z >> goes to shhow headline drif n market can be. it was just ten days ago that remdesivir seemingly showing promise i believe it was in the united states. again, a small test and there are going to be many more of these small tests that will be subject to in coming weeks and months that will to it for "power lunch. >> nice living room, ty. >> thank you very much good to see you, kel and yours, too. the closing bell continues right now. >> thank you, tyler and kelly and welcome, everyone. i'm sara here with wilfred stocks higher now as energy continues to recover let's look at what's driving the action 59 minutes left of trading new reports that one trial of a coronavirus treatment locked in china but there's more beneath the headline that we'll dig into in a few moments terrible economic data as millions of americans, millions more now, seeking unemployment benefits that's more than 26 million out

of a job since mid march and business activity grinding to a halt around the world and finally, energy stocks are jumping on a rebound in oil prices by far the best performing on the s&p 500, which is higher, wilfred, by about .6 though off the highs of the day. >> went briefly flat as well so improving for the last hour or so the dow's up 0.9% or 200 points. coming up, we'll speak with former bp ceo, lord browne about the oil markets this week as crude sees another double digit move today plus tiger management president, alex robertson, will join us to talk about investing and how his company is helping to support new york's front line workers. zblncht mike is tracking the market action for us as always meg has the details on the possible setback for gilead's coronavirus trials, which sent the market off its highs during the session as we mentioned along the hannah, from the ft, who cowrote the story that broke that news and kayla is covering

the house vote on the next round o the stimulus, but mike, let's start with you >> thank you today is the one month mark since the market low at least what stands now as the market low for this phase march 23rd was the closing low of about 2237 there you go better than a 25% gain since that point looks like not too many kind of nervous points along the way of this rally once we had that first little pullback. looks like a good picture. here's a broader context of where we came from before this period this is a one-year chart that shows you the rally is this right here regaining a little more than half of what was lost. so obviously, a positive obviously the rebound happened in rapid fashion you see this kind of flattening out, that's what we've been going through since middle of last week when the rally last a little momentum. here is the current dow jones decline and rebound compared to the average.

this is ned davis verge chareseh chart. very steep 20 plus percent declines in a short period of time couple of observations they're all matched up at the low. so that's the march 23rd low you see this one fell more it fell something like 35% than the average, which is more than 20% much, much quick ethan average a couple like this in terms of getting back half the gains. on average, those did better in terms of not going back the retest the lows, but there's no real rule that you can necessarily infer from all this stuff, but it does show you that we've really got back a lot of it in a hurry, guys. and you can argue about the implications of that i guess >> ye and i guess mike, this time around, the speed and extent of central bank action. much, much bigger and points to the speed of the rebound u a couple of other factors today to talk about though in terms of whether the market is fragile or

not. the gilead news clearly would affect gilead's share price. should it have affect ed the broader markets on the extent it did? on the flip side, bond and debt markets seem to be functioning quite well >> everything is functioning well, i agree. it was an interesting little real world terse st of what seet matter clearly, the one thing we can't really handicap is whether we get some kind of treatment, whether anything bends the path of this virus. the infection rate and recovery rates. that's why i think you have the sensitivity to this particular trial. it showed you the market kind of bounced back i really think the market is about positioning and just huing to those old growth toks that are supporting the indexes as opposed to it is very, have you know tangible way hinging everything on this one drug. >> yeah. till jumpy though around those headlines. thank you. turning to that news that sent the market lower midday, the

financial times first publishing a story that gilead's potential coronavirus treatment, remdesivir, flopped in a trial in china hannah cowrote the story for the financial times. she joins us now along with meg. hannah, first, where is the source of this information and how reliable is it >> so this was interesting because it was actually accidentally published by the world health organization on their clinical trials database online and it was a summary of the result of the trial, which was that it didn't have any effect on the patients and it didn't have an effect on their condition or viral load. prz that's been confirmed that that was true by the world health organization and by gilead, but the questions really are what does the details from the trial tell us in terms of maybe there was some subset of patients that did benefit and

also you know is there any more information they will give us when they finally publish that under peer review. >> and one thing that's been thrown around since this came out, to down play perhaps whether we should be extrapolating too much from this trial, which was that there weren't enough people in it or no control functions can you tell us more about that and whether we should be discounting anything from this >>. >> so there was a control arm in this study one thing to bear in mind that it didn't actually finish. one of the difficulties of doing trials in these situations, they started this trial in china when there was a lot of coronavirus patients there aren't so many coronavirus patients now so they didn't actually finish enrolling it so that's worth bear iing in mi. one study is always one study. there are huge studies going on

by the w.h.o., the national institutes of health in the u.s. looking at remdesivir because there is a lot of hope for it. and there's also many, many studies looking at some of the other drugs that could help. >> meg, talk us through what else, there's nih studies that seemed as far as having actual statistical evidence, control groups, peer groups, are going to come out and be more reliable for the medical community. which one should we be watching and how seriously are you taking this one >> well so the first thing we're going to be looking for is in the next week, gilead should be releasing the results from the first of its clinical trial. so it's going to be in the more severe patients treated with remdesivir and they guided to that at the end of april so that's within a week. the problem with that study is it's noted against a control group, so there are going to be caveats. also those were more severe patients and the take away from

what everybody is observing in these china results is that the drug might work better when given earlier and in fact, gilead said that in its statement in response to this story that there were signals that when given earlier, this drug worked better so that's the first thing we're going to see then we're going to see another trial from gilead in more moderate patients and then the gold standard that everybody's going to be looking for is the nih trial of remdesivir. that's going to be by the end of may and they did do a placebo control. a double blind study that's what regulators look r for to determine whether a drug works and is safe and should be given approval >> we've had data of late on the other sort of big hope for a treatment, the drug names that have been thrown around of hydroxychloroquine, which i guess wasn't as encouraging as it could have been are hopes for a treatment sort of set back for a moment re relative to two, three, four weeks ago? >> well, the data are emerging quickly and unfortunately, we don't have great trials yet.

we've heard scott gottlieb saying the data we've seen on hydroxy chloroquine doesn't look programs iing now and alsoing aa preventative for getting the disease as being more promising and we're just going to have to wait to see clinical trials on that readout there's a big one being performed at the university of minnesota right now. so as we wait for the official clinical trials because there's so much attention in this space and so much work going on, we're going to keep seeing these little trickles of information it's going to keep affecting the market, our optimism about whether we'll get a treatment, but i can tell you with certainty i've never seen a drug industry work this collectively towards something before and we should be getting real information soon >> and it's really important point, meg, that i don't think is made that often how did remdesivir become such a, a sort of big, sort of ten pole question here for the markets to move the market when there are so many other

seemingly promising antivirals, antibody cocktail treatments. the anti-inflammatory drugs being used on you know a regular basis. how did remdesivir sort of get to the front of the line here? >> it's a really good question i think part of it is that it was a drug that was furthest along. it was ready to be tested. there was animal data suggesting it could potentially work. and so wall street kind of seized on it as something we were going to get answers very soon the things like what regeneron's doing with the antibody drugs is developing a new drug and multiple other companies are doing that, too. that's going to take longer. they may work better in terms of the rheumatoid arthritis drugs, those are potentially promising and we should see data from regeneron again to see how those work. that's for very severe patients having that lung inflammation who are in the hospital, but i

