about, the number of beds needed and the number of likely people that pass away from this, those numbers have come down considerably, considerably over just the last 48 hours is that what's been powering the market >> so, brian, i would say the way you open up the show, i would say 100% of this or very close to 100% of this will be dictated by corona numbers and there will be fundamentals and economics and that time is probably two months away, so if you look at the way things are now there's a basket of companies that will be around in three years. there's a basket of companies that are going to need a lot of aid. this is unprecedented check writing by the government. nothing is going to fail

they've made it abundantly clear that no company, no person is going to fail. so in my mind, we need to weather through approximately 30 days and when you start to think about retesting the lows which is where i thought we were going to be last week, that time right now is sort of mitigated beds, everything that you just named when you heard cuomo talking about cresting and topping out, that's a huge event. so we were all prepared for the very worst, and i don't think we're going to get the very worst and that's yet markets rallied. >> yeah. some of the ihme estimates which are out of the university of washington are lower than the flu rate of 2018 and there's been some positive data. jeff mills, i want to throw this out there. this is pretty interesting march 11th will go down when this whole thing gets written as the day that they stopped an nba

game, that's the day that everything and everybody realized how serious this was, here's a year to date chart of the s&p 500. we are back to pre-march 11th levels the entire last month of insane volatility has now been reversed does that mean anything or is that just an interesting stat? >> i think it is just an interesting stat and i think it means that we were probably oversold and the rubber band is overstretched and we're on the optimism that steve was talking about and we have to be careful about connecting some of the optimism around the health crisis with directly when and how the economy is going to open back up because i think ultimately that will be really important and i want to go back to something that guy said related to where the market is trading. credit spreads, they recovered a little bit, but they have not endorsed the equity rally to the extent that i would like them to i like the correlation between

credit spreads and equity market valuations the last time that i was on the show. where credit spreads are today that would be consistent with 14 times s&p 500 to use guy's 160 is probably pretty optimistic and that would leave us closer to the lows than to where we are today, so i think there's still room to move around and let's not forget, two days ago, we were up 3.5% and we ended the day down since 1980 and i'm not trying to make a direct connection between now and 2008, but i do think it underscores the fact that the market is still on unstable footing and i think volatility to the down side is still more likely than an unabated path higher. >> okay. yeah, but to follow up very quickly before we bring in our guest, jeff, i will say, we are seeing the bond market come back and there have been bond issuances and hess oil selling bonds last week. i've heard from people at the credit markets are doing okay,

but if you put to guy's point, $10 trillion at a problem, you hope to have a positive outcome. let's bring in another voice on this conversation in and bring in margaret reed of union bank out of san fran know if. margaret, a pleasure to have you on "fast money." your clients, i would imagine, their mood today is different than it was a week or two ago or are they still have that sort of heightened level of nervousness? >> hi, brian thank you for having me on the panel, as well we continue to have concerns out here in california with the shelter in place, particularly those clients of ours that are real estate-oriented investors, but also on the equity market side, too, because we are living and breathing this stay at home recession and seeing what's happening to the consumer base and seeing what's happening to

our business base. so i would say there's a tremendous amount of caution, but a little bit hopefulness, you know, out of the data point out of the last few weeks coming out of the crisis, on the crisis front. >> especially where you guys are out west you've had maybe glimmers of hope, for us here on the east coast because you had it worse first, but it's come down, are your clients pressuring you to sell are you recommending that we sell do we think that we have made maybe a medium or short-term market bottom or could there be more pain to come, margaret? >> brian, at this juncture we're inclined to recognize these various phases that we all have in the market and the economy in this unprecedented health crisis and recession at hand here we had the first phase, february to early march, that was the fastest pricing in of any crisis or recession layered on by the shock and phase two, call it,

was the absorption of the monetary fiscal policies and in response of the liquidity constraints and to carry the economy can be carried during the crisis and recession let's call it third phase right now. >> i would take a breath phase where we're seeing advance amen in the vaccine testing front we're seeing growth rates in cases and some hot spots across some of the country, and not all of the country, but we would caution that we're in front of still a rolling breakout we haven't seen sizeable breakouts in middle america on the covid-19 virus and we're in front of the onslaught of considerable negative economic headlines. i agree, the claims number tomorrow is going to be very difficult and challenging to see the headline we will continue to get companies at guidance, so i

