ck i feel i'm back in my kitchen. be able to hold those lows, but at home and found out it was this just is so nice okay and we could do it. maybe i'll come back again interesting to see this is the who knowsment. well that's one less day per >> that's amazing. territory that the market is week that you actually need make if only we had like heat tvs so trying to work its way through did want the turn on the r up to go out to the office of something like that. corporate side ch we've been talking about the earnings picture has not been looking we could feel it as well great for 2020 profit margins on a forward that could be an important thing longer term. >> we're going to serve smores it could also be positive for a bases have now taken a leg down from my kitchen. from historic highs. longer term thing like >> have a great weekend. >> our breaking news coverage as you can see, down around 10%. casualization. continues now into the last hour probably going to go below that we don't need suits and ties and of trading with the folks on the by the end of this year and the work wear for women if we're working at home if we're in our closing bell question now is our companies >> looks incredibly realistic. going to start to defend those thank you very much for that sweat pants and lululemon outfits. welcome to the closing bell. >> i think make up is is margins as they see revenues completed? is it going to be a layoff absolutely key cycle? a lot of companies haven't always have some on me stocks much higher yet again really closed down are looking albeit in the face of tragic thanks so much for joining us. economic data. >> i know. 59 minutes left in this trading toward get iting much leaner ani >> especially at the weekend >> just no red lips. wonder if that plays into this debate about how long lasting this unemployment crisis might >> that is the last commercial day and week let's have a look at what's be what further stimulus we might driving the action be asking for and also frank ly before the close the u.s. economy lost more than up next, uninterrupted coverage 20 million jobs in april it's maybe not the most pleasant conversation to have, but if the of the final minutes of trading. a stunning number and steepest stock market is sniffing out plunge in payrolls since the great depression that capital is now again having the upper hand against labor, officials point to a bottoming of economic pain and relative recovery in the last week and that's the theme coming out of the final crisis

president trump and the white just a few months ago, we were talking about labor shortages house down playing efforts on going up that's no longer the case. another stimulus bill despite urgent pleas for more relief from the states and businesses up 1.4 on the s&p. >> are you suggesting that companies have an edge in those profit margins not falling further because they're laying off so many workers? >> we're going to tualk about that stimulus question if a in a >> i think they have flexibility moment, but shares of outback and if they did want to cut costs, either being claim clementining on the back of earnings. the ceo joins us to discuss the opportunistic about trying to results and whether customer rs figure out where it makes sense to invest, but when you have a huge pool of underemployed coming back to the restaurants that have already opened and we'll speak with afi cio people out there, all of a sudden, you don't have to bid up as much for workers as was the case a few months ago. >> all right mike, stay with us if you would because just moments ago, president. why he says the department of labor has failed its duty to protect workers. >> we're going to get to all president trump weighed in on whether the white house is those big stories in a moment, considering an additional stimulus bill after record job but first of all, we have breaking news on apple and josh lipton has it for us losses in april. >> we're in no rush. >> that's right. the democrats, the democrats apple just now saying it's going have to do what they have to do to start reopening some stores but i would say we're not here in the u.s. next week looking, we want to see what so specifically apple saying they have. but i can't say that we're in a some stores in idaho, south rush to get the money out to

carolina, alabama and alaska people we have gotten the money out remember in total, they have 51 some money is stalled because of state machines state machinery. stores around the world. they have old computers and 45-year-old computers and we 271 in the u.s apple saying in a statement that said this was going to happen. its primary focus here providing >> let's bring in kayla along service and support at the genius bar to making sure its with michelle meier from bank of customers work, learn and play america merrill lynch. we're in no rush, echoing what at home. they can continue to rely on larry kudlow said earlier, but those apple products customers will also be able to order online for pick up at a store. expect to see now safety didn't we learn today there's a lot of pain out there and a lot of people need help? measures at the stores >> there is a lot of pain and it that means temperature check, face coverings and social also goes against what the president said a few weeks ago distance iing and thatst going mean a limited number of visitors in the store at the same time so that's a big after the expansion of the small yes. the first word to any adventure. business loan program was signed into law the president said the change when will other tore stores negotiations were going to begin but when allergies and congestion strike, immediately on another wave of take allegra-d... stimulus reopen but there's concern inside the a non-drowsy antihistamine tim cook telling cnbc that plus a powerful decongestant. decision is going b to be driven white house that so much money so you can always say "yes" has flown out of government to putting your true colors on display. coffers and that because of it by the data say "yes" to allegra-d. he's going to go city by city, was released so quickly, they county by county guys, back to you. need some time to study exactly >> thank you apple stock remains higher along which programs are effective and with the overall market today. how they can make future let's turn to the other big programs even more effective stories this hour. mike is is track iing the market

they want to make sure they're not exacerbating existing rally. last hour of trade for the week. problems and creating new ones we're going to dive into today's with unintended consequences of jobs report and the growing debate over whether more government relief is needed with some of these packages there's going to be a pause of several weeks, but that said, kayla and merrill lynch's chief you should be mad your neighbor democrats are said to release a always wants to hang out. economist. draft bill next week mike, start us off with a rock a grab bag of democratic and you should be mad your smart fridge is unnecessarily complicated. at the broader market and priorities and it will likely make ice. another strong week shaping up get sz paed to send as a symbol to the white house and to send a making ice. to be more than 5% gains for the message that this is is the but you're not mad because you have e*trade nasdaq >> yeah, it has been and each of the last four days, the s&p 500 beginning negotiating stance of which isn't complicated. has really press ed the upside f democrats when gop leadership n their tools make trading quicker and simpler so you can take on the markets with confidence. this recent range. 2900 on the s&p. enters the conversation when the white house and treasury enters don't get mad get e*trade and start trading kind of was a ceiling until the conversation commission free today. today. still about 1% below the so they can put down their recovery highs we go to about marker of what they want and try to work from there >> should the administration be ten p days ago but clearly a in a rush to get more out there? firm picture of this market. even if it is a little bit stalled out the it is holding what did we learn from this morning's numbers? is. >> i mean certainly there should be the conversation underway up yes, the nasdaq has been a leadership group and today you see small caps, banks, value this is an inkrcredible shock stocks trying to participate i want to draw your attention to over 20 million people displaced 15 minutes left in the the period last year from about trading day. we are now in the closing bell may through october. from the labor force have lost market zone. the s&p was in this box between their job. commercial free coverage of the big surge in the unemployment action going into the close. about 2800, 2850 and sck there rate mike is here to break down these

there's a lot that's been donor crucial moments of the trading already and that's helpful and day and today we've got nancy it's starting to show through in terms of stimulus checks being tangler back as well let's kick it off with the broader market distributed. consumers having more purchasing stocks rallying today with all three on track to finish the power. week higher for the first time i think there's two main points of focus one is state and local aid that's been an area that's been in three weeks and mike, we're made quite clear is a potential moving up, if you come into the sign of real strife coming in the next few months then the next question is what's that second phase look like in the close yuou see that the economy? they've put stimulus in place to unemployment rate moves up, more stabilize, to off set some of than 20.5 million people are hit to the private sector from the decline in income, but what about creating real stimulus into the summer, the fall and unemployed, and we find out tha get iting a more sustained and healthy recovery on the other side the white house is no rush, >> to that point, kayla, whthes maybe we'll see stocks rallying. >> you have to be aware of the leads and lags present when the stock market went down programs expire something ppp 35% in a month in march, that and others to help bridge this gap and help some of those was basically saying we are in employed get back on payroll an economy that's probably going to get to 15% unemployment obviously it's rallied back more when does that run out >> well there are different than half of that with the help

