>> all right dr. j., final trade? >> ten times normal activity, yesterday, in trip adviser, t-r-i-p. i bought that, i'm still in it >> 10%, jimmy? >> sitting on my hands it's hard to do, but i'm doing it >> don't hurt them all right, guys, thanks for being with us. kelly picks it up now. >> thank you, scott. welcome, everybody stocks are mostly slipping today, although the nasdaq is still positive as investors are digesting another day of awful headlines. the dow is down, nasdaq is up. and the semiconductors are up more than 1% this afternoon. now, in terms of those headlines, let's run through them over 5 million people filed for jobless benefits last week, bringing the four-week total to 22 million that's just slightly less than the total number of jobs added in this economy since 2009 then there's the april philly

fed manufacturing index, coming in at minus 56.5, and that's the lowest level since 1980. we were also watching the industrials there. they're down just under 2% after that report. we also over in housing got more weak data there. u.s. home construction collapsed 22% in march from the month before looking at the housing market reaction, the home builders, which have been weak this week, shedding another 1%. on top of all of that, new york and the uk both announcing they'll extend their shutdowns through mid-may. and to top it all off, the small business program has run out of money and household stimulus checks are now reportedly delayed due to glitches. how is this all whipsawing stocks today let's head over to bob pisani to watch this bob, good morning -- good afternoon, i do that every time. >> good afternoon, kelly the important thing here is we're in a narrow trading range, but bonds remain well bid, gold remains well bid, and we're in a real conflict. let me show you the s&p 500 again.

kelly showed it to you a moment ago. but became off to the move to the off side after governor cuomo extended the stay-at-home order until may 15th if you look at the sectors, it's the same ones that are having problems for a long time the banks have been down ever since we started with the earnings season. that normally happens, but this is worse than normal energy and industrials are always down when you have coronavirus long-term issues out there. and again, health care and consumer staples are outperforming. this is a very typical pattern that we've seen in the last six weeks or so. i want to remind everyone how many companies are withdrawing earnings guidance? it's getting bigger. abbott, conocophillips, jack in the box, go perot, bed bath and beyond all saying we're not going to provide you earnings guidance for 2020. over in europe, volkswagen and audi also withdrew their earnings guidance. finally, stay-at-home is doing great, amazon has a new high today, netflix has a new high, and activision and slack all doing a little bit better. >> we'll take it

bob, thanks so much. well, that bevy of bad news he mentioned is weighing on the market today, and especially on bond yields. the ten-year yield slipping back towards record lows, holding just about 0.6%. and the yield curve has fl flatten flattened, despite the government's historic efforts to keep everything going. does all of this portend another move lower in stocks joining me now with more, john augustine with hunting tonight private bank, and dave hardin, chief investment officer at summit global investments. john, i'll just start with you not great signals coming from bond land. >> no, yields are getting back down to the low end of that range, kelly, as you pointed out, the low is 54 basis points from march 9th, that is something we're watching today and the price of oil slipping below $20 a barrel today >> and what cousin that tell you about your investments are you positioned for that? oil isn't so much forward looking, but the bond market typically is >> yeah, no, no, no, we're

positioned, we're staying balance diversified. that's how we came into this we look at rebalancing, is what we look at certain levels in the stock market we know oil is a much lower percentage of the s&p 500 right now. it's one of the lowest sector weightings in the s&p 500. but still, it has impacts on other parts of the economy so in general, balance diversified, active over passive, u.s. over ex-u.s. and primarily staying with large caps over small. >> and a lot of tech names on your list as well. microsoft, alphabet, amazon. and that's true for you as well, dave how long can amazon remain the consensus favorite and continue to outperform in an environment like this. >> well, i think it has some room to go we're a little bit cautious there. it's getting so big in the portfolio. maybe ministryi intrimming make at 100 p\e right now, we still see upside everybody is still shopping online, and you cannot buy but the essentials in a lot of these