think the gilead ten pole for the market was because the drug was ready b to be tested when this all kind of began >> good discussion, meg and hannah thank you so much. the white house is is expected to vote on additional stimulus worth half a trillion dollars including more funding for small businesses kayla joins us with the latest >> we are nearing the end of two hours of debate on the floor of the house of representatives we'll then go into three hours of voting, 30 minutes for a break, to clean the chamber between the votes. the vote series is marked by social distancing. 60 lawmakers are going to be in the chamber at a time, in alphabetical order when not voting, they'll be in their offices and wearing mask ks on the floor when casting those votes. at least at the urging of house

speaker, nancy pelosi, the first vote is on establishing a subcommittee to establish the white house's actions on coronavirus. nancy pelosi has suggested the actions could go back to late last year when the white house was first informed of this virus. the second vote is the vet vote on st stimulus package which could provide $100 billion for hospitals. that's expected to pass. president is is expected to sign it as soon as it does, but then the question is what happens next whether there's any demand for stimulus and whether any movement can happen before congress returns in full on may 4th. guys >> thanks so much for that as we stand by the way, we've got 57 minutes left. up 0.4% on the s&p 500 after the break, oil on the rebound again today in what's been an extraordinary week for the crude oil market we'll speak with the former vp ceo lord browne about where

prices could u end next. here's a check in on data tracker. euro zone pmi fall iing to a record low 13.5 in april. the u.k. was even lower according to preliminary data signify anies contraction and the flash u.k.pmi, 12.9 and the u.s. number, which has got a lot aenono fatoy,as a bit higher, but still bad. 27.4 back in a couple of minutes.

about 44 minutes left of trading. a check on the markets we've slipped a little in the last few moments s&p down about a third of one percent. the dow was up more than 400 at the highs. technology just turning red. some individual market movers. shares of amazon trading higher again today after goldman sachs hiked its price target b on the stock to a street high of $2900 saying the coronavirus has spurred a quote near holiday like jump in retail demand and shares of zoom are also surging today after reporting massive user growth. the company says more than 300 million users used the software on april 22nd. that was a huge jump from the

200 million it announced on april 1st, so wilfred, the stuck at home trade is is alive and well today >> it certainly is oil has been suffering it surged today though on hopes of additional production cuts as the coronavirus outbreak continues to weigh on demand crude's two day rally follows its historic sell off when wti tumbled into negative territory for the first time ever. the may contract did at least. despite today's move higher, our next guest says low oil prices could be around much longer than we think joining us now is lord browne. very good afternoon to you thanks for joining us. >> good afternoon. good to be here. >> stepping past the may contract expiery itself, first of all, we're down 70% or so for oil prices year to date. whether you're looking at brent or wti, we're at or around $20 a barrel a does that level all things considered, make sense to you and could it persist for a long

time >> it does because there's too much supply and too little deand what the is left over has to go into inventory and space for inventory is highly limited. very limited indeed. it will fill up completely very soon so in those circumstances, we need to cut production opec plus has agreed to do that starting on may the 1st. hasn't happened yet. that will be around 10 million barrels a day. i'd simply cost more to produce oil than you can get for it. will continue to reduce production but there's still a big supply imbalance so right now, demand is down so we have a long way to go to get the market into balance. it reminds me very much of what happened in '85 and '86 in the reverse. when saudi arabia was put in a corner its production was cut

then it decided to open the taps it demonstrated that supply is never a problem. demand is. as a result, oil prices stayed low for 17 years or so >> you mentioned saudi arabia and russia of course is being mentioned as well. do you think those two countries are celebrating where we are at the moment or are they feel iin the pain as well >> well i think a bittersweet victory for them i think determined of course to create some -- in the market being too big producers. they saw coming on the horizon for some time now, the united states as the third very big produce producer it responds to markets. when prices fied, people produce oil. when they don't, they stop producing.

>> it's sara, lord browne. sorry, didn't mean to cut you off. >> oil has a tendency always to be in supply real question is is how long does it take to clear. right now, we've got huge inventory, far too much supply and demand which is pretty sluggish and i think given the way in which we come out of is too early to tell. we're still well into it into the recession depression as a result of coronavirus this will take time and there will be a long time before stocks get normal levels and a demand gets to normal levels whatever that mean >> i want eed to ask about the u.s. we were supposed to be energy dominant, was president trump's expres the world's biggest producer

after this slide we've seen, how tung about the damage that's going to be done on u.s. production and companies and jobs and the entire energy industry here? >> what i say will apply to the world as well, but in particular to the u.s i think for a very long time, the oil and gas industry, in particular, has produced very poor returns for investors and certain of the u.s. had never ever produced free cash flow and have needed more money to grow i think investors have seen too much of that and say we hear promises, but now let's have something real so getting the capital to support many of these companies will be very difficult and indeed today, you know the oil and gas sector many the market, stock market, is is down to 3 to 4% it used to be 15%. i think people have voted with their feet and i think they see oil not only having a supply demand problem just on the basis

of today, but a longer term profit first, energy use becomes more and more efficient every time. roughly 1.5% drop unit of gdp every year for the last 30 years so that makes a dent and secondly, hydro carbons in certain parts of the world, a lot of parts of the world, are not very envogue people do not like the idea of producing carbon dioxide and putting it into the atmosphere it's global warming and people concerned about that particularly concerned i think vut of if you mess e with nature perhaps what we're seeing with the virus, people have to think twice about whether we are doing the right thing and these big forces we unleash when we deal with nature need to be thought through very, very carefully so i think this will probably dent overall supply.

demand, excuse me. >> lord browne, that said, within the industry, is there an opportunity for the big players, the majors with strong balance sheets it was interesting to see earlier this week despite oil hitting record all time lows that a lot of the stronger energy companies didn't decline to the same extent if i look at just bp, your old company, it's still up b about 35% from its low on the 19th of march. do you think getting through the short-term volatility that companies like bp will benefit if smaller players go out of business >> i think the bigger companies generally have better diversi diversified portfolios than just producing oil and gas. selling it, refining it, a lot of other things. so that hedges them a bit against the decline of oil and gas prices p but there's no doubt that you know oil doesn't go away when a company is in disstres.

it gets put in the hands of someone else balance streets will be restructured happened periodically probably every decade or so in the energy industry it was a result of years of prices leading to people saying it's time to come together and more diversified and stronger i think it will continue again and again and i think there are probably pretty good prices available in the market. i see them some deals, which are in earlier this year were say at $900 are now $500. when done in total >> thanks so much for joining us always a pleasure. >> a great pleasure.

all right. we've got just a little over a half hour left of trading. take a look at the markets a little bit of steam. still higher after the break, we're going get a break on the state of the chip sector we'll speak with the ceo of xilinx just reporting earnings after yesterday's close. the stop moving low er off the back of disappointing guidance we'll be right back. feels like there's no barriers between departments now. do you think everyone appreciates it? i do. huh... forgot my glasses. serivcenow. the smarter way to workflow.