durations for different programs of lots of stimulus, cutting off and for the small business program, it really depends on a the worst case scenario thanks business's cash flow the period in which they have to to the fed so all those things working together helps explain difference also the market now definitely rehire some of those employees is is eight weeks in order to be able to say to the treasury is firm. it's sturdy. department and a small business very low volume today. administration that that loan still a percent below where it was ten days ago should be forgiven it's been kind of sideways with a slight upward tilt for a they have to make an offer to rehire some of those employees in that time frame to be able to month. that's to say this has flattened get that loan forgiven, but how out and has been supported by long the loan lasts is really the huge growth stocks with occasional buy by some of the rank and file. depending on what a business needs to use that money for. so that's where we are right what its mortgage or rent is now. that is also why it's a wait and how much its owes its venders on see moment because we just don't any given day or month know how much of the incremental that's a business by business improvement the market has built issue. in the expanded unemployment >> nancy, do you think the market is thinking this will be benefits, that's going to last a one month double digit for 12 to 13 weeks, so the percentage rate for unemployment treasury secretary said this is roughly ten to 12 week package, >> i don't think so, wilf. i think what we're seeing is the but americans are finding their bills are stacking up especially if they're not able to replace this income. >> mike, is the market today result of liquidity pouring in so what you've got are people chasing that missed or sold at saying that as unbelievably the bottom shocking and tragic as this

number is, we were expecting it to be worse? there's an immense amount of >> i'm not sure if the market liquidity in the system. i don't think this market tied to mund fen talls. was expecting it to be worse, it's trading off not as bad as but this was right in the zone of the magnitude that we were expecting. we were in a period here where you have 33 million unemployment we thought but it's not, it's not something that is tied to earnings claims in seven weeks or though earnings season was not horrible so far. has not been horrible. something like that and there you know 68% are beating on really wasn't going to be of an off set in terms of net new earnings 58 or 62, sor ary on sales. hiring to really change the magnitude of the numbers that surprises me e. that's why i don't think there so there is some good news, but was a lot of suspense. i don't think you can say that the market's trading up the jobs even some saying the unemployment right might have been lower than folks thought report today >> shares of f uber are higher but i think it's more o mat rer on the back of first quarter results despite reporting that of the markfer of there was a s the ride business was down 80% in april from the year before. stop, a shock to this economy and that it probably bottomed in the ceo sounded a note of optimism on cnbc earlier today the middle of april in the absolute worst of it and slowly >> we're making significant maybe it's coming back to life adjustments to our costs and we and this employment report more are seeing in the ride business, or less fits in with that assumpti assumption while it is down substantial ly nobody knows how fast we'll get back but i think that the jobs report there's no denying that, it is, itself didn't have a whole lot

fresh in there versus the it seems to be b off the bottoms. standard view. last week, for example, bookings in the u.s. were up 12% week on >> michelle, when you look at the market action and your dire week and getting better getting little bit better off of economic forecast next to each other, do you feel that the market is being too optimistic a pretty difficult bottom. >> mike, encouraging to hear about the reopening process? that tone of relative optimism also interesting to hear his >> so you know, it's hard to conversation about uber eats, which for a long time, have been seen as an anchor on the stock reconcile what the economic data are saying and the fundamentals price. now seen as a bit of an upset. versus what markets are aexpegt ing. s&p 500 is more a function of what the larger companies are saying and the distribution of albeit even in this environment, it's so r far from profitability still. >> yeah, it's unclear, wilf, how long investors are going to be pain is not the same in that in love with the uber eats respect then of course there's the consideration of stimulus and how that can off set what business it's kind of bolsters overall for the economy and cheerily you're seeing in the economy they're committed to it, but you have to take all that into consideration. the way we see the trajectory is uber is an interesting little example of what this market is that it's a series of phases. moment is like in the sense that the first is the shutdown. uber was never really trade iin the collapse of o economic activity and we think that's off of current earnings ch they were talking about maybe going past cash flow positive this year, the next phase is this transition phase where you start next year. so this is a long-term story to see stabilization you start to see some the stock did crash.

improvement. there's still residual damage to went from 40 to 14 the economy, but we're moving half, there's a bit of a balance regained half of that. this crisis has gotten to lay then the last phase is the recovery and going to be tricky that's going to take some time and we don't know how that's going to look. some people off. so you're able to build this it's going to be largely a case that the rate f change is function path of the virus going in their direction and >> just wanting to touch on some slight silver or bronze linings it's still a while before you have to prove it, so therefore, the stock can trade higher because people feel on this. one number that jumps out is that the previous post war high underinvested and that to me is was around 10% is where we are in a broad part of say the tech world right now. i guess we've beaten that, but even the 10% previous high, a >> i don't know.e iing to you lot of euro zone nations wish that was theirs and they were to hear the ceo talking about higher than that kurg during the green chutes a day after they last kris kris and those economies have gotten announced they're laying off 14% back to normal the next question is whether the of its workforce >> i think certainly uber has a place in the economy previous unemployment rate, was whether it is a successful stock that sustainable any way or not remains to be seen. the news that we've heard from >> of course that was a tight labor market. the cruise lines shows that you it was very clear in the last know people are are going to return to norm al behavior. cycle that we were in later stanls of the recovery we were starting to see some i've been using uber eats almost increase in labor force

participation at the end of the last cycle, which would have createded some tablization every day for the last month, so you know yes, we were in but i'm unlikely to do so going later stages, but by no means forward. so we're then back to the model. i just, i need companies to make money at some point in order to was the economy by itself about to tip over to recession buy them for my clients. we weren't seeing real signs of i was a little astonished by excesses we didn't require a shock to do that and honestly the market's it response today as well now obviously this was very large and acute and painful >> let's hit cruise lines. shock. but no, i don't think just by those stocks are rallying today with the market after encouraging bookings guidance from royal caribbean the natural course, the economy seema has the details. would have dipped into >> investors want the know if recession. >> we'll leave it there. and when americans will start cruising again >> really quickly, kayla royal caribbean says while we've got an election in six booking volumes for the rest of months 2020 are are meaningfully lower does the administration think than last year, 2021 cruise all these jobs are going to be back by then >> well, you've heard them talk about how the third and fourth bookings so r far suggest a rebound in demand. however, nearly half of the quarter are going to be the quarters of rebound. they'll be excellent then customers have requesting cash there's going to be a phenomenal recovery next year refunds for specific cash cruise that is clearly the messaging they want to build going into november voucher value d at 125% of their they obviously can't choose the deposit. that's further pressuring its data they get, but they can cash reserves and therefore, certainly choose the policy toolkit they've put in place to it's seeking additional financing options. a step norwegian took this week

try to make sure that the economy can be as good as it can be and that's what they're studying now and that's what raising over $2.4 billion in they want to happen this fall. debt and equity. >> thank you so much for joining us after the break, outback >> thank you nancy, how do you feel about the steak house brands is surging cruise lines, any of the travel today on the back of earnings. stocks, really, on days like the company's ceo will join us this, where they get a big next to discuss the path forward rally. i guess it makes you wonder are they cheap if they're putting for restaurants and whether he's out guidance like this that seeing any impact from meat shortages. back in a couple people are opting to keep future bookings >> i thought that was super encouraging. you heard the other side of the argument, that they're offering big discounts but the fact is that people are willing to go on cruis cruises. i think that's encouraging but not a straight up move here. we got a lot of volatility to work out of the system and we need to see people return to airlines and hotels in a meaningful fashion while i found that really enkournging just from a behavioral standpoint, when are people going to come back, how much, i'm not willing to step yet because there's no incentive

