i think we're in for an interesting ride regarding film and movie theaters and hope to talk to you again soon thanks. >> thank you very much >> yeah. tim league of alamo draft house. welcome to "squawk alley." i'm carl quintanilla with morgan brennan and jon fortt coming to you live from various locations today. interesting market action as we pivot around dow 24k and the high s&p 2800s as we get earnings to work with, jobless claims, jon, once again are no good at 3 million plus china exports good in april. we'll see if that holds up as the rest of the world does cancel orders for all the things that china makes. >> yeah. that's a great look at what the market is looking like overall on the micro end i'm looking at paypal up 12.5% after earnings, a particular bright spot is that paypal said that in april, business really did rebound 20% revenue boost as businesses

shift toward e-commerce. i think for investors, for business in general that's really the question of this moment right now for those businesses that have had this shift to online and have been able to capitalize that, we're going to have skzinga on later d they've done well in engagement because of that shift, how much of that are they going to be able to retain and continue for the rest of the year how much can platforms like apple's ios and app store, we're getting wwdc coming up in a few weeks, what changes can they and developers make to retain more of that benefit and maybe see a continuing shift in behavior that's unclear, but a lot hangs on that, morgan. >> that's so right, jon, and that shift online i think is everything and a big part of that is e-commerce it's one of the reasons i'm keeping a close eye on the u.s. postal service right now, which is set to report its quarterly earnings tomorrow. last night the usps announcing

it's finally getting a new postmaster general, louis dejoy, had sold his company and stayed on for a little while, also reported to be a big gop bundler and fundraiser as well and thus perhaps an ally of president trump and the white house. i bring it up because there is this big brewing contentious debate happening right now around the postal service in d.c. between the treasury department, which is looking to extend loans on the condition of major reforms for the usps because they're burds nd with this massive budgetary shortfall and say that in light of covid they may not be able to continue operations come the fall versus lawmakers that want to see a full-on bailout and president trump looking to see the prices on packages raised, bring it up because that has huge implications not only for the postal service and everybody getting their mail and packages,

but fedex and ups and all of those companies now so levered to e-commerce, including some of the names we've gotten from this week, etsy, costco or cvs just to name a few. >> and in the meantime the $2.2 trillion stimulus package that is the c.a.r.e.s. act is the largest in the nation's history presenting a enormous risk of fraud. the department of justice already filing charges against three executives who have applied for aid for businesses that no longer existed who is making sure the money ends up in the right hands kayla tausche has our investigation. >> reporter: it's the most expensive piece of legislation in american history. a $2.2 trillion spending package that lets the federal reserve lend $5 trillion more with all commerce halted, lawmakers loosened rules to get the money out fast. >> more requirements we came up

with, the harder it was going to be to get the money out the door >> reporter: even if 1% is misused that's $70 billion so who is policing all this money? the law lets congress appoint five members to oversee the corporate loans, with virtual meetings, no chair and a nebulous goal to ensure well being. >> we want to ask the treasury and fed what's your strategy, what's your focus, how do you design this in order to benefit the economy as a whole and how do we do it in a man remember the benefits exceed the costs of this kind of an intervention in our economy? >> reporter: this man, an adviser to senator elizabeth warren, says he wants to make sure companies who get this money are keeping people employed >> what are we getting for the $500 billion that we gave the treasury in this program and are the benefits flowing through to working people or being shunted off mostly to executives and to shareholders >> reporter: that's just one group studying part of the bill.

there's a new house committee studying the white house's medical response and then existing oversight teams at each agency issuing flash reports on airline aid and small business relief and there are two inspectors general in particular, for one president trump tapped white house attorney brian miller to oversee treasury payoutses >> i will be independent, i will be -- i'll follow the facts wherever they lead. >> reporter: the second is chosen by agency watchdogs to chair another pandemic committee. president trump removed their first choice, glenn fine, the pentagon's acting i.g., and replaced another member of the committee, acting i.g. for health and human services which disclosed shortages in medical supplies president trump said that report was bias into give me the name of the inspector general could politics be entered into that >> reporter: ethics experts say lawmakers should better protect them in the future but anger from main street should keep these watchdogs motivated.

