>> okay. cool jon najarian >> ibb big buying in that one i bet josh likes it and i bet joe's waiting to bet back in. >> thanks, everybody good to see you. thanks for watching. >> thank you. >> kelly evans picks up the breaking news coverage right now. thank you, scott welcome, everybody, on this tuesday. it is a mixed picture on wall street this afternoon as stocks aim for a longest winning streak since december right now we have got the dow up 19 s&p fractionally lower the nasdaq once again up by 40 let's get to dom chu for more on this action. >> very mixed. about what's happening right now. take a look behind me. what you are seeing is that materials, technology and health care maintain a leadership position in the trading today and then we have got utilities, industrials, financials and real estate, defensive and economically sensitive sectors in the mix here.

it is technology in particular that i want to focus on right now because as you know look at the trading action on a one week basis, 5% gains in the technology sector and the s&p. that's important because it makes it the most improved or most high performance sector over the last week in the s&p 500. take a look year to date this is important because on a year to date basis, 4.5% gains so it's the only s&p 500 sector in positive territory so far in 2020 a couple of the big themes to watch in trading today check out what's happening with some of the names driving that technology trade we are tacking about semiconductor stocks like applied materials and nvidia you can see double digit percentage gains and a big etf that tracks it up 5% on a 1-week basis. on the bigger picture side of things, credit markets, watch investment grade and at least junk bond etfs

two here very much a focus here because of the fed starting to purchase some of those types of securities and one stock to really on the move today check out shares of grubhub up about 36%. this on reports that uber has possibly made takeover overtures for grubhub and cnbc learned that the talks have taken place. big names on the move in trading today. >> interestingly enough, uber shares up 8.5% suggests they like the consolidation as the consumer i hope it doesn't mean higher pricing if ithappens. thanks. a slew of fed policymakers coming out against negative interest rates but president trump tweeted as long as other countries receive the benefit of negative rates the usa should accept this gift the markets, the question is this they have priced it in a little bit on a treasury market side. are they starting to press the fed for negative rates joining me now are dan genter

and michael cuggino. dan, this is relevant because people try to figure out how far the rally can go cutting rates to minus 3% to suggest maybe further. at least for the time being and then just have a consequences to live with for the some time. right? >> yeah. what we are looking at is it's something that's generally considered negative obviously from the standpoint of the overall economy that you're really in a position to where you're almost in desperation and you're at a level now that's so low that frankly the difference between 0 and 25 on fed funds and then going to 0 or a slight negative is not going to be something that's going to be, you know, highly motivating to corporate executives and creates a lot of problems in the financial market especially with regards to money market funds, their pricing. i think that president trump wants to show that he is willing to do anything and all possible

ammunition is available but it's not really something that i think is going to move the needle at this point as we go forward and causing significant additional problems with other things to look forward to and that's why you are not seeing much reaction overall in the bond market. >> yeah. >> it is pretty stable. >> not so much the president's support i find noteworthy but people on wall street saying maybe it could happen and should happen dan, i know you always come with some specific stocks ideas and today bank of america on the list would you want to invest in bank of america or any other bank in this country if you knew negative rates were coming >> obviously if you go to negative rates adversely affects the net margin and will squeeze and why a bank and america are others attractive is valuations. look at a bank of america at an 8 pe, looking forward to the earnings, everybody's late to

the ppp program but they were out in front more than most. they'll make 5% at no risk on billions of dollars of loans all of these large corporations tapped into the credit facilities and loan portfolio expanded dramatically and though they get hit for two or three quarters for new loan loss reserves this is not a six to eight-quarter loss and then booking the earnings in latter part of 2021 and profits rise for companies and low valuations now. >> yeah. michael, stay right there and turn to you to bring in rick santelli we have the results of the 10-year treasury notes rick, what can you tell us >> it was a barn burner. so let's go through it 32 billion not a reopening. the yield at the auction .70 lower yield, higher price.

below where the one issue market trading. straight up 1:00 eastern and the internals are solid. 2.69 bid to cover. best since mid-2016. 66.1 on indirects. 13.3 on directs. just shy of the 10 auction average. dealers take 20.5. that is really a small amount compared to 27% 10 auction average. a really solid auction on the long maturity unlike yesterday's 3-year tomorrow year's 30-year i suspect similar. this is the lowest yield ever at an auction for 10s and the biggest size 10-year auction ever, as well, kelly. >> wow the lowest yield ever. the most ever auctioned and yet you gave it -- so much demand you give it a "a." >> "a" for apple it was a solid auction. >> wow michael, talk about the

implications for the market and the fact we are talking about negative rates maybe lays inplao it what is your reaction? >> yeah, kelly the fact that the auction was so robust says there's a lot of demand for 10-year treasuries at 70 basis points. i don't find that really an attractive investment profile risk/reward but that's where investor heads are at and why we talk about negative yields i think at this point we are largely near negative yields and a psychological thing than anything else to dip much further but the 10-year, the 30-year. looking at negative real returns after inflation and the risk/reward right there. i think you want to own bonds as a diversifier in case we have a redo of the shutdown and in case economics don't recover as fast as we want but those would be the only reasons. pure defensive because i think you can do

better than that with a diversified portfolio or an equity portfolio alone and ride out the wide swings so i don't find it really attractive at this point. >> that's on a government bond side what about corporate bonds as the fed starts to buy today? spreads there are still wider than normal. would you be buying into the investment grade or junk bonds with the fed >> yes for us it is more attractive because the fed subsidy is significant. and i think when you start getting into corporates, we focus on investment grade and relatively short duration and there it's company and industry specific to go low on the duration and you go high quality balance sheets. the rick of default is lower and likelihood of better yields than treasuries with decent credit quality is better so if again -- >> michael, you just dropped out