for me to do so. but i think it's really good news >> we've got about eight minutes left of the session and we're up 1.6% on the s&p 500. some breaking news on tesla. phil lebeau. >> hey, wilf remember when they were shutting down production out of the fremont plant just outside of san francisco and there was this discussion at the time, who had the authority to say yes, you can produce cars, was it the state of california, alameda county because of shelter in place orders well remember, laura got ahold of some internal e-mails where they said we're going to start gradually bringing people back in and beginning production. just now during essentially a zoom conference call, an update on what's going on with covid-19 in alameda county, the alameda county health coordinator, the doctor on this call, said that they do not believe it's appropriate to move forward with production at the tesla plant at this point guy, we're back to where we were

back in march. across america, business owners are figuring things out. this question of who has the authority to ultimately say yes, you can open back up finding new ways to serve customers... connect employees... is it the local health officials and work with partners. or is it the state of california comcast business is right there with you. with a network that helps give you speed, as it starts to open up various reliability and security. businesses so at this point, still unclear. and enough bandwidth to handle all your connected devices. we've reached out to tesla to voice solutions like remote call forwarding and readable voicemail. and safe, convenient installation. see what's going to happen, but when every connection counts, they've said they plan on beginning production and get tig you can count on us. it back up again at the fremont plant. get the connectivity your business needs. >> thanks so much for that mike, the rebound in this stock call today. comcast business. is sort of knows no end. t not too far from its highs again and that sort of brief pullback from elon's tweets is pret i distant r already >> it really is. and it's also goes into that same category of there's this core group of you know perceived disruptive tech stories that you have a lot of sort of hot money. it's not based on macros things that are not based on what's going in the main street economy directly and also where

there was never a near term expectation of being particularly generously profitable then you can assign whatever f you want on it based on rate of change, on the fact s&p up 1.4%. that demand is still there you just watch and shake your shares of roku plunging after head this market is split between the yesterday's close. company beating on revenue and reporting a 77% year over year sure bets that everybody knows are sure bets like a microsoft in jump in accounts but ad and alphabet and the rest that have had these premium growth weighing on the stock valuations then lottery tickets. whether it's cruise lines or today. down 7%. disney trading higher after peloton or something else that ticket frs monday's reopening at e seems like it can catch the shanghai park reportedly lightning in a bottle. >> good way to put i. safe ones sold autoout in minutes. it's been closed since january 25th and normally can see up to and lottery take into account 80,000 visitors per day but will ticket sns. >> yeah. i agree with mike on that. and you know, i think there is some good news in the car reopen on monday with limited business capacity up 2.5% today. you know we had mary saying yesterday they were seeing a v >> meantime, a group of state attorneys general are raising shaped recovery in china concerns about the meat industry that's encouraging elon has that story for us though i'm not in v shaped camp. >> i can now confirm that the state ags have been in kind of in the stair stepped

discussion with the justice department over those concerns a group of 11 are now sounding camp i think that's right and you get this hot money that's gamble babling really and so r far, the alarm about concentration in they've been winning so it's hard to argue with but as an investor, i'm really looking for fundamentals to drive the companies going the industry as well as the potential for collusion forward. >> we've got about five minutes particularly during this pandemic montana's ag told me he has left just want to have a quick look at the banks the week as a whole in particular because bank sector has been already spoken with william barr about there's the kpw banks index in this issue and he has -- on the middle up .3, but huge d speed dial >> their margin is getting better and they're making much more money and a it just underscores the fact that we need to do something it's not good for cattle difuation within that. goldman sachs best of the big producers and it's certainly not good for consumers >> he said that 80% of the meat cap banks. if we broaden that out, it's a market is control led by just similar theme and kind of makes sense. you'd expegt the investment four companies tyson foods, jbs, cargill and banks to be doing better in this national beef. we have reached out to all these environment than those with bigger exposure to potential bad companies and we'll let you know if and when we hear back loans. bigger exposure to the interest >> thanks very much for that rate curve and speaking of the meat goldman sachs only down 20% year to date. industry, blue moon brands wells fargo down 53. moving higher today. but for the week as a whole, mike, it's been hard to put your the company also beginning its path forward with the reopening

finger on why wells has of more than 300 of its restaurants. joining us for more, ceo of blue continued its underperformance some saying the 8% dividend moon brands p. yield, maybe that could be on the threat of cut. >> thank you for having me and the other question just appreciate it. >> let's touch on the meat whether it has the wrong type of shortage issue if we may exposure at this moment. have you found access to meat the regional banks similar to wells also underperform iing a supplies i guess your demand has been lower overall. little bit has that helped to off set any >> right among the large ones clearly that's the case in terms of the shortages of supply you've wrong types of exposures there experienced? >> we haven't experienced any consumer credit, the pure plays shortages in supply. we've got really good partners and they have provided product in consume r credit have not for our restaurants and have performed well aside from a couple of bounces. really done a nice job so our probably one reason and you mentioned goldman sachs. supply is assured. our prices are good. the capital markets business we locked into a contract last should be good, but just as a year so we're in good shape. >> you told investors that you group, they were as oversold relative to the at the lows recently as they've been by many, many orders of magnitude had 355 restaurants opened now and early results have been promising. wondered if you could elaborate versus the last ten years. on that and tell us what you're so i think there's room to make up just because they're down so much and you're seeing that seeing >> yeah. across a lot of some of the what we're seeing is our off value tier of the market that premesis business, our carry out they've just really gotten very and delivery business did really

well during this time and now as stretched to the downside. restaurants reopen, we're having >> what's the correlation a chance to serve our customers between how they're trading and what we're seeing in the bond market because this is a week and the reaction to our customers has been very good and where we saw record low yields we've been able to keep our off in the two year and five year. premesis business going so we saw the fed funds go negative hopefully we can keep our delivery and carry out business which you know, might not going and open our restaurant. necessarily mean the federal >> what does an openike, david,d reserve is going to go to negative rates to a year ago? they say they don't want to, but still suggest the rates are going to stay low for a long >> it's about 25% capacity time and that commentary on the the bar, area around the bar is closed seating is further apart economy. >> great point and if you look at a one and a half year chart our servers have been trained. they wear masks. they have gloves we've trained our people for proper social distancing and our menu is a little narrower but and it stands out as seeing banks and rates moving one for overall, a r very similar one, but short-term, you're right. not really the case because banks are behaving more like the experience what you might see a underperforming sectors so on year or so eeg days where you get a bit of a ago. rotation and it's not just the >> but the 25% xapsty, how do microsofts of this world that economics of that work >> we get above our break even are performing, you tend to see flow through then we tempt the banks perform and that's tending tat moment to be days when we office premise sales, which is start to see yields pick up a so important because that's a little bit so the correlation strong sales base for us as we

move forward from there, we're hoping that as things get better, we'll be able to serve more customers in our traditional correlation not as strong restaurants, but we're more than banks more just behaving, is is it time for the sectors that contributing, beating our have f underperformed to play catch up and that tends to be what drives them at the moment variable costs as we open back up our restaurants even at 25% but we are seeing that because of our strong off premise business >> talk to us about the off it's not just all banks moving as one premise business and business. how strong was demand for that jpmorgan week todate of the bi at the peak of the shutdown in six, the only one that's in negative territory albeit just in the red where as march? has it maintained through april and may? are there any kind of specific wells is down about 8%, but just behaving a little bit worse than underlig tastes you can talk to? i imagine steaks for example some of its peers this week. aren't typically what people want to have delivered >> maybe a healthy sign they're >> well the steaks have been not all marching together exactly the same mike, under two minutes left of extremely popular and the trading. what are you seeing in the market internals reaction to our business has >> yeah, it's been pretty strong been very, very, very strong we have tripled from the time we if you look at the volume split started until today, we've tripled our off premise up versus down business it's been above 80%. carry out and delivery that's pretty healthy. even though it's not a 90% overwhelming number and look at that's really helped us as a we go forward in our business the more aggressive parts of f but the steaks and pasta, the market