>> they're always under threat of being fired as glen fine was by the president people are paying attention to this now >> reporter: in some of these yet to be appointed roles, you may see some familiar names from the last financial crisis. aides say sheila bear is among those being considered to lead the congressional panel. vetting is under way even with that group's first report due out this week and there are still other reports out that are due in the coming weeks, even with many of these roles yet to be filled. carl, jon and morgan >> kayla, great reporting, as always, from you and also our investigative team i'm curious, in terms of that investiga vetting, given that we have so many lawmakers that aren't in d.c., how quickly can that process happen >> a lot of these discussions, as everyone in every industry is

doing right now, a lot of discussions are happening on zoom and face time and it doesn't have the same feel that some of those in-person discussions have they argue they're still able to get the work done. we were expecting to have that chair named for the congressional panel by the end of this week that may slide, but still, some of these other roles are slowly getting filled in, even if the work is going to take a little bit longer than possibly they had hoped to actually put some of these reports out >> truly eye opening, kayla, thank you. kayla tausche, of course, reporting there on the c.a.r.e.s. act. let's bring in robert her shah vec, "shark tank" investigator and ceo, good to have you back. >> thank you good morning, everyone >> i'm sure you must know who knows how many business owners who have tried to work with this program, probably have some complaints, do you thinks the issue right now is about size or oversight? >> well, first of all, that was a great report and i think there

should be a special place in hell for people that are trying to take advantage of this program when so many companies are hurting. i mean i just -- i listened to that report and it just makes my blood boil that people would do that there's certainly going to be fraud in the system. whenever you try to release $2 trillion in the economy so quickly. what we're hearing from a lot of the small businesses is the lack of clarity how do i apply, who gets to apply, when does it come up, when is the next anniversary date, when do i have to pay it back a lot of that is just confusion because of speed >> interesting so i guess, i mean, for example, lloyd blankfein was on our air this morning and asked about the program and the fed programs as well and his point was that as the immediacy of the crisis gets

more gradual over time and we all get used to this, that's when you focus on things like abuse. does this all seem like part of the process to you or is there something significant going on >> no, i think if i step back from it, my first -- this is an emergency and people are hurting and the first priority is getting the money out there. there's always going to be some level of abuse and confusion i applaud the government for moving so quickly to get that money to the people that matter. i think where we're now starting to see some of the process is, the definition of things like small business like the people that are really hurting are the really small companies in main street america with two employees, ten employees, but what we're seeing is a lot of the public companies, bigger companies, are getting these funds. yeah, some of them are returning it, but in the process, should they have even applied should the program have been

created for somebody like them big companies are more or less going to survive, most of them, but a lot of these small businesseses, this shutdown could be more tally effective for them >> speaking of, good morning, it's jon fortt, a couple across the street from me are eye doctors and a question that i think they were facing is, how much of this was who you know at the right kind of bank, versus how your business is actually run? on the one happened, bigger banks seem to have a certain kind of access but theray were taking care of bigger clients and smaller banks with the same access are you hearing the same kind of reactions to the businesses you're connected to? >> we are. there's frustration with people that didn't get the funding, didn't know how much to apply for. overall i'm a believer in the human spirit and i think most people tried to do the right

thing, but for sure, there were some banks that got their customers ahead in the cue, but i think we've done a pretty good job with people like paypal you had earlier, intuit, quick books, you were allowed to apply through them i think we have to keep in mind how complex and herculean is task is and there's always going to be some abuse out of this but i just think the government has tried to do the right thing and i encourage the businesses to keep going and even through all the complexity apply often, apply through different institutions, and see if you can get that money >> yeah. robert, some of the conversations i have with small business owners in my own family and my own network are, they've gotten the ppp loan finally, now there's confusion over how the business can and should deploy that money with the tax implications there are going to be when you talk about confusion what would be the surest ways to

help clarify that process for small business owners so that way they can put this money to work >> i think there's a lot of confusion and everyone is looking for clarity. the first anniversary date is may 15th if i return the money do i still pay interest i don't think a lot of those things are clear yet, and they will become clear. my advice to the small businesses is, if you have the money, use it in the best way that you think is right for your business the purpose of the money was to retain employees we're really encouraging people to try to do the right thing and continue down that road and hopefully that cuts down on some of the unemployment, although the numbers are staggering i saw the report this morning, one in five americans have now filed for unemployment it's unbelievable. >> yeah. it's heartbreaking the other thing that seems to be