states that are locked down, which is all across america and just extended by governor cuomo. we think this is a good position to hold in amazon and happy to have it. we do not see downside surprises here and that's what we try to avoid. >> you say you don't see downside surprises for amazon, but do you have a view, dave, on the stock market overall and where the economy the going here have we been too quick to rebound off the lows >> well, absolutely, we have a view and the reality is, you compare this to history, there's a couple of things that are for you and a couple of things that are against you. the one thing we've never had in history is such an active fed, and an active treasury and now we have the stimulus package. but is it enough and have we went too fast? our view is, yes, we're cautiously optimistic. we look for a rebound, we look for this stock market long-term to be what it is and what it's always been is a wealth generation for americans but the reality is that we -- we're up 25% off the lows. yeah that's a little bittoo fast, too quick for us and the economy

has terrible numbers coming out, as you just said the unemployment now, we've lost more jobs, if you go back to march, we've lost more jobs in a month and a half than what we've gained for the last ten years. that's a bad position to be in and we feel like it's going to be more of a choppy recovery and opening than rather a real quick one. >> for sure. and i think that reality is settling in. john augustine, i'm curious why the david tepper formulation no longer holds if you go back probably a decade now during the early rounds of quantitative easing, he says, either stocks are going to go up because the economy is recovering, or they're going to collapse because they're not the fed will come in with more support and then stocks will go up why aren't we in that kind of investment environment anymore, or are we? >> well, we think we're in kind of a -- what's the next phase environment? so we know that the economic numbers are going to be bad. you pointed that out in your article today but we know we're going to get through this and back open. what we're thinking is the depth of this recession is going to be

deep no doubt about it. it's the duration that's going to matter. the same thing with unemployment, the duration of those unemployment claims. what our equity team is thinking about is what you're talking about dave about that's more of what's on our mind we think markets are headed that direction, too however, with one caveat, treasuries bond markets still doing its job being skeptical in this environment and we appreciate that and respect that. >> dave, i'll give you the last word both kind of mentioning what's going on in the bond market. and the same kind of question i just asked john about that old tepper formulation and why you don't think that's working right now. >> we're in a new environment and the fed and how active they are. and we don't know if it's going to work. there's a lot of unknowns. and with the disease that we have never seen before, we don't know how it's going to play out. so i think these unknowns are keeping the bond market where it is

skeptical. and it should be, because there is a lot of questions to yet be answered being really good companies like clorox, everybody is bathing in clorox so it's definitely a growth company. a lot of health care companies out there doing really, really well like you said, amazon, walmart some really good names those are the names you want to be in, so if the market does go down, but if goes down, you're in the names you want to be in both now and long-term >> i wonder about the stampede for the exit in clorox are people really going to need more they seem to have a decade's worth supply right now >> well, there's a change in behavior we're never going back to not using clorox you're always going to have it on hand and always be buying it. where it was before is not where it is now. >> fair enough i think you're right i still wonder about the valuation. stockland, bond land, clorox now to the mounting toll of coronavirus on the labor market. 5.2 million more americans did

file for unemployment benefits last week, bringing the total to more than 22 million over the past month and who is being laid off is beginning to change and to broaden. rahel solomon is here with more. rahel? >> hi, kelly so with most americans under stay-at-home orders, many of the layoffs thus far were jobs where you interact with many other people for example, the retail and service industries but now the legal field, sales, even health care workers that do not assist with covid-19 patients are also seeing layoffs. research from oxford economics predicts that positions in ambulatory health care and professional and business services will be among the top five declines for april job losses economist martha gimble says few jobs are safe. >> people assume that certain jobs were safe because they could be done from a distance. the problem is that someone has to be able and willing to pay you to do that work from a distance and so now the question is not even whether or not you can do your job from home, but whether

or not you're providing a service that people still want to pay for right now >> and kelly, for people fortunate enough to hold on to their jobs, well, gimble pointed out, they'll still be affected this is probably not the time you can expect that raise or promotion. >> rahel, you've done a good job covering just how inundated all of these state unemployment claims offices have been and you wonder, not only if people are actually receiving the money that they've already applied for, but if they've even been able to process all the new claims you know, 22 million might understate how many have been filed. >> that's what we've been hearing a lot of martha said something really interesting. when i asked, what could be an indicator of when we might start to level off with claims, she said, the state of pennsylvania, she said, they shut down early enough and she said they were actually pretty successful at getting people through the process. and so, apparently, watch the state of pennsylvania. that might be an indicator of when we might start to see things slow down kelly? >> great point you can head to that website right now. rahel, thanks again. appreciate it. rahel solomon with the latest for us coming up, hitting the ceiling. the small business payroll

protection program has run out of money will congress act in time to replenish it we'll dig into that. and banks are working around the clock to get that small business money disbursed. we'll talk to the ceo of vista bank about what's working, what's not, and what happens next plus, f.a.a.n.g. had been the name of the game in tech investing for the past several years, but it may not work as well in a post-covid world we're going to look at what could replace it, coming up. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