italian grill and bone fish has the high beta etf against low been very, very popular. volatility stock that has outperformed so you're >> we got a pretty dismal jobs seeing more risk seeking below the surface. and the volatility index, did report today and in that report, the worst hit industry was crack below 30 today and you know the s&p is basically the travel and leisure and in there, same level as i mentioned ten food services lost 5.5 million days ago and the vix has gone jobs chefs, waiters, you name it. what have you had to do here with your employees? from above 40 to below 30 so that tells you there's less >> we have not laid off one person or furloughed anybody in anxiety if look out a month or two in terms of options or our company. and so what we've been able to hedging. >> about 30 seconds left do is as the restaurants come all sectors are higher for the back open, we have a train ed day and the week on the s&p 50 up 1.7 today staff opening the restaurants right away and so we have people the dow at the moment up 447 that can serve our customers immediately and we've had points 1.9% right near the session highs at tremendous employee engagement as a result of what we're doing here so it's really been a smart the close. nasdaq at 1.5% russell lead iing the chart tod policy of our company to keep our people, to keep in and not let anybody go or furlough them. up 3.6%. energy the best performing sector on the s&p 500. >> i want to come back to the decision to reopen all of those as the close, up 1.7%. 3.5% for the week. 300 or so restaurants that you mentioneded. how did you make that decision >> strong close.

do you feel you had enough finishing you have a strong guidance from local and federal governments and then do you fear week welcome back in any way the potential for backlash or lawsuits if someone does get sick and somehow take a look at how we did finish up the day and week on wall attribute it to your restaurant in due cause >> no, it's been very clear from street state and local officials what stocks ending near session highs, strong run. we needed to do. up 455 points at t the close we've trained our people in a 1.9% for the dow s&p 500, every sector rising in very, very good way. to make sure that we keep the today's trade ending with a gain social distancing. we have the proper equipment today of about 1.7%. and we feel that we bring the food and our service to our the nasdaq, which is the winner on the week, up 1.6% customers in a safe environment. remember, this was a week that the nasdaq went positive on the >> david, thank you for joining year 2020 and is now just about 7% off us >> thank you very having me. >> appreciate it record highs for the nasdaq. 36 minutes left of trading up more than 5% for the week up next, the path forward for the russell 2000 index of small travel getting your temperature checked at the airport may become e w rm as airlines look to caps also finishing the week higher this is the first week all the major averages rose in the last mitigate contagion risks we'll discuss it right after the break. three. the russell had a strong catch up day up 3.6%. come up, we'll have former fda commissioner dr. gottlieb over

concerns over a lack of tra transparency and how the government decides which hospitals are receiving remdesivir to try the fight coronavirus. the gilead medication approved by the fda joining us first, nancy tangler and peter. steve liesman is also with us. to hash through the economic data we saw. notably that dismal jobs report. mike, first to you on another pretty ol id week and a solid day for the stock market what stood out most? >> just a continued firm performance. i mentioned the market kind of bumped up against the ceiling a few times this week. we're still below where we were ten days ago kind of have this mix of impressions of yes the market has been sturdy, but it also has sort of flattened out. about 60% of those gains that were losses that were absorbed

in march and i still think it has something to prove so the point being we've kind of ridden as far as you can perhaps on just the big growth stocks on the idea of incremental reopening of the economy and also still trying to burn up a lot of the defensiveness and that rush to cash that we saw u out there in the bearish sentiment. so all those things are still supportive i don't know if they comprise a reason for incremental upside from here. >> talking about the jobs number, i mean some silver linings people suggest that indications and the underlying data that this was temporary and e may see an improvement sooner rather than later. >> yeah, it's a silver lining based on a cloud i guess is the best way to put it and that is that people answered you believe your temporarily or permanently. 78% of those on temporary layoff are those who have been welcome back unemployed or 18 on the 18 stocks near session highs.

airline stocks are getting a bid million said they were on today as one u.s. carrier temporary layoff and if they're right about hat it's a potential good sign because generally, when people outlines plans to check passenger e temperatures before are temporarily laid off, they flights to mitigate risk tend to come back and come back phil has more details in in droves, so the question chicago. >> we're talking about frontier airlines low cost carrier out of denver, colorado and when we becomes are they right about that and whether or not employers bring them back. how quickly. talked to the ceo yesterday, he you were interviewing some people in the restaurant said look, we believe that our business in the last hour. passengers want this and so what going to do is be you asked them, well, we opened check iing the temperatures of 25%. so i guess that means one out of every passenger before they get on board starting on june 1st. four workers at that particular how is this going to work? they're screened at the gate or restaurant if they answered will be. temporary, they were right if you have 100.4 degrees temperature or higher, you'll be >> he said 25% capacity. flagged. put aside for about ten minutes. they want to make sure you but somehow, they said they were didn't run to the gate, for some reason it was off. on board then they'll test you again. >> i'm assuming that means one if you're 100.4 or higher again, out of four workers. then you'll be denied boarding but yeah, something along those from the airline industry, this will be interesting to see how u lines then hopefully they would this goes over first of all, a number of be brought back later. airlines have said look if you >> nancy, do you have view on want testing of f some sort, it should be instituted maybe by how fast the economy recovers and do you have to have that

view to pick out which stocks you want to be in right now? >> yeah, that's a great the airports, maybe by the tsa you can't have it go airline by airline. frontier isn't waiting so it will be interesting to see if we question i don't, i don't, i'm not an economist and i'm not a see other airlines follow suit and also consider some type of a forecaster further screening of passengers but we're tart tog see people go to make sure they don't have back to work in arizona. the traffic patterns are picked up pretty dramatically coronavirus at least symptoms. the salons and stores are they don't know for sure if the passenger has it beginning to open starting >> thanks for that today. strong end to the week for most i think it's going to be different around the country of the u.s. airlines having but i do think you have to have an informed opinion of how we come out of this on the other side started negatively following the buffett new us over the weekend. still ahead, scott gottlieb if this is an acceleration of joins us with the latest on the secular trends we saw previously that were emerging, then you want to be overweight tech and battle against the coronavirus and whether the drugs are we are you probably want to be getting to the places that need them most. overweight consumer here's a check on bonds. mixed action today discretionary, and we are. and you probably also want to have a defensive barbell and the two year toughing a new low ours is in health care so it's of 0.1% but now 0.15 ten year, 10.086 difficult to know, but to steve's point, we have a a client who owns hotels in north back in a couple of minutes. carolina and they're completely shutdown they furloughed all employees and they may stay shut down a

little longer because they want them to be able to get the increased unemployment benefits so that they don't harm their employees. so it's complicated. >> steve, is there anything we can extrapolate from today about the likely implications for gdp? i find it really interesting how in some countries like ireland we saw unemployment get to 28% so huge. in other county are tris, the bank of england forecasts that unemployment will double to about 8 or 9% but gdp will collapse more significant than a lot of people suggesting here. i guess the make up and precise details of unemployment benefit really differ from country to country. >> absolutely. there's two components to gdp. people can think about this at home how much money you make is is dependent upon how many hours you work and how efficiently you work so the hours worked as one part of the calculation of our growth

rate and that came in down 49% i talked to mike from jpmorgan who pointed this out to me he's not quite ready the adjust his forecast, but that's one indication of what's happening with growth. i believe j.p. mopmorgan has it 40% for the second quarter so that's not far off, but maybe worse off than gdp for that quarter. now the question becomes do hours work accelerate by the other, by that same amount on the other side that would gif you your v shaped recovery or as nancy was suggesting about the hotel operator, are they closed a little longer, come back a little slower. i'm suspecting that the slope is is a little bit more shallow on the up end than it was steep on the down end here. >> steve, thanks so much for that economic perspective. let's get a deeper market perspective. bob has look at the big movers today and this week. bob. >> big moves this week