sowing some confusion the cdc report, the federal guidelines for reopening the economy that has reported been indefinitely shelved. how important is a set of guidelines on a federal level, especially when you have someone like dr. scott gottlieb pointing out many businesses cannot open without guidelines like that since the cdc in the time of pandemic is the de facto regulator? >> my gosh, there's so much confusion. i mean the cdc put out this report i know the government isn't really following it, but there's so much confusion. i mean even here in california certain stores are opening, other stores aren't opening. it's going to be a while until we have some level of clarity. what we do know is that social distancing is going to be around for a while. a lot of the restaurants will have to change the way they operate. movie theaters i think it's going to be

different for a while and no one really knows. >> speaking of not knowing, robert, i'm wondering for an update from you do you have a sense of what proportion of the businesses you're invested in are going to make it and whether you're going to be able to personally like rehire any of the people who you've had to let go from your business? >> you know, we're very fortunate in our particular industry, cyber security, we're seeing back and uptick, so we're dealing with that as people move online in terms of our "shark tank" businesses only one of our businesses has been able to actually get the loan from the government and so that's a little distressing for us. the longer this goes, the more that people are affected i think that people that were in serious trouble during the severe decline know what the world is going to look like and i think most people that have survived until this point, are going to make it for the next few months they've had to cut back but they know what the new world is going

to look like and we're seeing those companies make those investments now. >> finally, you know, metlife was on the tape earlier this morning saying that they're getting elevated requests for forbearance in their commercial mortgage loan business, mostly from retail and hotel. how concerning is that do you think that's in line with expectations that we do get a rebound in the second half >> i think we definitely get a rebound in the second half i'm very bullish and starting to see those silver linings in the economy. i'm not worried about the commercial market overall because i think the government is going to step in and has stepped in to provide liquidity, but i am worried about commercial rates i can tell you on a personal level in one of our locations, we have 52,000 square feet, that's coming up for lease in about a year, there is no way i'm renewing at 52,000 square feet my offices will be smaller and i

think most people are going to reduce their footprint from an office perspective so i worry about the commercial mortgage business and i worry about the commercial sector long term >> yeah. one really quick because on that point, steve roth on the vornado call yesterday said we do not believe that work from home will become a trend that will impair office demand. obviously he's talking his book, but do you think it's a misguided view >> it's definitely a misguided view i mean, this is the new norm let's not underestimate this we have been forced to change, whether we like it or not, and yeah people will go back to offices, but work from home, remote offices, are the future we are living the future right now. >> robert, a lot to cover. just too much. we'll see you soon, we hope. good to talk to you.

>> thank you after the break, an exclusive with ceo joey lev von. major averages are up eagrter than 1% right now. we're back in two. these days staying connected is more important than ever.

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we're committed to keeping you connected. for more information on how you can stay connected, visit xfinity.com/prepare. iac ceo joey levin joins us on the other side of this break. don't go anywhere. we're back in two. ever since we've gone mobile on the now platform, something's gotten into the office. i hear you.

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let's get to julia boorstin who joins us with a special guest iac ceo joey levin >> ceo of iac, thank you for joining us this morning, good to see you. >> great to see you, too, though i can't technically see you right now. great to hear from you. >> good to have you joining us so joey, there were certain pockets of strength in your business you reported revenue growth even in april for match, for vimeo as

well as dot dash what are you doing to make sure that that growth is sustained beyond just this stay-at-home period right now >> i think we're lucky in some of those businesses. i know we're lucky in some of those businesses in that they can really function and some of them function particularly well in this environment. when you look at dating, people are really looking for companionship, they're looking for ways to interact with people and they can do that on their devices even if they can't do that physically. in the case of vimeo we've been saying for a long time that we think every small business and every enterprise and entity needs video as a tool to communicate and we're seeing that right now across everything, and vimeo offers the tools for people to do that so we're seeing exceptional growth. we think or hope this environment shows people that these kinds of tools are sustainable and necessary even when the physical world returns, you will want to supplement that