would say on the balance of where the markets stand today we would be more cautionary just because we don't view this as kind of the end -- the end of the market correction here >> yeah. i think it was moderna today said human trials on a potential candidate for vaccine will be in mid-may. the speed at which the private sector is working and it's truly remarkable and great to see. let me wrap it up with this, though, margaret if corporate earnings, we know, first off their rear-view mirror and guidance will matter to a point. the economic data will be all over the map i'm not saying we throw it away, but take it with a grain of salt so let me ask you directly, what is the one or two most important data points that you and your team at union bank are going to be watching for over the next days or weeks as it pertains to the equity and bond markets? >> first, i'd say watching the

consumer, watching now they continue to respond to this crisis is responding and providing the necessary bridge also watching the credit markets. it's just very important that the credit markets continue to recover from this last month and there is consistency of the operation of the capital markets at large, but it is very much an ever -- and the data points coming in and it is very critical to emphasize managing risk and managing diversified portfolios at this juncture. >> margaret reid of union bank out west best to you, and we look forward to having you in person on the east coast sooner rather than later. thank you very much. you know, tim, we talk about the signposts and what about the transports the transports which are

supposed to be a leading indicator, they're not looking too bad lately they're a major leading indicator going interest recession and you could argue that the transports, boy, you could have played the market perfectly in nine to 12 months in advance of the pullback the stock i'm actually long and a bunch of the shippers. if you look at c.h. robinson and that to me is a stock that's rallying ahead of nine months and these are places where market tactical forces tell you you can actually be buying them if you have some sense on the depth of the recession i do think that's important. other signposts have to at least be on some level measuring economies around the world nah ha that have gotten through this and they were almost flat for march and their economy wasn't as shut down as others these aren't things to necessarily impute totally on

the u.s. economy, even though normal is not what normal may number six months. >> who knows what normal means nowadays >> well said, tim seymour. let's get the latest with rahel solomon. >> there could be new snaps for the government's ppe program according to people familiar with the matter that the country's two largest bank, j.p. morgan chase and bank of america had a combined 625,000 requests for loans and $80 billion in loans as of tuesday and only a small fraction of that has been processed and paid out so far. we heard from kate rogers, our small business reporter that she's hearing from some of her small business sources that they're just now getting the application processed and we spoke to the ceo of a bank on power lunch who said just today he was able to get money out the

door and according to cnbc.com saying the two largest bank, j.p. morgan chase and bank of america saying they've been able to disperse a small fraction of what has been created to help provide relief for small businesses so that's the update now it's a large program it's still very early in the process, but again, more snags for that program we've been hearing about that all week, brian, back and forth reporting from kayla tausche and reporting from aaron rodgers, but more snaps on the program. >> the ceo of t.g.i. friday's, and we'll ask him what he needs to get back on his feet and mick sure h make sure his employees are taken care of. a lot to cover through >> we have another special markets in turmoil at 7 cocke p.m. eastern time. >> coming up on "fast money.

call it the tech triple way. we haven't forgotten the core mission, call it netflix, apple and twitter. you've got to hear them. plus what industries should get government aid or the most government aid we can't say all, but we have a survey steve liesman has the answerfoyos r u on that as "fast money" returns right after this. shouldn't you pay less when you use less data? now you can.

because xfinity mobile gives you more flexible data. you can choose to share data between lines, mix with unlimited, or switch it up at any time. all on the most reliable wireless network. which means you can save money without compromising on coverage. get more flexible data, the most reliable network, and more savings. plus, get $200 off when you buy an eligible phone.

that's simple, easy, awesome. go to xfinitymobile.com today. >> welcome back to cnbc coverage of the markets in turmoil. we have not forgotten the core mission on "fast money." you can also have time to dive in to some of the calls on the names that you care about and we assume that you probably care about some of these big technology stocks that we've been talk about for the better

part of five years all right. let's start off now with a call from bank of america securities on netflix steve grasso, i'm going to go with you on this, and here's the wording and you forgive me for reading them, flying blind people are engaging and i.e., staying home and they call it a low price point. they like the model and they're bullish on netflix and your take on the b of a call >> i would agree with them i'm bullish on netflix, too. the problem is once we start to see the corona deaths start to level off and hopefully this thing gets better for everyone involved and all of these were corona plays and you'll start to see these roll off and you'll get a chance to buy these stocks lower and i would wait to see if it holds that 341 level which is the 100-day moving average, and brian, also they're not filming and they're not spending a lot of money now because they can't produce. so that's been the headwind for