3.5% on the s&p 500. we're almost back to the highs of a couple of weeks ago but don't kid yourself it was a good week for the market believing the reopening is going to go well so energy did well and retail did well, but still look under the hood. it's the work at home work from home story that's really powering things and i can't emphasize this the hope for treatment and vaccine, massive fiscal and monetary stimulus, a floor under the market for the fed and what could go wrong here? stocks are rallying today near session highs and every sector within the s&p 500 is truonger stropger. reopening may not be as great as best performer is energy people thought people may not show up look at the stay at home strength stitch fix and ebay and match energy stocks continuing to group and twitter here going on. i know we tend to emphasize a rebound for the week as far as what else is working today, the strongest groups lot of f the faang stocks when this happens, but you can see include industrial, consumer this clearly where they believe the stay at home stuff is going staples and materials. to work. megacaps still the big story for health care is lagging the week overall up only .4%. the nasdaq is having its best we saw apple and microsoft and run since december up five days google moving to the upside. in a row here are three things driving you're talking about the five this action. big e stocks if you throw in the u.s. economy losing more

than 20 million jobs in april. amazon it was up almost 4% for the week when you have the five large stocks that move 4 to 5% in a elsewhere, companies and week, the s&p is is genergeneran government fishes poiofficials a to be up even if everything else bottoming in economic pain and is is still on the flat side relative recovery in the last week and apple saying it plans to reopen some stores in the defensive stocks like merck and u.s. next week sending those shares higher and adding to that proctor and gamble, pfizer led reopening theme that's given the but banks were a mixed story generally, they were weak market a lot of hope throughout the week. >> it has. time for a coronavirus news good today update melissa lee has it for us. >> good afternoon, everybody jpmorgan down fractionally, but during the round table meeting some of the regional banks like with gop senators, president key corps and fifth third, they were up almost 2% for the week back to you. >> bob, thanks for that. peter, we lost your connection, but got you back trump said he is sats fied with safety protocols at the white house. some will wear masks close to the president. the news comes after two let's touch on some of those employees close to the differentiates bob mentioned administration have tested positive a new jersey nursing home i do you expect there to be a rotation from those long-term being hit with a $225,000 fine after 17 bodies were found secular winners or not >> yeah, no i actually don't stuffed into a tiny morgue federal inspectors said the expect that. i think that assessment would facility failed to implement

proper infection control measures, putting its residents and staff at risk of serious hinening on the assessment that the markets are going to go higher or the reversion would injury or death. nearly 200 patients and staff have tested positive for the occur from the handful of nails benefitting from social distancing and fed programs to some extent. virus. children are being vaccinated as a result of the pandemic like the fangs reverting the new data found that for orders other way. to me, this is really a classic childhood vaccines declined late bear market bounce in the month after the outbreak i will admit i'm little bit was declared a national surprised that we've seen as emergency. for more coronavirus coverage, much correlation pick up to the head on over to cnbc.com upside with the small caps rallying as much they have today, but a lot of the russ else rallied today for example sara >> thank you so we've got 28 minutes left in came from small cap banks, which today's session. have really been beaten up here's where we stand again. strength across the board. even now that move looks we are heading for our first up impressive, at the end of the day, it's not catching up the week in the dow, s&p and nasdaq. large caps an i would expect that we're close to petering out stocks near session highs. here towards the peak of a after the break, we've heard classic bear market bounce plenty of stories about pantry >> so you don't have any of that loading, but there will be a new trend emerging wardrobe loading fomo, where you just change the retail name that stands to sentiment because of fear of missing out. benefit from that and a quick programming note

join tina fey for a virtual >> i think it's driving this that's typically happens when you look at history when you get these big sell offs. benefit program, rise up new york, to support the city and state hard hit by the coronavirus. you'll get a 25 to 30% bounce that telethon will air on monday, 7:00 p.m. eastern time off the low. it happened in '08 in '01 so this would be nothing new for here on cnbc we'll be right back on closing this to be a bear market bounce bell i know that every single and you know the one difference perhaps this time is just the massive amount of stimulus that has come in response to what is also a once in a lifetime sort of event relative to the pandemic as well as and akochccompanied a oil shock. existing fragility coming into this >> yes, we know you've been cautious for a while, peter. take a look at jim cramer's covid index. it's up 7% this week leaders in the index this week include ever bridge, beyond meat and peloton. jim created this index to illustrate his point that stock picking is a better strategy

than passive investing and these are some of the stocks that have been doing well and better during this pandemic nancy, how do you feel about stock pickinging in this environment? i think you're always a fan. time that i suit up, >> i am. i think you know now more than there is a chance that that's the last time. ever, you want to be focused in the higher quality names or higher beta name, depending on what your objective is 300 miles an hour, thats where i feel normal. so we've actually seen i might be crazy but i'm not stupid. meaningful inflows in our firm having an annuity tells me that i'm protected. during turbulent times, that from people who were in etf models and i'm not den grading consider protected lifetime income from an annuity those. i think they have a purpose at a as part of your retirement plan. time and are now moviing over t this can help you cover your essential monthly expenses. us we run a concentrated portfolio learn more at protectedincome.org . of 12 stocks it's dramatically outperformed [sniffing] our other port fofolios at ta t0 so good ideas matter in this market >> peter, is gold a good idea this the market? is the salmon wild-caught? she only eats wild caught. >> good question you would think it would be in a market where people should be [cash register beeps] concern ed about risk. right now, i'm not convinced gold has a lot more to run

uh, i need a price check on honey. it's not because i'm bullish of don't get mad. eck quities, it's because i'm get e*trade and get more than just trading. concerned about global growth and the use of gold as a way for investing. banking. guidance. emerging market central banks in particular to generate liquidity. they tend to accumulate gold in the good times, sell gold in the bad times and as especially as we look at latin american currencies for example as emblemmatic of this, they've been under extreme pressure so those central banks tend to sell it, generate dollars to buy their local currency so i think that's the dynamic credit swiss out with a note that's going to keep a lid on gold for a while here. >> thank you both for joining us >> thank you >> up next, we'll ask former fda saying the reopening of some commissioner scott gottlieb states is showing signs of wardrobe loading and there's about whether germany's rising been a big snap back in athletic cases is aarng wni sign for the wear and footwear. u.s. we're back in 90 seconds joining us now is the author of that note, an equity resernl analyst. first, what sort of data are you looking at >> so we are talking to some of our industry contacts.

we've been looking at that at how the u.s. is going to reopen after being on its back for several months up until now, we're having to look for data points in places like china and korea, so we want to look at these places. the one commonality is that these places are not new york or boston even which are much more crowded and dense location so there are still some differences and we heard some very wide ranges of what's going on but in general, we're hearing some categories that got pushed to the side like like apparel. it seems to be b a standout. a category that when we were told we were going to be working at home and that we were going to have you know our kids weren't going to be at school, those things, that forced the consumer's budget on them.