physical access to people with a virtual access to people and i think platforms like match, platforms like vimeo and like dot dash can do that >> the advertising parts of your business are suffering right now and you have said that the second quarter is going to be much worse than the first. what are you seeing so far in april and early may and what is your outlook, not just for the second quarter, but for the rest of the year? >> yeah. i don't think we said much worse. what we said was the second quarter would be likely tougher than the first because the first quarter, you know, more than two-thirds of it was pre-covid i think that we are -- we're pleasantly surprised by what we're seeing right now through april we published the data and that's continued or in some cases improved through may, where demand has returned in the case of home services, we started to return in a more meaningful way, and we really can't predict where it goes from

here there are arguments that perhaps things like home services there's a lot of demand that was pent up for a while that's coming out as some of the restrictions are loosened or people in their homes are realizing they're not spending money on other things and want to spend money on their homes. we don't know what all that is going to look like, but what we do know is that the general long-term trend of doing these things digitally, doing these things in a contactless way, in a more convenient way, i think is likely to sustain, but i'm probably more focused on or concerned about what's happening with the broader economy and potential recession and spending and things like that, than i am with the specific as it relates to our business, the impact of the shelter in place >> now you have talked a lot in the past about the challenges of competing with google and facebook as you look at an advertising industry overall in decline, do you think those giants will gain even more during this crisis and

make it even harder to compete >> look, certainly google is not going away in this crisis, facebook isn't going away in this crisis, and a lot of businesses will go away, and that means they will be stronger because there will just be less competition. i'm hopeful that environments like these create new opportunities for new innovation and companies to come along with great new ideas in this framework that we're in right now and change the landscape, but those companies have a lot of power concentrated in them right now and this situation will exacerbate that >> hey, joey, it's jon fortt over the past decade, iac has been building a portfolio and e-commerce video and home services and at least two out of the three of those seem to be doing just fine during this crisis so far, but i'm wondering about home services, whether it's angie or care.com, what can

iac do to position the businesses and the workers on those platforms to more quickly recover, increase customer confidence in letting the professionals into their homes >> yeah, jon, that's a great question and we're spending a huge amount of time thinking about that [ inaudible ]. >> it seems -- you're back we lost you for a moment, joey go ahead from the top. >> yeah. just the -- we're certainly looking at what the right mow pro-toe -- protocols, people wearing gloves and masks, figuring out tests and tools we can show whether people have been tested and things like that, experimenting with all those things, but one of the things that our platforms do is generally reduce the field of contact, so enable contactless payments, enable contactless interviews, so you can choose

the right service provider so in the end there's not three people coming into your house or choice the right care provider, but there's one coming in and you can establish that level of trust with the one individual and that level of protocol, what protocol is your family comfortable with and is that provider going to be able to adhere to those pro cocalls and the two sides interacting that gets each other comfortable. that's going to be important in our businesses and all businesses or people in terms of how they interact and choose to interact with others >> i want to go back to something you just said about being concerned about the economy and state of the consumer what are you expecting and forecasting this year and how is that shaping your strategies to navigate iac through it in terms of i guess also future portfolio shaping? >> yeah we're always going to operate and always have operated conservatively with our balance sheet. i think that will continue

we don't know what that spend looks like but what we said in the letter with published yesterday was, well, prepare for worse and hope for better. that means being thoughtful on costs and tight on costs, being thoughtful on economics and being cautious in terms of where we spend until we see confidence in the consumer spend. but i just have to imagine that with unemployment at 33 million right now, that has to flow through consumer spending at some point >> joey, it's julia again. you talked about how you've been stockpiling cash for a rainy day and how you're always looking for opportunities. i'm curious where you think about putting that cash right now and whether you think there's some is acquisition opportunities out there? >> we think there will be acquisition opportunities soon i don't know whether -- we're looking at we always liked marketplace businesses and that's areas where we spend time and always favor businesses that