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welcome back demand for the government's small business loan program has

been so enormous that the program has now officially run out of money kate rogers is here with the very latest. what do we know, kate? >> hi, kelly well, right now, we know that over 1.6 million loans have been given those all-important sba e-tran numbers for loan approval from some 5,000 lenders exhausting this fund the sba did note, that is more than 14 years worth of loans in less than two weeks. but many questions still remain. what happens to businesses that started this process with their banks? do they get to stay in their place in line? also, what amount of aid could even be enough to service the nation's 30 million small businesses when this $350 billion went to just 1.6 million loans? also, how much aid has actually been paid out? it's something we continue to ask. the ceo of the consumer bankers' association estimated that tens of billions of dollars had been paid out in aid yesterday, adding that banks had a horrendous start with the sba. another layer to the story, additional funding for economic injury disaster loans has also now been paused.

that program has received 4 million requests from small businesses for $383 billion in aide but according to a senior administration official, congress has only allocated $17 billion for that program so that's another shortfall right there, kelly back over to you >> so, this is pretty frustrating. i mean, is the message, you think, that people should still keep applying for loans, kind of get in the queue, and hope that they're able to replenish that on the back end? because we were this close towards that getting replenished last week with 200 to $250 billion and no deal. is that money coming now or not? >> well, it's hard to say. wells fargo decade say that it would continue to work on applications and have them ready to submit to the sba if and when additional funding does come but even $250 billion, the other question i posed, is that even enough as i said, 30 million small businesses, 1.6 million loans ate up this entire fund. now, we aren't sure even if that accounts for 1.6 million small

businesses because one entrepreneur could have multiple of businesses with different tax i.d. numbers so how many people actually got access to this funding, who are they what sectors of the economy did they go to we have some of these details that are starting to trickle out from the sba we do know the average loan size was $240,000, but there are so many unanswered questions, kelly. up to and including when this additional funding could be coming >> yep, absolutely kate, keep us posted kate rogers with the latest there. let's talk more about this my next guest says the night of april 3rd was one of the most momentous in his bank's 800 yea history. he says that main street banks like his are the best way to help main street businesses. i'm joined by john stinemet, whose bank has processed more than $100 million in ppp loans john, what happens now that the program -- all the funds have been ear marked? >> kelly, thank you for the opportunity to join you on behalf of community banks, not only in texas, but around the country. obviously, as your guests have

stated, you know, ear marks did run out, as of today and we're hopeful that congress will step up and assist the small businesses that have been left behind. but we are continuing to process in the queue and be ready to provide those loans to the small businesses and most importantly the people that work for those small businesses as they enter these challenging times in our economy >> can you give us a sense of all the people who have come to demand a loan. what percentage of those that are approved and filled? >> there's a question as to whether or not those who have been approved or in the queue are funded we have been working around the clock. first funding was at 330 there were other community banks funding immediately at 1201.

but i think as it pertains to the appropriations and when those funds are going to be available, we've been funding at a pretty rapid pace. there's been a lot of gloom with respect to, you know, the sba and the regulatory bodies, but i'll tell you personally, we have seen not only community banks across the country work together, but we've also had the opportunity to see all the interagencies, the treasury, the administration work diligently to essentially get as many of these businesses funded as possible and provide us the greatest chance to keep the hard work, hard-train hard-trained employees that are real people. these are not numbers on a balance sheet. these are numbers not rolling across the bottom of your screen these are people that are not currently in the unemployment line so i would strongly encourage congress to step up and not play partisan politics and get involved in what is ultimately going to either be a continued