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welcome back demand for semiconductors expected to decline 5 to 15% in 2020 according to mckenzie with sectors such as chips for 5g networks and automotives hit the hardest, but they're also two of the biggest growth drivers for xilinx the company forecasting lower than expected revenue yesterday due to covid-19 and joining us now to discuss is victor peng, president and ceo of xilinx. thanks for joining us. talk about what you're seeing out there that was disappointing for investors to hear during

this current quarter >> we reported our quarter ended at the end of march, which was also the end of our fiscal '20 i think considering some of the head winds of fiscal '20 over all, it was pretty solid we grew 3% year over year. 3$3.16 billion which is a new record our guide for q1 was down sequentially because again, we are seeing effects from the covid-19 from a demand perspective. we have no supply issues in terms of us being able to supply and certainly some of that guide had to do with the general uncertainty. but i would say is that fourth quarter given the circumstances was solid and made a great deal of progress. >> where do you stand in terms of the a 5g sue per cycle and whether it's been delayed or pushed back or whether quite the opposite given people's reliance of doing things in the cloud and things from home >> yeah, look, again in near

term because of the pandemic, i think it's very hard to see, but i think what's important to keep in mind is the long-term perspective, which is we're in a very, very early stages of 5g and we believe that 5g will be a much, much bigger opportunity for us than back in the 4g generation by fakih r tors. so we are built into the first generation of 5g equipment most customers are looking at three generations of 5g equipment and design is just underway in the second wave and we just recently announced strategic engagement with samsung to be in their next generation 5g radio networks with our latest product called versile. we're going to have a very exciting run very big opportunity for us. >> but i want is there going b to be more delays in terms of roll out for 5 ag, especially in the united states from big companies like apple and others

where and not just 5g, really how many i guess i'm wondering how many of your plans and customer s are delaying any of their orders from you? >> i think it depends in different regions and different. need to see what's happening with headsets. there's a lot more traffic going on right now with everybody working from home, doing a lot more things from home. streaming video. many more you know kind of collaboration applications run ing through. so i think it's difficult in the near term and that's why we keep our focus on making sure that we deliver for our customers the degree they need in the near term and be prepared when we do get through this because we'll get through this then the buildout will be robust. >> one sub sector of your customers you're exposed to is the automakers what are they telling you in

terms of their outlooks for the rest of the queer? >> yeah, certainly auto is clearly hit more impracticefully so for the near term, there's clearer head winds that said, i think we have to keep in mind they're still in development of their feature platforms. each generation of platforms, safety standards increase significantly. as everyone knows is a great deal more semiconductor content in automobiles and we have a strong position in the systems the safety applications so for instance not too many people driving today, but if you're in a new car and backing out of your destroy and the vision you see in the rear camera and you have a premium camera, chances are that xilinx products are powering that system so we do have a strong play and even though there's some certain near term head winds of people are continuing to develop those next generation platforms and we'll be in them >> i think you mentioned your

supply chain was in tact is china back on line and do you see any other hiccups anywhere else as a result of shutdowns? >> yeah, china is coming back and obviously it doesn't flip on like a light switch. they take time they are coming back and pushing very hard to drive their businesses we see obvious that's now happening in a lot of western countries are still sheltering in place at home so again, it makes visibility a a little bit difficult. but we're doing is making a point of reaching out to our customers during these challenging times. making sure they know we don't have issues so we'll supply whatever they need and you know, we have customers in the medical device industry for instance if we form a task force to expedite their orders, make sure they have any special needs, we assist them with that. and so we're going to get through this going to stand by our customers in this difficult period and we're poxing ourselves that when we see the upswing we're going to benefit even more of it

>> victor peng, thanks for joining us from xilinx >> pleasure. >> the market is slipping a bit as we approach the close 27 minutes left of session we're still positive on all three of the major indices, but s&p is only up coming up, we'll speak with colombia's director of emergency medicine who survived ebola and is treating coronavirus patients here's a check on bonds. ten-year is yielding about 0.6%. short end of the curve has risen a fraction two-year is at 0.22. back in a few minutes. don't go anywhere.

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24 minutes left. strong day for energy as it continues its e rebound from a low. still down about 70% year to date, but energy the clear outperformer sectorwise today. utilities, real estate and consumer staples and the broader market just slipping a bit as we approach the close the s&p is now up only 0.2%. >> we do have breaking news on toyota phil >> take a look at shares of toyota the japanese automaker announcing it plans to open its north american plants on may 4th. so may 4th is when they plan the to begin production. don't expect to see a slew of these vehicles rolling out it will be slower than expected or than usual nrt month of may and when you look at toyota,

they've had their plant shut for one month now. meanwhile, honda has said it is extending how long it keeps its plants closed, now going through may 8th. guys with both of these companies, really with all of the automakers, do not write these dates in stone because things are fluid and they could move up, back. largely depends on what's happening with coronavirus and the spread at the time when they are hoping to reopen plants. >> got it. thank you. time now to get a coronavirus update with frank holland. >> here's the latest ch just 23% of americans have quote high levels of trust in what president trump says about the pandemic according to an ap poll only around half of republicans have quote a lot of trust in what mr. trump says, 82% approve of how he's handling the crisis. zblncht random ooent body tests of new york residents found 41% probably had covid-19 and recovered. based on that, at least t2.7

million people in the state have been infected and california is paying dramatically inflated prices for medical face coverings in what the los angeles times calls price gaunlging. state contracts show purchases at more than 300% above regular prices and in philadelphia, two doctors went to the rooftop for a socially distant wedding family and friends watched on video as neighbors cheered from their roofs. for more, head to cnbc.com back to you. >> all right thank you very much. 22 minutes left of trading gains have slipped, but we are still hanging on to some the dow's up 100 points. energy still the leading sector. defensive like utilities still the worster performing ahead, our rare interview with tiger management president, alex robertson, the son of famed investor, julian robertson original tiger cub we'll talk about investing in the time of coronavirus. ♪

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. coronavirus has hit the retail sectors hard. courtney has more for us on that >> you know for a retailer, having the right inventory at the right time is kind of like a basic tenant of retail, right? but when all the stores were closed effectively mandated by the government to do so with little notice, all that inventory literally got locked inside and now it's become ageing asset deteriorating in value for these retailers because of the shelter in place and the seasons are starting to change in a loft the country. that's a big problem, especially for clothing, shoes, seasonal or

other sort of trend based merchandise. buyers and planning teams are desperately trying to figure out what could be obsolete when stores reopen. what could be sold maybe for another reasseason what needs to be discounted heavily to entice shoppers to buy and what needs to be pushed off price. liquidated or disposed of entirely then complicating it further, many retailers including macy's, children's place and urban outfitters have reduced their receipts or all out canceled orders to come which means when the stores do open, the merchandise may be ul dislocated it may not be the right merchandise when shoppers do return it's a huge problem. >> courtney, thank you this is the last commercial break we are going to take before the close we've got about 18 minutes left of trading dow's hanging on to a 140-point gain up next, uninterrupted coverage of the final minutes of trade

when we take you inside the market zone and you can always gotch or listen live on the on the cnbc app. we'll be right back. business as usual.hing but that's why working together is more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected . it's what we've always done. it's what we'll always do.