are in areas where we already are participating like home services or dating or video and things like that that will get priority on our capital. but you're also seeing likely to see is some bigger businesses with category leadership and categories that still have as lot of room for online transformation or just a lot of runway in the category where they are i think some things like that are likely to become available or more available than they've ever been over the next 12 months or so if i had to bet >> looks like you're coming to us from your offices in manhattan right now and i'm curious for you as you run your company, which is really a portfolio of companies, how your business is going to be different post-covid are you going to be bringing everyone back to the office and how do you think about your own management style when everyone is working from home right now >> look, i could speaking for myself as an individual, i could

work from home easily for the rest of my life in the work that i do probably don't want to, i like interacting with colleagues and being in the same room as colleagues, there's times when you want to be with somebody face to face, but face to face right now is working well with these screens. we're nose to nose closer to each other than we ever would normally be interacting and so you can get great interaction over video but -- and our -- we're fortunate in our companies over 9,000 employees, the vast, vast majority of them can work from home and so i think that will be for a very long time a very viable component of working. i think there are a lot of people who will say they're more comfortable working from home and we will do our best to support that i also think there's a group of people, a lot of people who will say i want to be back in the office, i like the format of the office, i like being around

colleagues and that will be available too. i think that the most likely solution is there's a hybrid now and the stigma of working from home is going to go away in ways where the innovation will happen what does it mean when some people are home and some people are in the office and how does that work together seamlessly so there's not a second-class citizen in that work environment. >> well, joey, thank you so much for joining us today we hope we will be able to continue this conversation around that advertising market going forward. morgan, i'm going to toss it back over to you. >> julia, thank you. our thanks to joey as well a check on where we stand in today's trade as stocks do move higher the dow is up 342 points or 1.5% the s&p is up 1.5% the nasdaq is up 1.3% and sitting right at the break even mark for the year now. n'gonyer 're back in two.

welcome back, everyone i'm ser. here's the latest at this hour on the pandemic. one of president donald trump's personal valets tested positive for the coronavirus. the white house says that the president and the vice president have since tested negative and remain in good health. the cdc out with fresh data on how covid-19 is impacting jails and prisons, from 37 states and territories as of april 21st there have been nearly 5,000 cases and 88 deaths among inmates. another 3,000 cases and 15 deaths among staff. spain is planting a national day of mourning to honor those who died from the coronavirus. the health minister says the tribute will be held once people can move about freely again. the government wants money sent to the deceased on to returned the irs issued formal guidance on its website on how relatives

and beneficiaries can return those funds. always find more on the coronavirus coverage by heading to cnbc.com. i'll send it back to you. >> thank you, sue. meanwhile, empires and puzzles, words with friends, the games, get to know the company's outlook next when zynga's ceo joins us after the break what'd we decide on the flyers again? uh, "fifteen minutes could save you 15% or more on car insurance." i think we're gonna swap over to "over seventy-five

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about 5% despite seeing revenue exceed estimates for q1 and upping its outlook for the full year zynga's ceo frank gibeau joins us now on the quarter. frank, good morning. >> good morning. >> so there's quite a bit that you had to say in this report and who knows why the stock does what it does, but there's some sense i picked up among analysts your guidance for the current quarter was conservative and you project that things are going to begin to return to normal life in mid-may, and that would be

just in a week or two, and that would actually return you to engagement and spending trends from before the crisis hit which for you would be a negative. i think it's safe to say at least in the new york area, maybe in the ba whey area whereu are headquarters things are not going to be back to normal in a week or two, so how quickly are you modeling that things will normalize? >> i think we're in uncertain times, unprecedented dynamics are at play in the market. if you look back in march in terms of hows the quarter wrapped up, we started to see the shelter in place orders really go into the eu in north america and people really turned to games like they never had before games have really proven to be a place where in quarantine, you can kind of find a refuge from the stress, but more importantly it's a great way for people to socially connect, to break down the social distancing. in april there was a tremendous climb across the entire gaming business in terms of audience

and engagement if you look at companies like twitch or steam and xbox live they reported record numbers verizon saw that their traffic had jumped 75% as it related to gaming products and even with zynga ourselves, we're seeing a tremendous response to our products throughout the month of april. our conservative guidance as you put it is really based on the idea that as shelter in place orders are lifted in different parts of the world it's unknown as to whether or not things are going to return to normal rates of consumption and engagement or if there's going to be an elevated sense of demand what we're trying to do in communicating with our shareholders, given that there's so much uncertainty in the marketplace, that we had a basis for where our guidance was coming in. but, in fact, if you look at our guidance it's quite strong we guided to 460 million in bookings in q2, which was above what was consensus at the time. >> you mentioned xbox live and that makes me wonder about the