you had to getting back to breathing. in new york anduin will react the same way where people -- a federal government coming under fire for lack of coordination rolling out remdesivir to hospitals. >> is this a pick up in services according to politico, some dock tars say the government hasn't that have not done well online given a clear outline as to why some hospitals have receive d th during the lockdown or is it an treatment and others haven't the latest confusion comes as inkre mcremental pick up. more tats begin the path to ath lee sure, you would have reopening even as more cases continue to increase expected even online >> i think it's incremental. joining us now is scott lululemon is a good test case gottlieb good to have you on board as always there. should we as americans feel sales up 40, 41% and the last comfortable that the u.s. government now with all of the quarter. fourth quarter, they said you know those trends had continued remdesivir in its hands is

doling it out to certain well into the first quarter at a hospitals? we don't know where or whether very good clip probably somewhere in the 30s. we would get it if we go to certain hospitals? i think the second, in alongside today, women's massachusetts, the hospital with the second highest case loads did not get remdesivir categories have been lifting off >> right and a lot of hospitals quickly. it stands to reason there are didn't get it yet. there's about 25 hospitals that some categories in some brands have received the drug so what happened was at the time like lululemon sounds like they're doing well through the closures they have a good website to be the fda granted the emergency use authorization effectively able to deliver that experience giving an authorization, the at home. it's incremental for some of government stepped in and said these guys if your brand is strong and we're going to take ore the you're selling categories that people need while they're at home and now we've got better control of discretionary budgets, seems pretty entire supply of the drug reasoned distribute itment but incremental. >> how do you square that data they didn't have a system worked out. they're working it out now, but there appears to be a dispute and this idea of pent up demand among which entity is going to for consumer discretionary products with an unemployment do that. whether it's fema or a department of health and human rate that was almost 15% in the services it's inhibiting the ability to get it out to the hospitals. month of april and possibly rising from there? i'm hoping they resolve this soon because this is the way the drug's going to be made available and you could argue >> it's a tough one to that the drug was being understand you normally get some kind of an unleash of pent up demand in distributed more freely before

the approval than after. these category around this time of year even if just have something like cold weather in and certainly the goal of the approval was to make the drug more accessible so hopefully over the next couple of days april then we get out and you they're going to work out how they're going to distribute this they should be based on clinical see a big flurry of activity need which hospitals have the most it will be short lived but there's other dynamics going on here so we don't want to take cases. >> and dr. gottlieb, does it one, two, three weeks of data and tell you here's a trend from make you fearful if and when a the whole country. vaccine is discovered of how it was encouraging to see. you have to wonder is some of that might be administered presumably, there will be a mad grab for supplies of it and in the stimulus money making its way, probably to middle and low particularly if it is found by someone overseas, how is this er income families going to work? the families didn't lose their >> well look, these systems are job and may not feel at that much risk or they're aisaying being worked out almost in a look, i'm feeling stable real time fashion and while you we're heading back to work would have hoped they would have i can spend a couple of dollars it worked out in advance, on myself to get a workout shirt they're working it out as they go in a setting of a vaccine or or pair of shoes >> how have these stocks other therapeutics that become available, they're going to have anticipated this value of which performed since march and which agency is going to be in charge is your top pick >> so nike is the one that's performed so well. of distributing the therapeutic up at $90 today. and what the criteria is going to be. i know gilead worked on some went down into the 50s before criteria for that based on an

comeing back assessment of critical need. it's come back a long way but government should be able to even with that dynamic, when you collect that and see which hear from retailers that this is the first thing out of the gate hospitals have the most cases or that the consumer is rushing even distribute it to the states back to, it really informs you and let them decide how to distribute it within the states based on which hospitals have that the brand is very, very the most cases and have cases strong so we still very much like nike. where the patients are clearly very much like lululemon indicated for the drug this is a problem because we have a short supply of the drug. especially on the backs of comments of women's categories are snapping back very well. as more supply comes into the market we're not going to have these kinds of challenges. >> what are youi seeing in state some of the ones we find interesting as well, it will be interesting to see how the beauty categories come back. by state data for those that have reopened? we like estee lauder a lot then do we have enough data yet in on the retail side, the puckett x that's the category that women terms of cases and hospitalizations >> you're seeing the cases tick consume every day and they've been working at home for a up in some of the states that while. if there's a pantry load in reopen apparel and we're going back out i'm looking at florida into the world for the first carefully. we've seen hospitalizations tick time, that's a category that up illinois, iowa and nebraska, we'll boo b watching as one that could be catching up quickly even ohio has seen a small tick up in cases. that's not surprising. >> yeah. not as many women as me have to put on make up every day but some of the trends you're we assumed all along that as we reopened, relaxed some of the talking about are were the ones that are strong before the social distancing measures and crisis ath lletic apparel. as people became more complacent to start to reengage in activity beauty do you think anything is going that you were going to see an

to change as a result of the uptick in cases. that's why what states have crisis, which could create new designed, when you look at the winners and losers in retail and consumer discretionary >> i do. we talked about this in the note you referenced earlier northeast in particular, we're we get asked a lot about weeks very staged reopenings where you reopen part of the economy, bring back some workers and wait a period of time to see how much cases are going up and make sure it's manageablement the trend over the month of f may is going to be towards more cases in the states as they rope the challenges we've sort of plateaued in this country in terms of the number of cases and we haven't really seen the cases come down on a daily bases and in fact once you back out the new york region, cases are still going up nationally. so it's a high baseline of infection that we're reopening again so that's what makes this pretty challenging >> dr. gottlieb, i wanted to as you about some xhebts from sweden's state epidemiologist. he said he estimated 40% of people in tok home are immune, will be immune by the end of may and that quote, in fall, there will be a second wave.

sweden will have a high level of immunity and the number of cases will be b quite low and quite relative to other countries. where do you stand on that particular argument? >> they have a lot of different data coming out. i saw data where they estimated anywhere from 20% to 25% of stockholm has been infected. this was publish ed in jama abot two days ago they've had about 3,000 deaths against that in a city of around 930,000 people so when you sort of equate that over the population of new york and you say what would be an equivalent level in new york, you get to 24, 25,000 deaths in new york if you're comparing apples to apples so sweden's paid a heavy price in terms of morbidity, death and disease for what they've done and they haven't achieved a level of exposure if you believe that 20 to 25% figure, that's more than new york

if you look at the prevalent study that is new york's done to look at how many people in new york have been exposed, they're saying about 20% of new york has been exposed equivalent amount of exposure, more death in sweden on a relative bases and from an economic standpoint, there was an article in "the wall street journal" yesterday e sweden really isn't open for business businesses are closed because the customers aren't showing up so they've had a significant economic impact so i'm not sure that we're ready to conclude the swedish model has been success l. the final point is that sweden has a lot less disease than we do if you look at the background rate of diabetes, heart disease and lung disease in the population, they don't have as much so they have a healthier population so they're going to tolerate an infection like this better than us on the whole. >> what about germany quickly? any headlines that have concerned you in the past week there about how well or badly their reopening is going