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under 15 minutes left in the trading day. nice to see you again, stephanie. what are you going for today >> great to see you. this is just for you, sara this is target actually added it to my portfolio today. new position we know back in march, they suspended guidance t today, we got the update trends mixed on the positive side, digital same store sales up 100% astounding to me on the negative side, because of mix and investment, gross margins are coming down. the mix is because they have more pearl peril versus consumables. i think over time, the mix issue will settle out. as we go back to work, reopen the economy and that's not going to be right away, but over time, it will settle out so i don't worry so much about that on the investment side, i like when a company invests for the future for future growth. to grow customers.

to grow and improve technology to help on the assortment side so i think all of these things are positive for the long-term so while earnings are coming down now for this year, we throw them away. next year, i think they can grow 22%. the stock is trading at 16 times. yields 2.5% and the stock is down 18% on the year and that compares to walmart which is up 8% and costco which is up 5. >> you're outlining a very bullish case and those online numbers were eye popping and so were the staples numbers and i always appreciate it when you pick consumer names, thank you, but why is the stock getting hit so hard? was it in the communication? i heard jim cramer analyze some of the narrative brian cornell was lag out and not being as bullish as he could as far as the future of retail and where target stands. >> well i think it's a challenging environment and they have a big apparel mix and so they have to write that down and that's not good news for sure.

but i think the reason the stock is town is because estimates are coming down and i actually thought when it was down 5% in premarket, i thought that was a way overdone again because i do think over time as we settle out, as the economy normalizes, it's not going to be next quarter or the quarter after, but as we normalize, then the mix issue, they're continuing to heavily invest so that their assortment is is better going forward so that their technology is better going forward and they could maybe balance between consumables and apparel. numbers coming down never a good thing, but i wasn't involved in the stock, i'm using an opportunity on the pullback to be adding to especially since it's lagged its peers so dramatically year to date and i think the risk reward is great >> you owe me a bank next week we've got 11 minutes 11 and a half minutes left of the session. now in the closing bell market zone commercial free action heading into the close

let's kick things off with the broader markets. stocks higher for the second day. albeit, slipping a bit, the s&p 500 up a quarter of 1% or so l energy is the only real sector that's rallying as it were and otherwise, the it's a bit of a mixed bag. >> the rest was upper drift early on and sort of tacking on to yesterday's action where you just had the growth stock bs working. that's been a reversal if you want to look within the market today, it is those real big names that are just given way in a pullback then you had the russell rallying today on small caps and energy. i would sort of look at it more broadly. two weeks ago today, the s&p 500 got above 2800 for the first time on this rebound rally and we've got sideways since we've stopped it for a lot of different technical reasons. regained about half the declines and we've been sort of sliding sideways since then. probably makes sense not to really have high conviction

about which direction the next few percent are because i think you have to consolidate a lot of what's happened and we're in wait and see mode when it comes to trying to handicap the restart of the rest of the economy. >> stephanie, what coydo you mak of the recent price action on another day where we got terrible economic news, jaw dropping numbers when it comes the unemployment claims, the market appears to look through it or past it and remains remarkably resilient in the face of this really bad data all over the world. >> yeah. i know look the bad data's not a surprise but the numbers are really, they're startling for sure and so it does take your breath away i think we're going through this push pull between the bad economic numbers and whether we're going to look through it or not then these daily updates on coronavirus whether that's number of cases, cures, the reopening today it's the gilead news that their product is underwhelming we're at the mercy of these

headlines. that's the world we're in. the life we lead now unfortunately. you can either day trade this, which it's not my gig, or invest in it and the good news is it's earnings season so we're hearing real time from the companies but at least we're getting data points and updates real time so you can at least model things a little more accurately so united health care, i would buy that j&j, buy that. air products had a solid quarter. even ewan u onpacific doing all they can to really focus on their operations and execute so now is the time to sharpen your u pencils listen to what the companies are saying you don't have to buy green. you wait for pullbacks and the bad headline numbers and you can buy where you feel comfortable >> though a lot of those you mentioned had very green sort of reactions on their earnings. let's hit that gilead news the stock plunging and bringing the broader market a leg lower with it on some potentially bad

news for antiviral drug, remdesivir the drug, which was being tested as a treatment for coronavirus, flopped. that was the title of the headline in a clinical trial in china according to documents reviewed by the financial times and stat news. gilead putting out a statement a few moments ago saying they believe the documents included inappropriate characterizations of the study and that it was terminated early due to loewen rollment joining us now is brian, analyst at baird who thinks market has been overestimating the role of remdesivir and its treatment brian, welcome back. is this the kind f reporting you look at and say hmm, turns out that i was right >> i think it's all in contact so i don't think this secures i'm right. i don't think it shows it doesn't work it's important to context yul ize the data

so i don't think this is time for a victory lap. it's terrible news and you know, while gilead is defending it to some extent, they are not receiving the data and i think the problem when you look at the data and when we talk about this last week, i said i really don't expect this trug to have a lazarus effect of bringing back really sick patients and when you look here, i think it's very, you could say with a lot of confidence that it is not a huge effect. if there's any at all. there was really no difference in mortality no difference in the data in the times improvement. the scariest thing for me out of this data point is that the investigators said there was no effect on antiviral activity it is an antiviral, so what you would want to see first and foremost is that it reduces the levels of the virus and it doesn't look like it did that. if you're not reduce iing the levels of virus, it's hard to imagine how any clinical benefit could wind up being seen

now it is not a fully enrolled study so it is underpowered. gilead's right about that. and we do have that full nih study read iing out the end of may. that will be definitive, but this is the best data set by far that we've seen so far to t it's the only randomized control data and it really indicates that this is not going to be a fantastic drug if it's efficacious at all, which i am skeptical on >> what do you make specifically, brian, of the statement that we got from gilead and not just this statement. but the one we got what was it ten days ago, where on the 17th of april, when the initial stat news report came out that was positive because in that first one, they did say you know the dataencouraging. >> i think they were encouraged by the data and i think while they're not saying that this is

not necessarily discourage iing, they're saying to look at it with cautious. gilead has said the same thing in both responses. neither of these data points are definitive don't give up on this drug just because of what you're seeing in this abstract. we have to see the full data one of the things i've talk ed about and said about the b problem with ooempb taking on this data is baseline characteristics of patients. whether they have hypertension, if they're diabetic, they have significant impacts on performance. maybe we'll see the whole data set antd thsand there's a big imbalance. most are die bet bic and have hyper tension. if you adjust, maybe there's an effect here. but top line is just not encouraging. >> not sure how trustworthy it is there are reasons to mick this apart. one, the it was done in china and there are all sorts of questions about what's going on and what's coming out of china two, it's unclear how early this was administered

the results can have good efficacy if administered too early. it was a trial that was cut off early because they didn't have enough people to go through and take this medication why are you putting so much stock main it? >> one, logic. that you know maybe it's just not early enough if you lock at look at the mortality rate, it's only 13%. so that's indicative of a pretty early stage patient with covid this is on iv therapy so you're only going use this in hospitalized patients. hard to imagine going much earlier. the fact that the mortality rate is in line with what we're seeing in the case fatality rates wormd wide not that much more it's hard to imagine you could move this drug much earlier. >> quickly, will we have an effective treatment by midsummer for this virus >> i'm skeptical of that

i think remdesivir and hydroxy chloroquine were sort of the best shots i think both of those have shown significant reasons to be skeptical for either of them so you know certainly maybe one of them or both of them will show some able thety to impact the disease to some extent but the silver bullet is not here. >> brian, i do think we should catch that by saying again that you're not a doctor and i know you have great resoursources an talk to these companies all the time, but there are a lot of researchers and pharmaceutical companies and medical professionals that are really optimistic about remdesivir and a lot of the other treatments. i think we should make that clear. >> sure. >> brian, we hope -- i'm sure you hope you're wrong. z zpl. >> i do. >> thanks for joining us casinos stage iing a big ra. contessa brewer has the details. >> so las vegas sands is is up b