plan of success, or one that expands unemployment going forward. >> exactly and so in a word, has everybody who showed up and asked for a loan been able to get one at this point >> there have been some that were not prepared. so they weren't able to participate in the program one of the challenges that i would share with your viewers is, some of those businesses have been deemed essential, such as banks and so we have, you know, they're less prepared those small businesses and cpa accounting firms preparing many of the documents that were available for, to apply for the program and that's one of the reasons i'm hopeful that, again, the program is funded, because i do believe it's working. look, we can focus on the things that are not working, but these are real people trying their very best to make things work. and at vista bank, our board of directors and our stakeholders deemed it to be extremely

necessary to help the communities we serve, regardless of whether or not they are clients currently. >> yeah, no, that's actually one of the last things i wanted to ask you, which is -- and you've really emphasized this point, do you think there's a difference between the way community banks are able to handle and disburse this money relative to the major banks? because it sounds like you think there is a difference. and i'm curious what that is >> well, kelly, i think five years ago, you know, we sat around the board room and wrestled with whether or not there was even really aplace for community banks. with all of the attention that fintech companies and big banks oftentimes receive with technology that rivals the pentagon and global call centers, you know, and i think what we've seen through this process is when called upon, small businesses that be act more like start-ups, we call them community banks, are willing to step up and help main street hopefully in furnish help wall street. but this has been an incredible

process to watch everyone work together it's very unfortunate, as you know, it doesn't discriminate. and i am very optimistic about where this program and our economy in the future is going >> one interesting sort of caveat, john, i believe, is that a lot of banks now have to hold, is it 5% of the loans they're extending in order to have some skin in the game to kind of make sure you're not just throwing money around willy nilly, but that you're a partner in making some of these decisions. are you concerned about being left holding the bag if this money is not repaid. if the economy or the virus worsens and people have to close up shop and can't make you whole on these loans >> sure. i think that's a very fair question it's two-pronged one, the fed did roll out a paycheck protection funding facility that allows banks to access funding sources to allow us to continue to provide liquidity to these small business owners, that range, by the way, at vista bank, we've

made loans from $1,400 to $7.5 million. and, you know, those range from two employees to 348 employees and so i think it's something that, obviously, community bankers, our associations work diligently on, but the treasury and the fed and all of the governmental agencies, state banking department of texas have assured really that we are held harmless, as well as we practice sound and safe banking practices. so it's not something we're really concerned about at this point. we're more concerned about getting money to these small business owners that are risking capital on a daily basis to ensure their employees and their companies remain solvent in the future >> well, like you said, john, one of the biggest challenges your bank has faced in over a hundred years. that certainly gives us some perspective. thanks for your work and thanks for joining me this afternoon. >> thank you, ma'am, for the opportunity to join us today >> john steinmetz with vista bank in texas. coming up, protests are erupting in states across the country as people want the

government to reopen north carolina is one of them. and we'll be speaking with one of their congressmen who says he's got a plan to make these reopenings happen. plus, a number of big-name retailers are caught in the middle of a hot debate should they be rescued if they were close to collapse before coronavirus? we'll get into that. and as we head to break, you can always watch or listen to us live on the go on the cnbc app wee ckn 'rba itw 'rba itw our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. when yowhat do you see?itical issues facing our world, we see breakthrough medicines

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doing everything possible to keep you connected. through the resilience of our network and people... 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. . welcome back to "the exchange." let's get the very latest now in the coronavirus pandemic rahel solomon is back with the headlines at this hour rahel? >> hello, again, kelly g-7 leaders are pledging to do whatever necessary to ensure an economic rebound following the coronavirus crisis "the washington post" is reporting that millions of americans have yet to receive their $1,200 stimulus checks or they received the wrong amount of federal aid due to system glitches massachusetts governor charlie baker getting choked up yesterday during a virus briefing when talking about how

his best friend could not hold a funeral for his mother after she died of covid-19 he said they had a good relationship >> that didn't make the fact that it was an extraordinarily painful process for their family to go through this loss of a critical ritual that people believe in and hold on to, that's this chance to say good-bye >> and the governor adding there that it's important that families don't leave anything unsaid of course, that's a harsh reality for a lot of people these days, kelly. as always, for more coronavirus coverage, you can head to our website, cnbc.com. >> yeah, that's so tough we're going to talk a little bit more about this. rahel, thanks so much. now, protests are beginning in a number of cities around the country, as more and more americans say they want to reopen the economy and get back to work. north carolina is one of the states where protests picking up some steam they've seen more than half a