>> well they've done a good job screening their population keeping up with infections, using case based interventions trying to isolate individual people who are infected. they're reopening, you seeing cases going back up. again, it shouldn't surprise people as we reopen the economy, we're going to see cases tick up hopefully as we get into the summertime, that's going to be a backstop against spread. it will be a backstop of sorts there's going to be some kind of seasonal affect. the question is how power fful s that and will that be enough to mitigate the risk of reopening against the backdrop of a will the of spread. we don't know the answer to that that's going to play out in may and june >> thanks for joining us >> thanks a lot. don't miss dr. gottlieb and other health care leaders including the ceos of pfizer, bristol myers and moderna on tuesday may 12th

register now, cnbceventscom/he will thinkreturns. >> still ahead, we'll ask richard trumka about why he's been criticizing the government oos pl's plan to protect workers we'll be right back. connected. ng you 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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a strong session on wall street today. mike >> this rally in the market really continues to go up against a lot of skepticism. it still shows there's a little caution buying into this recovery we take a glimpse of this once in a while it's been pinned to zero for a couple of weeks. that means extreme risk aversion b. it's about fund flows, bond spreads. it's market based. not what people say. you look back early 2016 we bumped around here for a while in '08 and '09 so it didn't necessarily coincide with the market low and it was all cleared up and away from there

but i think it tells you that because of what is right in front of everybody and the extreme economic damage and hardship out there, people have hard time believing it doesn't translate into paying for the financial market maybe it will. maybe there will be a relapse in markets but right now, based on the historical behavioral presence out there when you have a lot skept isra, it's usually r supported stocks >> up next, we'll ask president richard trumka about today's historic jobs report and whether the nation will ever rurn etto a normal work environment once the coronavirus crisis ends. when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience

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♪ time for a coronavirus update with melissa lee. >> good afternoon, everybody california can expect to run budget deficits through 2024 the state's nonpartisan analysts say they could total up to $126 billion. he says next year's deficit could hit $31 billion.

a new home test for the coronavirus has been approved and it uses your saliva. the fda has granted an emergency use authorization if the test developed by rutgers university. the state of new jersey has been using the tests in its testing sites. now people will be able to collect a am sample and mail it into a lab and some say in person religious services should be banned during the pandemic only a third of those polled said in person services. as always for more coronavirus coverage, head over to cnbc.com. >> thank you for that. now states across america begin o open their economy, workplace safety has been called into question richard trumka penning an op-ed saying forcing workers to choose between a paycheck and their health

he also sent a letter to eugene skal a area stating covid preparation has been deficient he responded today on cnbc >> if president trump and i get in a disagreement about the exact means to proceed here, we think the plan we're using guidance enforcement is the right approach i think what's a mistake is there are some people out there former obama administration people saying osha isn't doing anything that's just flatly untrue. osha staff are working extremely hard to keep our workers safe and the american people need to know that. so do american business owners >> joining us now to talk about a path forward for workers, richard trumka richard, respond to that would you accept they are doing all they can even if you disagree with some of the

discussi decisions? >> i don't have a problem with the osha inspectors. i think they're trying to do a great b job. it's the leadership we have. there hasn't been an inspection of a low pressure facility or nursing home since february. only last week did the secretary decide he told his inspectors to do onsite inspections then in tandem with that, he said that we won't do any inspections of anything but health care facilities and nursing homes so all the other places that are about to go back to work will be without inspectors so it's not those inspectors they're working hard it's the leadership that i have a disagreement with. and his idea of guidance rather than having an enforceable standard we try ied that for years and it's never worked. and the vick tips of that are the workers. >> richard, what do you think is the problem here this is why osha was created

back in 1970 to make sure that companies are providing healthy and safe places for their workers. why is that not happening? >> well i think two reasons. one this administration has put osha on a starvation diet. as i said, they have fewer inspectors now than in history they have enough inspectors to inspect each workplace in the u.s. once every 165 years. now that ought to tell you where we're at in addition to that, instead of going in and actually enforcing the law forcefully or having a standard that is enforceable, they do these things called guidance where they suggest this and that good employers do it bad ones don't and workers pay the price every time an employer doesn't. >> clearly, there's a balance at the moment though richard. we saw some shocking unemployment numbers this morning. i mean where do you stand in terms of wanting to see

companies have the autonomy to decide if they can open up in some way or form versus these tough restrictions and guidelines that you're talk iin about? >> wait a second don't talk about tough restrictions and guidelines, talk about worker safety we want them to open up. but we want them to open up consist went the health and safety of the workers. because if you don't, all that we'll do is is open up then immediately in a month or so have to close back down again because workers got infected the notion is we need more testing. more personal protective equipment. now there were shortages of o both now we have 50 million people out of work when those 50 million people try to come back to work, those shortages are going to magnify so we have to make sure we have enough testing on hand

we have enough personal protective equipment on hand to protect the workers that actually come back into the workforce. that's what we need to do to prevent a second epidemic or surge so the economy has a false start. it stops up and then starts gep. >> the cdc was supposed to release guidelines this week, i think a 17-page report on how everything from churches to schools should reasonabsponsiby reopen the white house blocked that reportedly how critical is is it that the cdc gives these guidelines who's in charge of telling businesses how to do this in a safe way that's safe for workers and customers and the broad rer public >> the cdc is a rep tabl organization they have scientists there that form lalated those guidelines t would put people back to work in a safe way someone at the white house said this is too stringent and they

nixed them the scientists at cdc said they'll probably never see the light of day that means he wants to stampede a reopening of the economy and he wants to have workers pay the price because he won't put those guidelines in effect we don't always have an enforceable safety standard for contagious diseases. we had that. under the obama administration this administration scrapped it. we've asked them to put it back into mace. if they don't feel safe, sara, they're not going to go back to work we won't be able to reopen the economy the way it should open and keep it open once we do open it up. >> richard trumka, thank you for joining us >> thanks for having me on >> make those points up next, we'll ask the ceo of hostess brands whether it is facing supply issues as consumers stock up on their packaged goods during the

pandemic

hostess brands beating estimates this morning in its sweet baked good business. the twinkies maker saw point of sales increase by 5% and uptick in overall supermarket share, but due to uncertainty, hostess has withdrawn its outlook. we welcome the ceo now thanks for joining us. how do you make sure this isn't a tech rare phenomenon, that people rush to buy old school brands like twinkies >> twinkie has been around for over 90 years. hostess has been around 100 years so we're used to satisfying consumers we've been growing for over five quarters in a row. so when consumers eat our

products, they love us we do well in boom economies, during are recessions. because we're a very reliable trusted and loyal brand. so i'm not concerned about my consumers. >> andy, what are the typical demographics for products like twinkies and do you feel like a sudden shock in crisis like this is leading that to change temporarily and do you welcome that in one sense in that in might encourage younger people who hadn't experienced the brand before to try it and maybe they'll get hooked >> i think our demographic is actually more diverse than you would think. we do have consumers who have loved this for their entire lifetime we have a new set of consumers that come in, millennial, new families form, that love our product as a nice luxury a good part of their balanced diet when they eat our products, twinkies, then we recently acquired a cookie business which

has a different demographic. high penetration with more health conscious consumers. also younger consumers and those looking for sugar free number one brand within sugar free in the cookie aisle i think our consumer base is more diverse than you would think. >> how has it been like keeping the pruk open? we were just talking to richard trumka about workers and making sure your people feel safe as they have to deliver this increased demand to the stores >> that's a great question i listened to some of that previous segment and i will tell you, when this started breaking out in february, almost i guess three months ago now, i started a task force within hostess and from the beginning, number one value was keeping our team, their families and the communities in which we live safe and the second was to service our consumers and customers then to stay informed and there's no step that we won't take we're not safety.

we meet at r or above standards there. we've quickly adapted those standard we do temperature check, we have face coverings at alld our line productions to enhance social distancing we've supported employees with additional pay there's nothing we won't do to support our team extended leave of absences we've suspended increase in any medical premiums that they would have experienced in 2020 so at the end of the day, we'll get through this we'll come out a stronger hostess, but not at the expense and value of keeping our team member safe. >> thanks so much for joining us >> appreciate you having me. have a great afternoon >> did you grow up with this stuff? do they eat this in the u.k. >> andy, if you're still there, twinkies aren't really sold in the u.k.