the stock. so i wonder -- i haven't heard many people talk about this, we all know about the competition what we don't know is how much money is staying inside of netflix. it's not a spending days anymore at netflix because he can't film maybe that helps and that's a tailwind and ultimately, wait on this one before you put new money to work. >> okay. so grasso, tim, appears to disagree with the bank of america call and the question, of course, is churn and how many people will sign up now and when we be able to re-emerge and does netflix have what it takes and the movie mojo, if you will, to keep people around >> this was a stock that people owned for defensive qualities because of the stay at home nature of the business netflix and chill or whatever else goes on but to me, this is not a stock that on valuation makes sense in the environment and the stock

market, but in the competitive landscape, the piper note talked about the mine share of the teens and folks that are the most active consumers of netflix, but it also points out that disney has stake in market share. disney plus has only been out there for two or three months and is already at a 7% of market share. i think netflix is not only a stock that gets away on the upside and it's artificially defensive and the stock to own at the start of the crisis and i would be a seller and i'm short the stock. >> okay. short netflix. there you go tim, thank you very much let's move on to call number two, and it's actually two analyst notes on the same name and that is apple and here's the basic headline and j.p. morgan chase cutting it from 350 to 335, and piper raising their target and only to 300 and piper's rays is still below where j.p. morgan chase was, but here's the thing

j.p. morgan saying they'll cut their estimates for iphone sales by more than half and they remain on the stock. can you square these things. do you agree with either of these call sfls. >> i think you have to look at iphone sales in terms of the company's prospects. 85% of the 5200 teens that they surveyed said they are not that is really important and this continues to be a powerful brand and i think that carries the day in terms of the long-term prospects of the stock. if you look at iphone sales for all of this, and better sales for iphone 11 than was anticipated and if you look at diversifying into other businesses whether it's finance with apple pay, healthcare and wearables, but there was room there for the couples to grow, and look, the multiple at nine times is still higher than

typical, but certainly not 19 times versus where we were a week ago for me it's a stock you can earn in the long term even if you see sales because you will see disruptions from store closures and supply chain issues and from the longer term perspective i still think the story is still very much intact >> isn't that amazing? the stats and if you missed it i'll reiterate it because it's tremendously insightful. team ownership of the iphone was 85% up from 83% in the fall of 2019 i know you've got teenagers. here's the thing about apple when you have the iphone you're probably locked in for the rest of your life it will only work there. this is a sticky stock in certain ways >> if i ever came home with anything different for my kids i don't think they would use it as much, quite frankly.

they've been brain washed in a positive way for apple so good for them i own the stock and i will continue to own the stock and that service business will get them through any lapse of hardware that jeff is talking about, but as far as retracement levels i wouldn't put money to work for apple until it holds the $270 price level and that's the 50% retracement from the recent highs to the sell-offs so i would hold it a couple of bucks below that so you don't have to jump on it, steve. >> we have starbucks, it looks leak it's coming up, and rahel >> according to starbucks it looks like it could be 32 cents and guidance is not something we're hearing a lot about and the company providing some

context saying during the last month of march it declined 60% to 70% perhaps not surprising considering that the company only operating 44% of their stores in the midst of all of these shutdowns and stay at home orders and the company saying not withstanding the very strong performance of the first ten weeks of the quarter that comp store sales were actually only down in the u.s. approximately 3% in q2 versus the prior year for the last week of march, sales were down -- comp store sales were down 60% to 70% and over q2 they were down just about 3% and their estimates for the business disruption because of covid-19 and because of coronavirus and china were in line with their expectations although they came in at the low end of expectations. so brian, i will send it back to you and the eps outlook guidance from starbucks coming in, and the expectation had been 39

cents. >> 17% drop there. guy adami, back to you on this 17% doesn't look like a lot, but you have to look at the number rahel gave in the last two weeks, sales fell 60+ percent and whatever happened in the first ten weeks of the quarter is kind of irrelevant ex-china. all we care about is the last two weeks and that's how april is going to look, if not worse >> one of the things we've been saying across the board is a lot of these numbers you have to look at what type of anomaly they are and try to look past and where these bees are going to be six to nine months from now and what i would say in terms of trading the stock it's given half of that back it basically went from 55 to 72 in a straight line if i'm of the belief that this 2790 level is the short term top then i would have to believe that starbucks would trade lower and you have to figure out where you want to buy it i don't think it's getting back