about 12%. you've u got wynn and mgm following suit this is really coming off that earnings call last night where they were praising glimmers of hope coming out of china they say that they expect that you're going the see some significant return of business by midsummer, that -- may open they feel there's pent up u demand with these customers and they point out the asian customers have experienced before having their temperatures taken, wearing masks, social s distancing, so they won't feel as uncomfortable with those things going into a casino that lifted when resorts and mgm. mg out with preliminary first quarter results today. they say bookings have been canceled through the second and third quarters but rebookings for the fourth quarter certainly that's true for las vegas sands, guys. >> yeah k one of the best performers in the s&p. thank you. mike, we have lost quite a bit of steam here. what are you see ng the internals? >> similar with the internals if

you look at up down volume started out close to 80% still decisively positive as you see there, almost 3-1 to the positive side then look at new highs, new lows. 52-week highs on the nasdaq. it's not that often recently you had more highs than lows shows you where the relative strength has been and the vix not giving up much ground. still remains around the 40 mark kind of sticking showing you residual tension in this >> we've got just 50 seconds, 45 seconds left of the session. s&p 500 is flat. actually in the red, as is the nasdaq, dow is up 0.2% we've slipped into the close, the high of the day for the dow was up about 410 points. got the wrong page of my notes in front of me currently up 41 points splits on the sectors about half

higher, half lower bottom of the pile, utilities and real estate. energy is the top performer. oil prices continue their rebound, but remain down around b about 70% year the date. as the bell rings, we are flat on the two indices of the s&p and nasdaq dow up by 0.2%, but well off the session highs week to date of the s&p 500 down 2.7% and fractionally lower today >> almost on flat. welcome back take a look at how we finished up the day on wall street. did give up most of the gains. the dow is up more than 400 points at the high settleded up 36 points or so little more than 10.1 is%. as far as the s&p 500, actually closing negative but just barely down a point

and energy closed up 3%. material, industrial, communication services higher, but utilities, real estate, staples, financials and technology ended lower, dragging the nasdaq into the red for the day. the russell 2000 index of small caps had a rebound day, outperforming despite underperformance all year long t it closed up about 1%. coming up, a pair of big earnings this hour we will bring you results from intel and from e*trade as soon as they are released plus, this hour, we are looking at a live shot here of the house where members are set to vote on nearly $500 billion in small business relief. it was approved by the senate. now the house is voting. we'll keep you posted. obviously that money needs to go as fast as b possible to small businesses as those job losses and business declines are piling up first though, let's talk about what we saw in the markets today. join iing us, stephany link is still with us. first though, mike, to you on what was actually a pretty jumpy

day. got those gilead headlines from the financial times. slipped on that. came back up then went back down into the close what was the market thread the narrative to that? >> it was hard to really pull one out to be honest with you. it was an upward drift kind of piling on yesterday's little relief rally i think really what's been going on here for two weeks is the market has been digesting this huge rally ran right up into these levels broke 2800 on the s&p. really seeped like would be a little more of challenge after such a 25% upside run in a few weeks and i think we're going sideways banks up today even though yield did nothing and so it's a lot of internal action as the market sort of consolidates here, so i don't necessarily see really a definitive clue in the action today in interpreters of where it goes from here except to say that the market is not really hinging on the immediate economic numbers we're getting much at all. even the corporate numbers of individual stocks.

it is about any clues about what brings a restart in the economy closer versus farther away and they've been hard to come by today. >> let's bring in bob pisani for more on market action and the big movers bob. >> we were up 50 points in the s&p. that disappointing remdesivir trial really took the wind out of the markets that shows you what markets care about. a lot of companies basically eliminated their guidance for the year almost a dozen eaincluding her his. organic growth on the light side china was an area of a weakness. that was down. i think the stock of the day was target big online sales growth over there, but store sales slowed after a terrific march and early part of o april. domino's, good news. sales accelerated in april consumers stayed home because of the coronavirus, order sizes grew this this has had a big run up and finally, gap highlighting the b problems of the retailers saying

they need to find additional sources of liquidity we are stuck here, folks look where we are right now. today the one month anniversary. march low, march 23rd. up 26% since then, but we're range bound in the last few weeks. the volume has been light this week that shows you lack of buying interest overall here and the vix, well, we're stung in the low 40s aened that's still pr pretty high. not 80 where it was, but still high markets anticipating more volatility guys, back to you. >> thanks so much. going to pick that up just getting intel numbers hit iting the tape and nice little beat on both lines if we look at the revenue first of all coming in 19.8 billion. in terms of the epst the adjusted eps at 145. nice beat on both lines.

just looking down. the lines of where this came through in terms of the pc business that was coming in at 9.8 billion. forecast 9.3 and the data center business coming in at 7 billion. the forecast was for about 6.3 those are the two big chunky line items going to keep having a look at forecasts going forward, but for the past quarter, this was good. share price down 4%, so that must be something relating to forward guidance which we'll come back to in a moment >> sounds like they pulled their, they suspended their annual guidance and it looks like current quarter guidance was amiss. stephanie, your first impressions? >> work from home stock and that's what benefitted this quarter. it was a really good one guidance i was expecting them to withdraw u guidance. clearly, we think those trends are going to continue ch it's

just a matter of what are the supply chain issues they have because they clearly have them off set by how much does notebook and servers continue to explode. i don't have a problem with them suspending guidance. i don't think the next quarter guide is that bad. the stock is up 19% in a month so it's probably giving it back, but this is one i would actually look to buy if it pulls back more >> and then in fact sara, pulled full year guidance the q2 guidance, revenue, is ahead of estimates eps significantly behind so you have to dig down in terms of costs and margins but mike, to stephanie's point, this is one of those stocks flat year to date coming into this, so the set up was tough. i guess. albeit the likes of netflix and snap prove d that tough set ups don't have to be insurmountable. >> not necessarily, no i think the failed position does deck tate a lot of the reactions. we don't ooempb know what the ultimate reaction will be here

necessarily, but it rephone forces the idea that the second half of this year is this complete haze for virtually everybody. investors and companies alike. at some point, i could see that story line come sboog okay, everybody gets a reset everybody gets a little bit of a pass a in the near term and we can decide what the real core level of earnings are and just key off of what the broader economy tra jjectory is i think the overall market has to come to terms with the idea that still, 2021 earnings have barely been touched at this point. and you know closer we get to mid year, that's going to matter more it's a noisy environment from a fundamental perspective. >> let's get to josh lipton. >> guys, you know 34% data centered revenue growth. >> pause for a second. to josh. >> okay. >> just taking more into the numbers. calling out some segments. i heard stephanie mention these. ccg. chips for pcs. l $9.8 billion

better than expected remember you had bob swan on b cnbc just a few weeks ago with jon fortt and i remember him asking about the pc and he said as million of people work from home, they realize more than ever how important that device is of course one question for investors is it's a tail wind maybe in the near term, more companies buying p krrks to support their workers. do you think that can last for the next few u quarters? dcg as well. so that's really a big moment for the street the pricier chips for servers. 7 billion. a beat as well there are those who said as more of us work, learning play from home, that should support greater cloud demand at least in the near term. should be good news for intel. the guidance though here, q2, is mixed. on the revenue, you see a beat, but on the bottom line at 110, that misses what the street is looking for. going to be interested to see

what bob has to say about that when the call starts at 5:00 p.m. eastern we'll be on that, guys >> stephanie, what was your take >> data center up 34%. street was expecting 29. pc's up 14%. street was thinking ining about0 so not only did it beat the street, but it beat the company's guidance so they really did deliver and it does coin to the strength of what we're seeing work from home and i do think these companies have kind of a to withhold guidance because there's so much unknown. so again, to the extent the stock sales off, this is kind of the name you own kind of a low vol quality name good balance sheet, good yield i think ths the kind of name should it pullback this is one you want to own. >> wondering about the chip stocks as a whole, mike. and what you're seeing we talked to the ceo of xilinx