i don't know why >> they are expanding. an export business in the u.k. you obviously o haven't been there in a while, but the next time you get there, let me know where you found them >>ly >> there's a special place in my heart for these. >> not sure how soon i'll be payable to travel there. >> we're in more countries than you thought and have a deeper demographic than you thought >> up about 6% today the stock. ticker is twnki. up next, canceled contracts. real estate experienced a major ndift in the wake of the paemic what that mean for the path forward in the nation's biggest housing market ahead

apartment sales fell through amid the pandemic. and more were renegotiated robert frank has the details >> last week, there was only one contract in manhattan that went

for $4 million the last time that happened was february of 2009 now you look at deals that were in the works before the lockdown they're getting canceled more than 100 contracts have been broken since early march with 67 in march 43 in april. even more common are buyers in contract who are demanding price cuts brokers say the average price cuts for renegotiated dealing in april was between 10 and 15% the upper east side townhouse has been listed for $39 million. went into contract before the lockdown just renegotiated and closed for $25 million or 36% from the original accusi aal asking pric. something we're going to see a lot more of. >> and that was after a deposit was paid >> correct they had that 10% down already so they had that at risk they were willing to walk away with that, walk away from that 10% deposit unless aget a price

cut. >> yeah. they're going to have to wait to open the city to see really what that market looks like can't even get inside any places thank you. >> that's right. up next, with summer, thank you. with summer quickly approaching, camps are faced with a decision to implement strict safety guidelines or close. what this might mean for parents and child care concerns straight ahead. that's why we're offering contactless delivery and set-up on all devices. and for those experiencing financial hardship due to this crisis, we'll work with you to keep your service up and running. hi! because at at&t, we're always committed to keeping you connected.

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many parents are juggling work b and hope schooling during this pandemic and a new problem is approaching what will happen with summer camps. joining us is jonathan, director, and aruba the largest network of jewish camps in north america. reuben, sounds like you've already canceled why did you make that call >> it was a heartbreaking heartl camp means so much to so many people and yet we gathered our best and brightest professionals, experts, camp

directors, medical staff and other experts in the field of camping and those familiar with this pandemic, and after going through weeks of consultation and conversations, we came to a decision that the risks associated with covid-19 of both the known and the unknown risks pose a threat to our most sacred covenant with our families and all those who we serve which is the physical and emotional health and safety of our participants, both at our camps and along with their communities back at home >> jonathan, have you had to cancel all of yours yet? >> no, we have not, actually we're optimistic that we'll be able to open if we get the green light from the state >> and what are the terms that you need to hear from them for that to go ahead and what precautions will you be taking to make sure it's safe

we're actually working on it right now. i've been spending the entire day developing the protocols to try to make camp as safe as possible we can mitigate the risk and we're waiting for the guidelines to come down from the state of new jersey i would also like to clarify the day camp, not sleep away camp so our sets -- our variables are different than sleepaway camps and both industries have significant challenge e but at day camp we're waiting for the guidelines to come down from the state. we're working on those protocols right now, and we're hoping that we'll be able to open in some way, shape or form that will mitigate the risk of the virus to i can't exactly tell a parent -- i had a conversation with a parent today, and i said, listen, if it was polio i would tell you you willy be safe, with covid i can mitigate the risk and be as transparent as i can and give parents the choice and it's our job to give parents the

choice that's what i think. >> ruben, how did your conversations with parents go and do you have the sense that if you would have tried to open there would have been demand >> we've heard from thousands and thousands of parents and alumni and leadership in our community and it's been an overwhelming expression of gratitude and loss and also deep, deep heartache while there's support for our decision the loss of camp for our campers and our staff and our faculty and our parents is heartbreaking. >> jonathan, if you do proceed, will you be requiring more families to sign pretty extensive waivers towards their health we're going to take a look at that, and if we do proceed we'll

follow whatever protocols our local health departments point out and we spoke to a lot of our families and we did data polling and over a thousand families have sent in in the three camps and we have a significant data that says a good portion of the population really wants for camp to happen. a good portion of 60% to 70% are very likely or likely to send their kids to camp about 20% are unsure and 10% are unlikely at this point and that's where the data is polling right now. if it's a possibility, we want to try to make it happen >> jonathan and ruben, thanks for joining us. >> thank you >> up next, shanghai disneyland reopening following its coronavirus shutdown and tickets already sold out we'll have those details when we return e is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected.

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disneyland's shanghai set to reopen on monday julia boorstin is here with that for us hi, julia. >> hi, wilf. >> disneyland shanghai is to gradually ramp up the number of visitor with data tickets to mine myself crowds demand and the response to the social distancing measures there could indicate what's to come for disney's tokyo and hong kong parks. here in the u.s. disney world's disney springs outdoor mall announced it will open on may 20th and that will be a key preliminary step to see demand and also gauge behavior in the u.s. ahead of florida parks eventually reopening back over to you >> just remind us how big a portion the total revenue earnings theme parks are for the company and shanghai within

that >> well, so wilf, theme parks are hugely important for the company. they're the biggest division based on revenue last year and also the fastest growing in terms of profits, but the u.s. parks are much more important than the international parks because they're wholly by the company. there is a revenue share agreement and in shanghai it's co-owned with the chinese government so it isn't exactly the same situation, but it will be interesting to see what happens here and people aren't used to wearing masks in public places we'll have to see how that goes. >> julia boorstin, thank you >> and don't miss cnbc's special report, the path forward, your business tonight at 6:00 p.m. eastern time i'm doing some bonus time looking at how businesses are faring right now and how they expect to open up. final thoughts here, will frfred mike santoli good week for the stock market

how about mike santoli's viral moment on squawk box >> are we allowed to have viral moment yeah oh, okay i won't use that, but you think you're so slick, mike, but -- that was a pretty -- that was very funny we can just watch it on repeat >> that really was impressive. >> it was the 6:00 a.m. hour the cat wanted to be fed by the first person that was awake in the house and did not respect my hit time >> i disagree. i think the cat was interested in the chart that you had up there at the time. >> what did you do did you push him on the floor? >> no, no, no. i grabbed her and put her on my lap, in fact, if you watch the full clip her tail was wagging above the desk in the shot >> there you go. >> no animals were harmed in the making of that video >> it was a 6:30 a.m i wonder what the punishment was afterward. pivoting to the markets, mike,

clearly, shrugging off some terrible economic data is the theme of recent weeks including today. >> it sure is, and i think, you know, the market is clinging toward that end of the probability spectrum that says, you know, what if the fiscal stimulus and the fed support is enough to get us through this period obviously, coming from a very low base and lots of losses. the average stock in the market is still down by one-third in the high and there is a lot of catch-up to be done even if things come back even if we're at a stall point in the index at the moment >> i just think that the cnbc interviews with ceos lately have given us a really good, clear, realtime indication of what they're expecting when they open up because the economic data is stale and that's how the market is treating it so we need to keep watching those and also from the earnings reports and the conference calls next week, i'll be watching under armour on friday >> to everyone watching, a happy

mother's day to sara in particular, happy mother's day and melissa lee who picks up now. "fast money" starts right now. tonight's trader lineup, guy adami, tim seymour, brian kelly and when technology permits, hidden figures, the one thing missing from today's record jobs report that could have a huge impact on your money and something happened in china that's a bullish sign for disney what it is and how the traders are playin