million people lose their jobs in just thepast month. now representative greg murphy is pushing the governor to open the state following certain rules and guidelines but is it too soon to open any economy? congressman murphy joins me now? it's good to see you, sir, and i like the detail in kbyour proposal tell us what you have in mind for restaurants and barbershops, so forth >> well, i think it's important that during this entire crisis that we study what we're doing, while we're doing it looking at what populations are most at risk, most susceptible, and i think it's important that we keep those sheltered in place really until they're therapeutics but i think if you look at the under 65, who are otherwise healthy, let's look at our economy, abuse there are some very bad health effects that we can continue to have if we continue to shelter in place so why don't we open up our barbershops and salons, stagger appointments, make sure our stylists and our barbers are wearing masks. the same thing in restaurants. you can keep maximum of four people to a table, every other table. you know, try to get back into

our economy slowly i'm really pushing that we continue some of the safeguards that we have in place. those people most at risk. but otherwise, we really do need to start getting back to some semblance of normalcy. and i think we can using the data that we've learned so far i think we can do that >> you know, why would you say to people that it's important that we start to make some of these measures, start to reopen the economy. why is that a risk worth taking? >> well, because, you know, with any of this, i'm a surgeon and i have been one for 30 years we talk about risks and benefits i am hearing overloaded, constantly from individuals who are losing their life savings, they're in despair, they are just anxious and so there is a balance here we can't just chase the shiny nickel down one road i do feel that a lot of folks are not getting the health care that they need mental health, cancer follow-ups, heart follow-ups we're chasing the one thing that's really, you know, on the

top burner right now, but we really have to have perspective, not only of health care needs, but also for folks' mental health >> if we reopen and nobody shows up to restaurants, to even some of the shops that you mentioned, what happens in other words, if we wait a little bit longer, do you think there's a better chance that people actually return to these establishments and keep them going? >> no, personally don't think so i think it's going to take a couple of weeks for restaurants, shops, small shops to get back in the mind-set of opening back up they're going to have to order supplies and then it's also going to have to get into the mind-set of individuals that it's okay to come out you know, consumer confidence will take a while to rebound this isn't something that april 29th, you can just turn the faucet off and all of a sudden, april 30th, everything is okay it's going to be, have to be a gradual process. but it is a process that in my opinion, we've learned enough from, from other countries and from our own experience that we can safely begin to start.

>> a lot of this seems to be hinge on the availability of tests. obviously, if there were a vaccine, that would be a whole other story. are you disappointed that we haven't been able to get that capacity up and running more quickly? would that make a difference in how you feel about the difference in taking these steps or could we do it anyway >> we're all frustrated with the lack of testing, but i think that the increase -- and the number that we've had has increased by leaps and bounds. these tests are not the easiest things in the world. it's not like dipping your finger in water and saying it's wet. we've increased those tremendously that would be the ultimate goal to have point-of-care testing where if somebody comes into the hospital, you can know immediately if they've been exposed or if they have the virus or something called surveillance testing where if we're out in the communities, we can see if we have viral outbreaks. i think that's the goal, but looking at this integritily, there are places in segments of our society and economy that we can open up safely

>> would you go back to your favorite restaurant if you were allowed to >> i think with the correct precautions, yes >> yeah. congressman murphy, thanks it's such a complex issue. we really appreciate you joining us >> it's very complex there's no right answers playing the blame games and guessing game does no one any good we're literally learning as we go but i think that's important we are learning as we go and we have to be able to adapt. >> congressman greg murphy of north carolina thank you, sir >> thank you we have a news alert from facebook the company announcing it will cancel any large company events with more than 50 people through june of next year, of 2021 take a look at facebook shares. the company is also extendin its policy of no business travel through june of this year. even more economic implications even as we talk about trying to reopen >> coming up, seeing stars when you think streaming, netflix and hbo may be the first names that come to mind, but

maybe it should be starz far more than its premium competitors. and a look at the next big tech theme that investors will be betting on in a post-covid world. we're back in two minutes.