to 55, but i do think you get an opportunity to buy it probably in the mid-60s and that's where we re-establish, in my opinion >> pretty much giving up what it gave today it was up 4% in the after market and it is down 3%. giving back what it gained coming up after the break, we have more on fast money and our continued coverage of the markets in turmoil the dean of valuation, what does he see from valuations right now? are they fair? too expensive? too cheap. we'll find out then, the ceo of one of america's biggest restaurant chains t.g.i. friday's on what they need from the government to make sure that their workers, eir aff thstand customers are taken care of and the restaurant survives stick around employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network.

to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. i know that every time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org .

our retirement plan with voya gives us confidence. they help us with achievable steps along the way... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut? nope! honey, do you think we overdid it? overdid what? see? we don't think so, son. technically, grandparents can't overdo it. it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement.

welcome back let's get some of the latest numberses on the pandemic from the united states and around the world and for that we welcome sue herera. >> thank you very much, brian. good afternoon, everyone french president emanuel macron has come to the defense of the world health organization after president trump attacked the agency's response to the virus and threatened to withhold funding. a french official says macron, quote, refuses to see the organization locked into a war between china and the u.s. "the new york times" reporting a chicago-area jail has become the largest known source for u.s. virus infections with 353 inmates and staff all testing positive corrections officials at the facility say the actual number of cases is likely much higher since most of the 5,000 total inmates have not been tested

yet. >> philadelphia cutting back public transportation services after 76 employees tested positive for the coronavirus, passengers will be required to wear a face covering prior to boarding and new jersey first responders saluting first-line medical employees today. >> the newark fire and police departments blared their sirens as they drove past hospital employees who obviously are wearing that protective gear and we thank them for their service. for more on the coronavirus coverage at cnbc, go to cnbc.com brian, back to you >> can we just say, sue, you and i both grew up in los angeles, california. >> yep >> but we've raised our families and been in new jersey a long time and new jersey has had a reputation and oh, you're from new jersey, small state, a lot of people and giant heart and we've been hit hard. >> giant heart. >> the state's been hit very hard and it's not over yet, but some of the best people you will ever meet are in new jersey.

>> that's right. jersey strong, and i love to see that you're making me -- i've been weepy lately, sue herera >> of course, haven't we all >> you got it, brian >> exactly you go, new jersey all right. we're going to go to a break coming up, aswath damodaran. plus, oil, huge surge into the close today. we've got an opec-plus meeting tomorrow and energy focus on friday what can we expect there we'll talk to somebody who knows. me i'm kidding, right after the break. icarndstk ou your neighborad always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated.

their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. but when allergies and congestion strike, take allegra-d... a non-drowsy antihistamine plus a powerful decongestant. so you can always say "yes" to putting your true colors on display. say "yes" to allegra-d. but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you.

>> welcome back to cnbc. with trillions of dollars in relief packages and stimulus out there, everyone will have an opinion on who should get government money and who should not, at least from a corporate perspective? what do we collectively think? steve liesman knows because he has the latest survey and he has interesting findings for us now on who the public believes should get some help and who should not get some help steve? >> yeah, i do, brian i want to just give you the top line results for this survey first which is that confidence really did plunge historically an unprecedented level and it is down 31 points and never seen anything like this to just 22%, believing that the economy is good or excellent now, but a 17-point rise of those thinking the economy will improve in the next year. that's another high record and 51%, behind the pessimism. take a look at these numbers that i think are important