mix in your business between user pay and advertising we are seeing increased usage in platforms that are user pay, i think that was reflected in paypal's results that we just saw. are you seeing equal or maybe unusual strength in user pay and do you think it's possible or likely that that strength could continue even when engagement trends normalize >> i do see very strong gains in user pay at zynga and also as you pointed out across the industry it is accounting for the vast majority of the growth inside the industry advertising as part of the overall revenue base in gaming is growing and is strong over the long term. it is suffering the same types of factors that you've seen at facebook and twitter and google have been talking about. one of the positives for the gaming business as it relates to advertising is games have incredible usage right now for brands or companies that

want to reach customers, advertising through games is a very good place to go, so what you've seen in games is while advertising has dipped a bit it hasn't dropped as much as some of the more pure play advertising networks and in terms of the focused audience we have right now as things start to lift in terms of a shelter in place, if engagement levels remain high, user pay will continue to carry the day. >> yeah. frank, it's great to speak with you today. we had phil spencer on the show last week. one of the things he voiced concern about was the potential for game production to be impacted by this pandemic. is that your concern as well how are you planning for that? >> well, i'm happy to report that all zynga employees are working from home very effectively right now. if you look across the industry, there's really a phenomenon with mobile gaming that allows you to build and continue to service yourgames from a work-from-hom

deployment very efficiently. we saw very little productivity loss when we moved to a work-from-home environment and i think it's because our games are very well understood in terms of the technology, the processes, the technology itself, the file sizes are smaller and mobile, the engines are well known we don't require or counting on new hardware to be released. from our perspective, mobile games are easy to maintain in a work-from-home environment it doesn't suffer some of the same issues that you see with linear entertainment where they've had to close down production high-end console games have some of the issues where they have voice acting motion capture, 4 and 8k file sizes for art. in mobile games they're much smaller and much move nimble and from our perspective, we can stay in a work-from-home deployment for as long as is necessary and continue to deliver our new games and all the new content updates we have planned for our live services. we're fortunate in that respect.

>> frank, anyone who rides mass transit in the northeast, rides the subway in new york city, sees people playing your games all the time i wonder how much you worry about a true l-shape recovery in mass transit and what that might do to user growth over time? >> well, i think when you look at mobile gaming in general, it's probably the category of entertainment that's going to be the most resilient to the types of changes that you see inside, whether society or potentially with a downturn in the economy the business model is free to play, so it's very accessible. you can get in and play for as long as you want without having to pay it's on your phone, which you have, it's ubiquitous. you will always have your phone with you, whether you're out trying to get on a subway or walking in the park or home laying in bed. the games will always be available to you so they're very accessible the sessions are very short. you can jump the and play for a little bit and move on to something else

mobile games, more than any other form of entertainment, really can fit with any type of lifestyle or any type of work environment. whether you're spending the time on the subway or spending the time doing something else, your mobile games will be available to you so we like the fact that whether the shape of the recovery is l, v, or u, i think mobile video gaming will be able to manage itself in that environment >> frank, with engagement up, with users up sequentially, are the majority of your players still women? >> they are. in fact, as we moved into april, we saw very large gains in audience and it wasn't just new players coming in and current players playing more, we saw a lot of people hadn't played words with friends for several years come back into the game. you know, socially connecting with mom and your sisters and brothers and your family, playing a few word games, chatting, and talking about the games together, has really proven to be the right type of entertainment right now to allow

that social connection we aren't in the hard core gamer business we think of our players as busy adults who have lives, who turn to entertainment when they can and when they want to and want to be socially connected with others >> frank, finally, you mentioned the effectiveness of your workforce working from home which prompts me to wonder in the bay area, real estate, commercial real estate is expensive, so are homes, companies, tech companies report difficulty recruiting into that area for people who are outside. do you see this prompting you to hire more perhaps in places where you don't currently have offices or allowing people to live outside of areas where you normally would have if this is showing you your workers can be productive not in the home office >> yeah. it's a very good point i very much doubt that zynga will go back to a configuration that it was in pre the covid 19