the dow is down right now, and the s&p has turned positive. the nasdaq, more significantly higher by 75 points. it's been the standout of the past week. it's nearly a percentage higher today. in terms of sectors, the laggards again include energy, where crude just hovering below that $20 a barrel mark financials struggling with low bond yields and a flatter yield curve. industrials also weaker, as well we got that weak philly fed

report this morning. meantime, health care and consumer discretionary are your leadership they're both up about 1.5% today. and let's check in on shares of lionsgate. they're up 40% over the past month. in part thanks to the success of its starz unit julia boorstin joins me with a closer look at that. >> that's right, starz benefiting from the timing of a new series of "outlander," its hit series, as well as the debut of films including "once upon a time in hollywood" on the platform average viewership on the starz app was up 44% compared to the average in the weeks before shelter in place orders began, and viewing on the flagship channel is up with a combined 35% across linear and on-demand streaming. the starz app, which usually costs $9 a month is no discounted to $5 a month for a three-month period has seen a 142% increase in new customer additions since coronavirus stay-at-home orders began. kelly, back over you

>> julia, stay right there let's bring in the ceo of starz, jeff hirsch. jeff, it's great to have you here to me, the challenge for all of these streaming services and starz included is how do you keep people around this is such a hit-driven business >> yeah, it's a great question first of all, thank you for having me on this morning. i'm excited to be here it's a hit-driven business, but i think the world has changed significantly from the days where one hit show could make a network. and now you need portfolio approach with the click in and click out world that you have in the digital apps today so it's a portfolio approach of content that really keeps consumers on the service, coming back week after week after week. and so we have shows like "outlander," "the spanish princess," "the white princess," and "the white queen" that continue to have an audience from week to week to week and feel really good about our turn metrics because of that. >> it's julia here it's so much easier for consumers to drop a service when

they're using an a la carte app rather than dropping their whole cable bundle as more of your customers shift to your app and though that platform, are you concerned about all the competition from the new services, such as hbo max launching next month, in addition to the fact that people are paying for netflix, as they have all of these services, is that going to put more pressure on your churn, as some of your hit shows wrap up their seasons? >> we look at the world in three tiers of services. there's the broad-based, or what we like to call basic streaming tier, which is the netflix, thee the hbo max, the peacocks that just launched this week. we see those as services that are looking to become the first service in the home. really we call them broad-based basic streaming services they're looking to replace the dishes in that home. we're not in that game we've always been sold as a premium add-on on top of broad-based television

and so if you think about starz from a programming point of view, we're not add supported. we're bespoke, we're very tailored, we're adult with great stories, like "outlander," and we see ourselves as a complimentary service to all of these broad-based streaming services that have been out there. >> but, jeff, if you look at what's happening with consumer spending right now and economic pressure, do you -- and you are part of the tv/cable bundle, as an add-on service, are you concerned about cord cutting and how would that impact your business >> as a premium service, we've never been 100% penetrated, like a true add-supported network and so there's a lot of opportunity for us to continue to grow on the traditional linear side, as well as on the digital side we've transitioned our business from a bundled packaged business on the comcast to an a la carte business skand we're seeing gret growth on that platform right now. so we think there's a great opportunity as more of our programming comes online to grow on both sides of the business.

>> which is more profitable for you, having people subscribe through the app, a la carte, or have them do it through a cable package, through paid tv >> so the new services, as we said, as the business transitions from the traditional side to the digital side, starz does become a more profitable company. >> and just looking forward, as you look at your series lineup and what's coming ahead, obviously you have shows ready for now, but production in hollywood has been entirely shut down how long are you okay for and at what point would the production shutdown start to impact your shows? >> we are in unprecedented times for our industry i have been really amazed in terms of the creative community and how they've used technology to keep shows moving, whether it's virtual writer rooms, virtual editing, virtual sound mixing and so we've been able to continue to work on shows that have been post-production. starz is fortunate, because of the way our production scales are, we usually work a year in advance. so most of our shows that will come online this year are in

post so we don't see us having an interruption this year >> all right >> well, thank you so much for joining us and i'm sure we will learn more after lionsgate reports its earnings next month. jeff hinlrsch, ceo of starz >> interesting did not know how well they were doing. julia, thanks. coming up, billionaire barry dillard says everyone should get a bailout, but the government doesn't agree and many of the big retailers aren't qualifying for assistance we'll have a closer look at who's being left out and why "the exchange" continues after this