10% reporting they lost their job and 10% saying they've had their wages or salary cut and another 9% think they'll have it in the next weeks or months and 45% said it was a good time to invest back in december. just 41% now but just 45%, 45% saying it's a bad time to invest that's up 20 points. and 47% think their portfolios will increase in the next year and that compares to 47% and it will decrease or stay the same so some interesting tug-of-war there in the public view of stock investing and what about bailing out which industries you can see right here, there is good support for the priority of bailing out hospitals and bailing out small businesses and bailing out restaurants and retailers. after that, when you start getting into the big companies and industry, airlines, oil and gas, boeing, we asked about specifically, that's where public support really falls off and if you're a cruise company

or casino, the public doesn't support bailing you out whatsoever i will say overall, though, brian, we had about, what? 2-1 support for the $2 trillion package, but there is disagreement over how it should be spent with airlines and oil and gas companies not being favored as a priority for using that money brian? >> do we know why? is it because it's an elective thing? cruise line, they're flagged offshore and they have their own tax laws and the airlines, famously we know now 80% of what their operating income on stock buybacks is there some kind of a trend there from a financial balance sheet perspective? >> brian, how tall are you >> now or like a month ago because i've definitely shrunk. >> how tall are you? >> six something, 6'4". >> right how many inches of leg room have

the airlines taken away from you in the last ten years? >> all of it >> right right. >> put it this way >> how much do you think the american public feels that airlines have done well by them versus, you know, right now is it a time to do well by airlines and then you go to the oil and gas industry i don't know about you, but i remember pumping gas in the oil shops of the '70s. i worked at a gas station and it's not clear that the gas companies have a whole lot of good will out there with the american public. i mean, it's probably more so than before because as you know, they're a bigger chunk of regional economies than they were in terms of providing economic activity and jobs, but i think, overall, the american psyche and oil and gas companies, and i think you put oil and gas companies together

and they're the large banks of the 2008 bailout >> it really is true and oil and gas, steve, you're speaking my language the reality is that there's so much debt outstanding there. i have to imagine that the federal reserve is so nervous about so much of that debt that it's almost, you know, too big in oil to fail in some cases >> so brian, you've put your finger on one of the most interesting things that will happen at the federal reserve and the bill which is how to bail out the oil and gas industry which how much of that is going down before the coronavirus and how much is a direct result of it? you almost certainly were going have some kind of major industry consolidation without the coronavirus. the fed is mandated not to lose money and to provide liquidity and not to bail out failing companies. the kinds of decisions he's going to have to make over the

next couple of weeks or months whether or not to provide relief to the oil and gas industry will be very interesting to watch >> yes it certainly will be, steve liesman. by the way, we have an opec meeting and you be well, steve we'll see you soon not included on that l you sistu saw, was restaurants and let's bring in the ceo of one of the most well known restaurants, ray blanchett. first off, give us a business update i know most of your locations are open for business, delivery or takeout only. how is that doing? are you down 90% are you down 50% >> yeah, brian you know, pre-crisis, to-go delivery was only 13% of our business we've sort of doubled it, but

and we're not built to be a to-go delivery and we have operating costs that are greater, bigger boxes and i would say we've reacted very quickly and sort of reinventing our business model for a new reality and 80% of revenue in the company went away overnight globally we have a big enter national footprint so this is a resounding and devastating impact >> and what do you foresee happening? even when -- even when the economy reopens everyone knows that hey, everything's fine unless we have a vaccine that's anticipated and it will be a slow trickle how are you planning are you thinking i'll need to take the seats out of the restaurants so they're ten feet

away from the people beforehand. what do you see are the next steps? >> when we think of the cadence of the recovery i think a lot predicates how they develop a treatment for the coronavirus, a treatment where it's no longer killing people or making them deathly ill and it will give us one lift and i don't expect this to be fully bright until there is an immunization and we have leading indicators in asia and obviously, we have a great footprint in a.p.e.c., and things that we're seeing in korea as we re-open that economy and we're putting screens in between tables and essentially turning a dining room and make it look like an office space with the cubicle >> thii think it's going to be a lot of interesting changes that have to happen in the be as people get more comfortable going out. >> quickly, ray. are you going to make it

oh, yeah we are resolved and the day i furloughed employees in the office i obviously furloughed my own salary and our executive teams took a 50% haircut and the vps and directors that remain unfurloughed or take a 40% cut and the managers take a 40% cut, everyone, we have a really unique culture on fridays and we work well as a team with our franchisees and we circled the wagons here and we're trying to understand what sort of support we can expect from the government so far the response has been grossly inadequate for what our needs are, but yeah, we will absolutely make it >> ray blanchett, tgi fridays out of carolton texas and