crisis we're learning what our teams like and don't like about it we're going through the data and hags conversations with folks about what an optimal configuration could look like when we eventually go back to work we have been on a trend basis hiring more internationally than we have been in san francisco. san francisco is still our headquarters and we have a very good group there, but we have very large offices now in istanbul and london, toronto, austin, with the global marketplace being global, talent is everywhere and so we're going where the talent is and finding it all over the world. >> frank gibeau, the ceo of zynga, thanks for being with us. >> thank you very much let's get a check on where we stand in today's trade. the major averages are higher right now. the dow up 408 points. every sector in the een grin the s&p led by energy and financials stay with us ♪

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let's get a check on where

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we are starting a new scene about $100 million in bookings for coronavirus related cameras and sensors since the outbreak joining us todiscuss this is ceo. >> in terms of these scanners that use thermal imaging to take temperatures right now how does it work and how accurate are the scanners? >> yes, we've been developing this technology for over 41 years. since the sars outbreak in 2003 have used this for just this

application. while not seen in the visible light spectrum it can be seen in the infrared spectrum. >> you just mentioned this deal with general motors, total of 277 clear scanners a report sent shares higher that amazon may also be a customer for this technology as well. looking across industries, looking across sectors as economies and businesses look to start to reopen, where are you seeing the greatest demand and can you keep pace with demand? >> this is really unprecedented.

for 17 years we have been providing this technology for ports and borders. all of those events don't compare to the demand we have seen now and from customers we haven't expected general motor, hospitalities, factories as they want to return to work. we made some investments to increase that. >> jim, i'm wondering do you think that thermal scanners will become standards equipment in warehouses and maybe even in retail do you have a sense yet of how

normalized these scanners might be outside of some of the military and industrial uses that you're used to. >> defense and industrial application s have been our core market we think it can be a key technology to help people feel safe returning to work or in to public places like sporting venues or otherwise. we're also very keen to highlight the limitations of the technology and we seen all sorts of claims of late that aren't true like all technology it has limitations. it cannot diagnose or detect the covid-19 virus but it can tell you very accurately if you have a elevated skin temperature and screen for those reasons.

we've seen defense hold up and see those type of business relative to other types of business remain pretty stable now. you're a sizable defense contractor yourself. just this morning announcing award contract from the army for unmanned aerial vehicles how is that part of your business going right now and what is your outlook as we head into the rest of the year. >> we're unique in we have industrial and defense technology applications. if we look at the business on hold, those parts of our businesses that have more commercial orientation do see significant head winds lots of demand the defense segment is doing quite well

we're work hard to make sure companies like ours continue to develop those life saving technologies we're proud of the recent award of our drone that has amazing capability to keep our war fighters safe. >> how much does one of the thermal cameras cost and how quickly if someone says i want to put this into my movie theaters, for example, how quickly could that process happen in. >> the price points right now are between 5,000 and $15,000. they can be ingrated in the enterprise operating systems right now we still have a lot of capacity but it takes between days and weeks perhaps to get it as we want to prioritize those most important customers first

hospitals. others industries that are critical for operation but in the come weeks our capacity will be expanding >> thank you for joining us today. the ceo of flir technologies carl >> fascinating might be an increasing part of our lives. we're going to get uber tonight, john we didn't get to lyft much today. stock did well this morning. revenue up 23. piper came out and said the higher demand in march was a head fake. they thought people were making last minute runs to costco before they were hunkering down. >> that stock and maybe the k s category all over the road it's down 2% for the week even though it's up 23% today getting that insight, any additional data from uber will

be valuable. >> absolutely. >> the state of the consumer -- go ahead, carl i know we got to wrap it up. >> never enough time nasdaq 9k was something to be hold briefly this morning as some of these big tech components contribute. let's get to the judge with the half thank you very much. our breaking news coverage continues. welcome to the halftime report i'm top story, the amazing nasdaq now positive for the year. tech stocks continue to fuel this incredible move in your money since the march lows the obvious question becomes and it's the most pressing question, how long can this continue we will ask the man who called the comeback tom lee will join us we'll debate that with our investment committee