i will, welcome back let's get to our calls of the day. we begin with kraft heinz, which was upgraded to overweight with a $38 target analysts saying investors can benefit from the extreme negativity out there they say kraft/heinz portfolio is far from off-trend. the 6% dividend yield will

provide some income. kraft/heinz shares up 2.5% next, in keeping with the stay-at-home theme, roku initiated today as a buy with a $137 target. that's 30% upside. they say roku will benefit from the increase in streaming and from a shift in tv ad revenues from linear to digital they note roku is a leader and important partner for content providers navigating the shift and roku is up a little less than 30% upside now. finally, twitter downgraded today to neutral by jpmorgan this is an interesting call. they gave it a $29 target. they believe twitter's risk/reward is less attractive at these levels and near-term decline could be steeper than competitors given its heavy dependency they say twitter will also face ad system challenges in a downturn twitter shares is just under $27 today, down 3% well, as the debate over who should get a bailout continues, expedia and iec chair barry diller weighing in on the topic earlier today, saying no one

should be left out >> you drive down streets and you see big cities, small cities, and you see nothing is open they are ghost towns the damage that is being done every day is enormous. everybody needs to be bailed out of this one thing. and we'll worry about paying the bills later. >> well, many of the big retailers being left out of government help and struggling to pay their bills right now courtney reagan is here with a look at who isn't getting government assistance and why. courtney >> hi, there, kelly. so many big, well-known household retail names that have thousands of employees, hundreds, or even thousands of stores, vendor contracts, rental agreements, they're not eligible for either the fed's credit facilities or the cares act through the treasury because their debt isn't investment grade as of march 22nd

you've got macy's, gap ink, "l" brands, footlocker, bed bath beyond, abercrombie & fitch and others that currently have debt that is junk rated, even though those retailers' balance sheets are at least stronger than names like jcpenney, neiman marcus, j. crew, j. jill, gamestop and others who also have junk-rated debt, but on a much lower on the speculative ratings scale. now, the national retail federation is communicating with both president trump and treasury secretary steven mnuchin, asking for liquidity for all. noting that retailers that were solvent before the crisis could be pushed to insolvency through no fault of their own. but as a result of this virus. the nrf says, look, officials are responsive, they're accessible, they're listening, at least, to an array of perspectives one concern, of course, is that if junk bond-rated companies do get access to this aid, that would mean that a company like macy's would be eligible, along

with a company like jcpenney, and jcpenney was struggling. it was sort of right there on the brink before this crisis hit. so that opens up a little bit of controversy over which companies should be saved. kelly? >> courtney, i think this gets right to the heart of the whole rescue it's either, you can say, look, we're not picking winners and losers there's money for everybody. this was nobody's fault, and that would be one approach, or you could say, oh, we're not going to try to help the weakest of the weak, because it's their own problem. and i understand the government doesn't want blowback for helping people like jcpenney, who are probably going away any ho anyhow, but once they start picking winners and losers, that also seems like it would be hugely problematic >> exactly it's such a sticky situation, kelly. and if you look at companies like macy's, their debt was downgraded about a month ago, so before this outbreak really took on steam and they were given that junk status rating, albeit higher on that scale but they've got more than 100,000 employees. they've got hundreds of

locations. they've got rental agreements. they've got vendor contracts so if something happens and macy's gets pushed into a dire circumstance, the ripple effect throughout retail could be pretty immense but, i understand, that's a department store and a different balance sheet standing than a jcpenney so, again, right to your point of picking up winner or loser or just giving liquidity to all this is a tough one. >> what about, courtney, in terms of private sector solutions here it's interesting, you look at distressed debt investors, and they are trying to get out there and raise big funds. could there be a role to play by private equity or by retail itself through consolidation you know, something that doesn't just rely on the binary relief or no relief from the government >> i think that's a great point. i do think that events like this, albeit, out of sort of business control, at least opens up opportunities for some investment from private industry, consolidation, m&a