wishing you worldwide all the best i look forward to a margarita. >> we look forward to hosting you. >> we have breaking news in disney specifically, disney plus, and hopefully it's not a baby yoda update with julia boorstin >> no, this is an update on disney plus' subscribers numbers. disney announcing that its streaming service disney plus has surpassed 50 million subscribers and this has been in five months since the service has launched and it comes after it rolled out in western europe over the past two weeks. the company also notes that last week it launched in india in conjunction with an existing disney service with hotstar. that service already accounts for 8 million of those subscribers. so 8 million of the 50 coming from india and this is dramatic growth up from the 26.5 million subscribers that disney reported that the service had at the end

of 2019 and disney saying that these numbers bode well for their growth as they roll out throughout western europe and into japan and all latin america later this year. you see disney shares up 7. -- 7.5% in after-hours trading. of course, while everyone is staying home right now there is increased focus on these streaming services especially as live sports and other parts of disney's business is under pressure >> guys, back over to you. >> yeah. >> big move there in disney. julia, i'm not too proud to admit it you've got kids, i've got kids and my wife is trying to work from home and so am i, and i am using the electronic babysitter as much as i can and i have no problem admitting it none >> i and many other people do subscribe to disney plus and have found it very valuable when everyone is at home on lockdown e specialee on these rainy days, but what's interesting here is this question, will people be

willing to pay for yet another service when they might already have netflix and these numbers indicate that the disney content is truly differentiated and people are willing to pay. >> yep because young kids and all those movies out there julia boorstin, you be well out there. thank you very much. big move there for disney and we big move there for disney and we are ckba, as warwathsilience of ouork and p. are ckba, as we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do. (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 business, go to quickbooks.com/smallbusinesshelp intuit quickbooks.

welcome back the market has moved higher the last couple of sessions and still well off our highs for the year and the question is now where do we stand from a valuation perspective with so many unknowns. let's bring in aswath damodaran. great to chat with you again

any way to gauge the valuations given this nobody has any idea where the "e" in price to earnings will be in a month or two? >> i think the first thing we need to accept is that this year will be a disaster in terms of earnings for most companies. it's a given that

we cannot do all the good that the world needs. but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you. shbecause xfinity mobilehen ygives you more flexible data.. you can choose to share data between lines, mix with unlimited, or switch it up at any time. all on the most reliable wireless network. which means you can save money without compromising on coverage. get more flexible data, the most reliable network, and more savings. plus, get $200 off when you buy an eligible phone. that's simple, easy, awesome. go to xfinitymobile.com today.

all right. welcome back let's talk about oil and we have an opec plus virtual meeting tomorrow, g20 friday on 2.5% pop and most coming in the last five minutes and what's the options play here if any for that let's do a little options action with mike khouw >> yeah, brian so we are taking a look at xle, the energy etf where we saw calls outpacing puts by three to

one. most of that activity was in the june 35 calls. those were trading for two and a half dollars and buyers of the calls were betting the etf would be up by 12% or more when the options expire and that would still represent a 45% decline, though, from its 52-week high. >> all right quick options action there with mike khouw thank you very much. all right. coming up, becky quick speaking with none other than bill gates. he has been on the forward curve of this pandemic and he's been warning us about it for years. 'lhe fm tecoelling cnbc? wel arrogas ming up right after this turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions.

hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪ i know that every time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org . but when allergies and congestion strike, take allegra-d... a non-drowsy antihistamine plus a powerful decongestant. so you can always say "yes" to putting your true colors on display. say "yes" to allegra-d.

to- [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

all right. welcome back to "fast money. becky quick was able to catch up with bill gates, of ourse, the multibillionaire has been on the forefront of pandemic research and she got some comments from bill gates and we'll give you a little preview right now of what you can catch tomorrow morning listen to this >> in terms of being an investor, obviously, you're a well-known investor not that you're spending that much time thinking about that, but have you changed your investment strategy at all since this took place? >> there are whole industries that are going to have reduced demand even after supply comes back, and you know, capital spending, you know, cars, houses, all those thing, you know, it's hard to think that the general animal spirits will be anywhere near what they were before this got started. >> all right of course, you can see the rest of that tomorrow morning on "squawk box.

guy adami, i do want to bring you back in here do you think it will be a long, slow return, l shape, u shape, v shape? >> i think it will be long and slow, but we'll get through it and bill gates is one of the voices you need to listen to my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain you, but to educate, teach context. call me 1-800-743-cnbc tweet me @jimcramer. so america is going to be open for business. the cautious dr. anthony fauci, th