he didn't sound that down beat their forecast for the current quarter did dispoint investors as auto production is shutdown and so much kconsumer and economic business they have is stopped right now, but in general, what do you think the action in the semis is telling us as far as forward looking indicate eors? they're usually very cyclical. >> they've held up okay. if you want to look point to point. what's interesting is the very age centric fundamental drivers of this group, often it was considered being a drawback and right now, if everyone is essentially saying things might come back. we're talking about a services crash more than anything right now. really not talking about electronics and devices. of course autos are fwoipg to be weak so i don't think the overall story has been altered that much nobody's backing off of whatever 5g hype they were pushing before just yet so i think that yoef alover all

they've remained you can't say this is a leadership group or this is telling you the economy is going to dust off and sprint from here either >> all right there's the intel spill after hours. down almost 6% stephanie, thank you see you next week. >> thank you stay safe. >> tiger management -- >> banks last chance trade >> with the banks last chance trade. tiger management donating $26 million to support front line coronavirus workers in new york city up next, president alex b robertson, the son of famed investor, julian b robertson, di cusses that donation plus we'll ask how his firm has been fair ing in this market back in just 90 seconds.

kayla has been following the votes. where do we stand, kayla >> wilf, lawmakers on the house floor with about to close up their first of two votes that are being conducted this afternoon. the first vote is to establish a select committee on coronavirus essentially to investigate the actions of the white house and trump administration going back as far as its first notice of the virus itself then there's going to be a 30 minute break for cleaning the white house chamber and then another roughly 90 minute vote on the stimulus that includes $310 billion of expanded small business loans and 100 billion

in aid for hospitals and new money for testing. as far as those small business loans go, we have some new data about who's actually getting those loans. goldman sachs, which runs a program called 10,000 small businesses, about 1800 of those ls week and found that 91% of them had applied for one of those paycheck protection program loans but only 29% of them had received funds. of those 91% who had applied, about half were approved for the loans, so certainly even with this top up of the program, it would seem demand from businesses still far exceeds what's available and there will need to be another stimulus package. wilf, sara >> thank you and we have more breaking news related to the small business relief program. kate >> we've just learned that ruth's hospitality group plans

to pay back its loan in a statement, the president and ceo said we intend to repay this loan in adherence with government guidelines but as we learn more about the funding limitations of the program and unintended impact, we have decided to accelerate that repayment. we remain dedicated to protecting our team. the companies had been carefully considering doing so and wound up speeding up its repayment of understanding the needs. so once again, the company paying back its full $20 million ppp loan adding it to the list of others like shake shack and sweet green that have decided to give back their funds. >> clearly in a consumer facing business if hundreds of thousands of potential customers sign a petition, you've got to weigh that up as to what this does for your business long-term, but that sort of factor aside, i do think some of

these companies are getting unbelievably harsh criticism leading them to have to reverse their like ruth's or shake shack given that they did not create the terms of this program in the first place. the government did they created something that was unbelievably attractive and there was so much demand for it that it far outstripped supply and maybe some of these companies deserve some blame, but much bigger chunk of the blame surely falls on the government for not bringing enough supply. which as kayla told us is now being addressed, but to kevin's point this week on cnbc, these companies ultimately have a duty to their stake holders they don't know how long this shutdown is going to go on and they can't really be blamed as overtly as they have been i don't think for trying to protect those stake holders. >> listen, these companies apply ed for government aid and they were legally allowed to do so. now you can argue a how they got it how quickly they got it.

how many actual small truly small businesses were left out of this funding. that's a debate that will certainly continue to be had within the public domain here as we've talked about, this potential tiered catering to higher net worth clients at some banks, added to system of the public outrage you're seeing companies move quickly and give this back as they've said, other businesses are more in need of this and i think that's something the government will be taking into consideration with this next wave of funding as we just saw those new guidelines today. >> kate, thank you julian robertson's tiger foundation doubling its budget to $26 million to provide coronavirus relief with a fund to help first responders, critical care and social workers in new york city tiger management president and coo joins us now alex, thanks so much for joining us tell us about how you made the

decision to double obviously charity at such an important -- >> made the decision, we're a group of 40 trustees and many of which have tiger management connections and we decided on march 20th that this was going to be just a hellish year for new yorkers particularly the working poor and low income people. so we were scheduled to do about 13 million in funding across the city and we decided to double it and thanks to some very generous trustees, we're able to make that happen. and that included $5 million which was starting to go out the door right now, for emergency needs and then i think the next part of the year here we're

going to think about the most strategic way to get that money into organizations that can really leverage it >> and alex, you guys have given a lot of the time and annual u amounts, so this is bean increa of bringing forward future year's donations >> yeah, we don't really run it like an endowment style. we raise money then we try and spend it or invest it into great people, great organizations over time so we, this year, we're spending about 35% because we believe now is the time. now is the time that new york needs folks to step up and that's our plan. and i think you know just the folks out there traditional endowments, they're going to get hurt this year on performance and you know whether they give

4, 4.5, 5%, that number's going to be lower. so we've made a commitment to give more. and i think it's going to be slightly heer. higher. we've had several people increase their pledges and it's there's a lot of generosity in the air. >> it's good to hear tell us about tiger management how has the family office perform ed as we have ridden thi wave of crazy volatility through the month of march and somewhat bigger bounce in the month of april? >> sure. yeah it's been you know, an unbelievable ride. obviously. i don't know what the words are that you can describe it, but we've done prettywell. my father you know, he very much still runs the firm and over the years, he's made some tremendous investments with some really great managers who have performed really well. this is a great time for long

short equity people are fundamental because there's opportunities. opportunities out there and in many ways, they've sort of sped up in the last weeks and months and so we're hanging in there. >> are there any new investments you guys are making in finding attractive opportunities >> yeah, we're still looking just we are trying to reevaluate some are at a discount and you know i think the other opportunity for investors now is is there's probably some companies that are just over valued with everything going on. so i think there are situations that have arised that are attrachive >> according to new data from

hedge fund research, the money has been flowing out of hedge funds. assets falling 3 trillion, first time since 2016 we've seen that. wondering how that's affecting some of the tiger cubs you're seeding money in and also whether that's presenting any opportunities for you guy to step in. >> i think the whole world has been really down on hedge funds. because the market's gone like that i think if everybody knew that the market was going to go like that, folks probably wouldn't have been assets, but here we are now and i think a lot of people started getting out of the space probably at the wrong time if you're in with a good manager, he or she has performed pretty well over the last six, eight weeks because they have that balance

you feel pretty good i think it's been tough overall. it's been tough for smaller managers to attract capital. the bigger ones or well-known ones have done well as long as their numbers are good >> thanks so much for swrojoinis >> thank you and thanks for having me on >> alex robertson of tiger management up next, we'll ask one doctor on the front line against coronavirus in new york city about how much more testing t i states need to have before they can safely reopen. you can always watch or listen to us live on the cnbc app we'll be right back. that's why td ameritrade designed a first-of-its-kind, personalized education center. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations.