we know that there are companies out there that sort of look at strong brands, but within what you would call a broken company, if it's sort of broken operationally, but the brand itself is strong and there could be some opportunities to buy the intellectual property. so i do think we're going to ultimately see that happen i think the concern is just, it happening so much to so many, all at once. and then the ripple effects there, or even missed opportunities to have those purchases, those acquisitions, those mergers, because frankly, it's just so messy and it's happening so quickly >> no, that's a great point. courtney, thanks we appreciate it it will be interesting to see what happens courtney reagan there. coming up, from time savers, time creators. that's what one industry watcher says will be the next big tech theme for investors. he'll tell us what he means and which names to watch, right after this

welcome back morgan stanley ceo speaking with cnbc saying he sees the coronavirus induces recessions lasting for the entirety of this year and 2021. he said if i were a betting man, it's between a u or l shaped recovery, i would say through the end of next year we'll be working through the global vegs. morgan stanley reported earnings today the robust trading results may prove to be fleeting do you can see again the shares trading lower and not just morgan stanley it's been a rough week for financials here is a look at the biggest gainers. this week it's netflix and amazon in the lead along with

some other text stocks seeing double digit returns netflix is up 19% since monday my next guest says there's another theme emerging that investors should be watching i'm joined by james kakmak amazon probably helped us save time you're saying we should look to those that save time >> what we saw, the reasons these companies accrued so much value is because they save people time. right now we're in situation where i think it's for productivity boom unlike anything anyone has ever seen. over the last couple of nonmont i think we pulled forward technology in way that businesses have a taste of what it's like to operate in a distribute ifr fashion and consumers constituents have taste of what it's like to live.

it goes much beyond that >> that's interesting because the stay at home basket has been a popular one. a lot of that includes netflix that isn't helping create any time i really like your idea we'll see huge productivity boom how do these companies sler accelerate us into the future. >> i think it will come in places we don't expect ge can 3-d print an engine with 12 participas when it used to te 855 parts. the time for us has been structured you wake up, go to office, come home and watch tv and go to bed.

if you can add fluidity to that time and find time in areas that didn't previously exist, you'll be able to deploy that capital and time and resources in way that never had been thought of before it's really rethinking the principles of how businesses conduct. >> it has a lot of positive externalities too. i'm thinking about when commutes are shifting, it's not all 9 cl9:00 to 5:00. the idea of being at four hours any time of day instead of the same 9:00 to 5:00. are you telling me that ge is your time. >> right now we're talking about video conferences from home.

the new companies will emerge will be able to ride those rails and leverage them in way we haven't seen it goes into health care and financial services like rob robinhoodraising more money. square enabling people to rethink how they are managing consumer data in a way that is health care. thinking about you could have air pods take your temperature in way that you'll be able to reduce time spending with your doctors visit. there's so many different externalities in way that we're not really thinking about today. we're focusing on stay at home as companies and people rethink how they spend their time, i think we'll be in forward for something really big. >> are you saying to people don't bet on fang because it's

going to break down in the future or do you have a clear sense of what the new companies you would bet on would be? >> right now, some of them haven't been created yet with the big tech infrastructure, the establishment, i think those are essential services you need them. i think premium valuation will be awarded there the obvious example that's in the market, i think you're looking at a company like slack and competely changes the way internally and externally. that's where we're really betting on the next chaptseer >> it's such a hopeful theme james, thanks so much. >> thank you

james kcakmak verizon announcing today it will buy video conferencing company blue jean network paying half a billion dollars for it. it's a rival of zoom bluejeans isn't free it will focus on high growth areas like telemedicine and distance learning. our breaking coverage continues after this break we'll talk to the president of the business roundtable. he sent a letter outlining what corporate america needs to see happen before big companies can feel comfortable sepnding their employees back to work stay with us here on cnbc. woman: my reputation was trashed online.

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good afternoon, every one. our breaking news coverage of the markets in turmoil continues right now. welcome to my kitchen. the dow under pressure as investors digest or indigest another string of bad news the nasdaq has managed to hold onto small gains throughout the day largely because of technology which you would expect might look relatively better in the current environment. over the last four week, 22 million americans now have lost their jobs and applied for unemployment benefits that wipes out all of the gains in job gains since the financial crisis americ