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over to mike for a look at the moves in energy. >> those moves b have been stunning in terms of their velocity in the last month since the market bottomed, large cap energy is up almost 50% from that low, but just look at what that 50% gain looks like on a year to date chart really not that much you see still down 43% even this revival has come mostly on an implicit bet in the

markets that news can scarcely get any worse when you've already seen crude oil trade negative at a certain point and therefore it's going to be some kind of supply response. look at this though. gasoline demand this year versus last year. it's reported weekly and this is obviously just kind of falling to the depths right here we all know why. we knew this story and here's what people might be keying on though it has seemingly bottomed a a couple of weeks ago and at least tentatively coming back so when an asset is towdown enough seep like it's enough u to put a bid in that market >> all right thank you. up next, we'll have colombia university director of global health in emergency medicine who's also an ebola survivor, when he thinks the u.s. could return to a state of normalcy and if the vaccine timeline may

be too optimistic. we'll be right back.

time to get a coronavirus update with frank. >> jay pritzker is extending stay at home order through the end of may state parks and some nonessential businesses will be allowed to open in may and hospitals can resume some elective surgeries california governor newsome said the state had its deadliest day with 115 fatalities in the last 24 hours. he's also announcing an executive order that prevents debt collectors from garnishing coronavirus stimulus checks and the treasury department has a message for big companies that got virus relief loans intended for small businesses we want our money back new guidance says public companies that can raise money elsewhere likely will not be able to show they need a government backed loan companies can avoid potential criminal charges if they return a loan by may 7th and in england, a well-known mural has been updated for the coronavirus

era. the take on girl with a pearl earring now sports a face covering for more coverage, head to cnbc.com wilf, over to you. >> thanks for that as georgia gets ready to allow some bidses to reopen tomorrow, a new cnbc change research poll of swing state voters shows concerns ranging from reopening the economy to soon to a lack of widespread testing our next guest is a doctor on the front lines fighting the disease. the director of global health in new york pris by tier yan columbian medical center he's worked with especially deem gists including in west africa and survived th ed disease. let's touch on your experience. you were on the front lines of the ebola outbreak how relevant was your experience there to what you're doing now

>> in many way, exceedingly similar. what we are seeing now is is both the physical exhaustion that comes with taking care of really sick patients as well as mental for many of my colleagues, it's starting to sink in. i'm used to this even though you can't get used to death, i've been trying to share that vulnerability, i've been trying to share with my colleagues here that quite frankly, none of us have dealt with before. >> let's talk about what you're dealing with, dr. spencer. today, the entire market moved on a report about gilead's drug, remdesivir, which i know is being used in compassionate use cases and being studied all over and the trial results out of china didn't look that good. didn't appear to be effective. are you using that in our very sick patients? is there anything you can tell us about whether it's working? >> there's a lot of places that are using this that are really grasping at straws because we want something, anything that actually works whether it's hydroxychloroquine,

we're looking for anything because otherwise, we don't have much other than high quality critical care and good medicine so this has been a huge challenge. i know last week, there was this questionable good results out of chicago on remdesivir hearing today that may be this isn't necessarily true it's not spurprising to us. what we need is really good, well done scientific studies before we start really putting all of our eggs in this treatment basket in the meantime, we're going to keep using things we think may help, but recognizing they may not make a huge dent in things like mortality, icu stays and a the likelihood that people will come off a ventilator. >> you hope we'll have a functioning treatment by midsummer? >> it's hard to say. i think there's a will the of really good studies going on right now around some of the medications i just mentioned do we know if any of these are going to significantly reduce mortality or infection

no will there probably be some things likely to shorten the length of disease or decrease the likely of getting on a ventilator probably there's also the possibility that we'll do all these studies and nothing will pan out and we'll have to rely on good on public health to stop the spread of this disease and prevent this from becoming a much bigger outbreak >> there was a study done in new york and governor cuomo released the results today. random sample. people got the antibody test and i think they found that in new york city, as many as 21% tested positive 13 or 14%. across a wider area. do you believe the antibody tests? are they accurate enough for prime time to give us a tree accurate reading for how many people are expose d and do you think that that 20% level in new york city is accurate? >> it's really good question is 20% -- sure

is it confirmed? absolutely not we need to know more about the methodology from my understanding this was done, a convenient sample of people at supermarkets this is not representative of the general population we need to know more about the test the likelihood of false positives. meaning if you're negative, the likelihood that a test will say it's positive, which is something that happens a lot the most important thing from a test is that people who have antibodies, 10, 20, 50%, we don't know that'ses inially providing immunity that that does anything for you to prevent you from getting infected again we're still learning a lot about covid. there's a lot more we don't know whthan we do and one of the biggest things is going to be this discussion on immunity or antibody test. there are so manies coming on the market they are not required to have fda approval will some be good? yep. some be bad? yep. we just don't know right now so

it's hard to pin the strategy on them specifically. >> given a huge amount of uncertainty, do you think it's sensible to be starting to reopen the economy in parts like georgia is >> look i'm a physician and public health professional, not a politics b so i don't know about political decisions. i completely understand the economic impact this is having every person is in my family has lost their job r or had their hour us cut. i get the impact this is having. right now though, opening up economies, opening up states that don't have b access to adequate testing, that don't have the tools that are necessary contact tracing isolation opening people back up, opening states back up at this time sun doubtedly going to lead to an increase in cases will lead to an increase in spread and will absolutely lead to an increase in number of deaths i think the question for a lot of politicians is what's worth it and what's not. >> it's a tough question dr. spencer, there was a big study released today in the

medical journal and it was findings from northwell health in the new york area showing 88% of people who go on ventilators did not survive. almost 90% are you guys rethinking way you use ventilators? why is that number so high >> good question yeah, i've looked at that study. to be clear, that doesn't have results for people still on ventilate eors. we may see that number drop. we may stay the same we're not sure that being said, we've been saying about 70, 80% of people who go on one don't come off this is sad because we're having discussions with people that are short of breath in emergency department spending their last couple of minutes before they go on a ventilator talking to their family on face time or video we know it's severe and in severe cases especially if you're older or have underlying health issues quite low. this has caused by colleagues and i to relook at the things

we're doing. to question whether or not we need to be putting so many people on a ventilator at least for me and some of the people i work with, we have definite hi ly decreased the amount of people we're putting on a ventilator knowing many will never come off. trying to prioritize other things like increasing their oxygen via face mask or other means then really just trying to focus on the humanity and what will be the last few days and maybe the last few hours of somebody's life. >> dr. spen, thank you not just for joining us, but obviously for all the work you're doing to help keep us all safe >> thanks for having me. >> still ahead, ip tell just out with their numbers a beat on the top and bottom line, but u a week forecast has the stock down about 5% in after hours trade. of course an outperformer of late acono e corner and what it tells us about the global economy. that's next.

shares of intel moving lower after reporting earnings beating on both top and bottom lines. for more on these numbers, let's bring in ed schneider, cofounder, managing director of charter equity research along with michael how much wu about the set up into earnings and how much was b about the surprise in terms of the outlook for the current quarter that intel gave? >> well i think aftermarket trading is more about the surprise guidance. they beat handily on the cloud because of everybody's at home but u pcs did better too next quarter is above consensus,

but their eps is below it's clear the margins are going to deteriorate here. >> why do you, i mean any idea why those margins are going to decrease because as you said, the q2 guide was pretty strong >> the new product that's starting to shift and the cost associated was much higher the margin on value, you've probably seen some of that many the second quarter and mix is going to start affecting now, too. it freed up more supply. you remember intel was constr n constrained. couldn't ship enough of the pc processors to the low end market last year. almost well over a year now and now that they have supplies, they're starting to fill those orders and mix those down. i think both gave them the revenue.

>> the data center business division up 43%. certainly a standout how do you regard intel? the moves we've seen in year and whether it's a bellwether for the broader industry and market? >> it's not so much a clear weather for the industry only in the sense that it tends to be the equal tquality, what r moving option. in that way, it actually on a stock basis has been a beneficiary of this environment. the stock has not spent any time in recent years above $60 a share except for a brief period. it's held up well so i do think it's a matter of whether investors are going to you know prefer to sort of hide in these areas that may be aren't growing as fast, but can hold together and have strong balance sheets or if it's going to be kind of moving toward the more aggressive parts of the sector that's just not clear exactly. it changes from day-to-day >> ed, do you get worried when

you see the disconnect stocks like intel or we could broaden out a broader sector, the nasdaq itself, only down 5% year the date when you sew the markets suffering so much more >> definite will the path we just suffered through, go to cash or some of the big caps for security if you look t the top three, intel, qualcomm and avago, broad com, they're more highly levered at $42 billion in debt. they've come back a lot since then but are more exposed to the data centers if it was just fundamentals, you wouldn't have done that. if you're highly concerneded about the stability of the company, you go to intel because there's tho doubt the cash holding your balance sheet weathering the storm as you come out of this crisis, people will start heading back to the more aggressive stocks. >> thanks for joining us >> my sh pleasure. >> up next, concierge treatment. could big banks have helped some

of their clients get funding more easily? and as we head to break, a look back at the first ever you u tooub video uploaded on this day 15 years ago the cofounder posted this 18 second video titled me at the zoo. lln 0 since gone over 9 miioviews. we'll be back in a couple of minutes. woman: my reputation was trashed online.

i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555.

the treasury department issue iing new glineses to limi relief loans to big companies. this following widespread criticism the that too many large companies were getting money meant for small businesses robert frank here how u banks may have helped their private clients get funding more easily. robert >> more than 90 publicly traded companies received funding under the ppp program. that totalled around $365 million just for publicly traded companies. now many of those had been losing money, burning cash and warning of business failure long before the covid pandemic.

some paid their executives 7 or 8 figure salaries and some say they don't plan to bring back their laid off workers even after receiving the money. all of which has raised questions as you mentioned around how the banks decide who to fund. nearly all 8,500 of jpmorgan's private customers who applied received funding often guide d through the process by dedicated bankers, but only one in 15 of the smaller companies received those funds. jpmorgan saying in a statement the vast majority of its loans went to smaller business clients and it's helped ensure paychecks for more than 1.1 million hard working americans and as part of that announcement today, treasury said that unless these public companies give the match up back, they will be criminally prosecuted, which will be interesting to see because no one broke any rules including these publicly traded companies when they got the money. >> i think having not seen that new guidance i think is probably if you broke the rules, you'll

be criminally prosecuted but not many people did. citigroup who were in the cross hairs of that "new york times" article as well as chase give b b bing statement saying we strongly disagree. they point out that 93% of 6,000 of their loans went to retail banking clients. only five went to private banking clients so they say data was perhaps exaggerated a little bit. the bottom line i think this comes down to robert is we would expect a big client or a private banking client who in normal times has a direct phone number they can phone for a direct banker to still have that number during this period of time and the banks were given a huge amount to deal with to get this out and maybe they could have done more to set up other phone lines for nonprivate clients or nonelite clients, however you want to describe them. but that's i think asking a lot

in a short space of time and the bottom line in regards to some of these small businesses, the government created a program that had way more demand than supply and some people came up against the limit. as opposed to the banks kind of purposefully trying to treat some different from others >> that's true, but this was supposed to be the anti-too big to fail and anti-too big to survive. taking a more active approach saying we'll take one existing client whose information we already have and who we know well and then we'll take for every one client that's an existing big client, we'll take one client who is a smaller client that we don't have information on so, yes. speed was of the essence and time of of the essence and i think they could have built in procedures that were a higher percentage of the smaller non-existing customers getting loans. >> the other point i would add is clearly the whole point of this as well as the $1,000

checks to consumers was with the rhetoric -- the general rhetoric from the government that we're going to get the money out to you. don't worry, there will be more if you need it again, whether it's the companies or anyone else. >> right. >> it's hard to direct the majority of the blame even if there is a minority of the blame due. the bulk shortly falls on the fact that there wasn't enough supply of a highly in-demand product. robert, thank you very much. >> absolutely. thanks, wilf. >> up next, remember that 99-year-old world war ii vet that raised millions for charity by walking around his garden will fred, wilfred, i know you remember you love that story and he's inspired another walker and we'll have the good news rundown straight ahead but explore new terrain. helping you fill portfolio gaps. connect to client goals.

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swithout even on yoleaving your house. for a prospectus containing this information. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $12 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. time for our good news rundown amid the coronavirus remember the world war ii vet who raised millions for coronavirus relief by walking around his garden. turns out he inspired a 6-year-old boy with spina bifida the young boy has raised $248,000 and just makes that

story even better. kudos to them both stephen zaslav hosting a star-studded events. joe kernen, bryan cranston, chip gaines and bobby play might be some of the participants >> you have to think solomon's got to be the best there if his career tallies across the poker. it would be interesting to see it >> yeah. notice you didn't bet on our colleague, joe kernen. supermarket chain publix buying excess produce and milk from the farmers impacted by the virus and donating them to food banks. dr. fauci appearing on will smith's snapchat show encouraging young viewers to still put their falling teeth. the tooth fairy will still visit despite the pandemic and cannot get sick from covid-19 this is why america loves him. >> tom hanks sending a letter and a corona-brand typewriter to

an australian boy who wrote to him over being bullied over his name to ask the grown-up how to use a typewriter and signing the letter, p.s., you've got a friend in me so, so sweet, which i think hanks sang for one of the toy stories. i love that one. up next, the -- >> hanks and fauci have got to be two of the most loved men in the world. >> most loved men in america >> i agree >> up next, the nfl draft and sports networks and tv providers are banking on viewershiping higher than ever what all this might mean for the media sector straight ahead. nt . at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected .

it's what we've always done. it's what we'll always do. woi felt completely helpless.hed online. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555.

the nfl draft on deck for tonight and the likes of espn and nfl networks are expecting record ratings julia boorstin here with more. julia? >> record ratings, sarre a for something that will be a far cry from the nfl draft's typical projection instead of a big bells and whistles and a production in vegas, this will be hosted by nfl commissioner roger goodell from his basement announcing draft picks on a giant microsoft team's group chat to coaches around the league and also sitting at home. the commissioner sharing this video of his setup on twitter. the demand for any sports content right now speaks to how the lack of sports is wreaking havoc on media giants. last week espn ratings were down 42%. nbc sports down 80%. fox sports 1 down just 12% and these are nascar's virtual horse racing and car racing doing damage to ratings and the risk of cord cutting. 50% of people say sports is the reason they're keeping cable back over to you, sarah.

>> thank you mike and wilfred, my final good news of the day. cincinnati goes first and they'll get joe burrow who san amazing quarterback. >> who warned to not make fun of his hair >> thank you for watching. melissa lee has you covered next i would have gladly ceded the use of time, wilfred welcome to "fast money." i'm melissa lee. guy adami, tim seymour, karen finerman and dan nathan. his take on the market turmoil and where he's spotting the opportunity and an earnings alert and intel shares are moving lower by 5.5% as the conference call gets under way and we'll bring you the headlines. bar stool trade school the founder of bar stool sports is with us he started day trading a week ago and he's