there. danny, the final question before we go. i want to circle back about the points of bank and bank of america trading at 8 times earnings but if you look at the performance of banks in japan and europe, if we are going that way the bank valuations have lost in some cases 80% to 90% of the value over the last decade and what happens if we're following the path that they have already laid out here massive expansion of the fed's balance sheet and so forth >> you are dealing with a different situation now and the market looking at the banks and looking back and they're painting wit a brush that was similar to '08 and '09 and going in with higher loan loss reserves now, a stronger position the real question is going to be what happens to loan creation? that's the unknown and punished for that but as i mentioned the activity with the support of the fed programs, what they have in credit lines, people clearly going to borrow to try to

reaccelerate the growth, looking at the numbers of these valuations, not necessarily the strongest performing group but an 8 to 9 multiple to a 10 or 11 and a huge discount to the market, that's a 20% move in share prices and i think that's very reasonable. >> dan, thank you. michael, we thank you for joining us with your thoughts on the market today. the nofsers grappling with now to value the market. new analysis shows that nearly 900 companies have either withdrawn the outlooks or announced downward earnings revisions. my next guest said guidance may not return for years if ever in some cases joining me for more is dennis lazzard. just a few companies this debate going on for a long, long time. do you think this is covid specific >> i know. it's great to see you. a nice spring day and i hope we

all feel better. you really do start to see a different picture for the earnin earnings routine we have gotten used to and trends before covid, okay so the myth that two rules which were debundling, research from trading fees in europe, the overall use of algos to make trading decisions, that whole dance, that whole elaborate dance we are used to featuring into cnbc of the company guidance and whether it's met in the earnings release i think it is going to have a severe shake-up after covid almost 900 companies across the u.s. equity markets have pulled their guidance and you have to think like what's it going to take for a board and a ceo to say, you know what we feel comfortable putting that guidance back in and there's only one thing worse than pulling the guidance. that's having to pull it twice and so i think it's going to take quite sometime until everyone is comfortable saying,

here's our view for the quarter and here's our view for the year a lot of companies were doing over the recent past. >> dennis, here's a central question, though what happens -- i have heard people criticize the quality and also a long debate but the quality of sell side research is worse because everybody is fleeing. companies themselves are burdened with regulation, don't want to put out guidance because of covid the old model was so bad or a bad thing because it's harder for the public in general going forward to understand how to value corporate america? >> i think you phrase the question very well as you always do, kelly. i think in some ways it is good because companies for a long time have been trying to talk about what their long term objectives are and there are certain companies out there in the market that they're given leeway, license to have a much more expansive canvas than others and i think as we get used to it, if this were just a one or two quarter pause, it

would go largely back to where we were. at least my expectation is to have a year in which companies aren't comfortable with guidance and really start to talk about long-term priorities and i think the market will get used to that there are still -- there will be financial reporting but not the same dance of what the guidance is and you have to remember the guidance and earnings consensus convention really only began in earnest in the mid-1980s so things can change and they will change and i think they will change because they have to change. >> all right i think the jury's out on whether, you know, it is good or bad but next time it's a gorgeous day and join us, have a window in the background, dennis not this basement. >> i appreciate it >> thank you very much dennis berman joining us from lazard. we have breaking news out of washington a new relief package proposed. kayla? >> reporter: hey, kelly. house democrats have taken the

wraps off a new $3 trillion stimulus package this would be the largest in history. even bigger than the c.a.r.e.s about passing in march and appropriated $2.2 trillion in federal funds to combat the coronavirus and the economic fallout that it has wrought. this is a marker of democratic priorities, the house is likely to pass it later this week and it does allow for things like a trillion dollars in funding for state and local governments but to paraphrase a white house official i spoke to yesterday it is likely to be a humming bird, not doing much but making noise and will, however, add some you are urgency to figure out the rebuttal and which of the existing programs they see as effective they want to re-up and certainly a massive symbolic move by house speaker nancy pelosi and expected to talk about it this afternoon, this $3 trillion stimulus package that

house democrats are putting out to say this is what we want and the starting point. >> you're saying it's a wish list they don't think there's a lot of bipartisan support for what's inside the bill are we coming to a sense of what might be included in the next round of support if there is a next round >> reporter: well, the bill as the house democrats have released it today is more than 1,800 pages and working through it but it has in it that republican senators will not be able to support but it is a challenge to senate majority leader mcconnell to say if you won't support this, start negotiations and putt something on paper that you can support so this is a move to get the ball rolling in the negotiations even if this suspect the bill that becomes law. >> kayla, thank you very much. kayla with the latest on the moves. grubhub shares, they were surging today and now halted for news pending so after that 36% increase, after reports on the

wires which cnbc confirmed might be a deal between grub high school hub and uber, uber shares rallying strongly today. grubhub shares halted for news pending. take a quick break the fed is boldly going where it's never gone before, to the etf market and corporate bond edfs plus, ma dmoderna is fast tracked. we'll hear from the ceo about the prospects and the ceo of regeneron on their progress in the hunt for a vaccine stayitusn hexcng wh o"t ehae. ever since we've gone mobile on the now platform, something's gotten into the office. i hear you. feels like there's no barriers between departments now.

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welcome back let's get the latest from sue herera. the broadway league announced that 41 theaters will remain closed through at least labor day this year. arts and entertainment in the last phase of new york governor cuomo's reopening plan. reopen north carolina protesters gathered outside that state's general assembly today opposing the state's stay-at-home orders. north carolina lawmakers are moving ahead with phase one of its reopening plan. and walmart is providing another cash bonus for all of its u.s. hourly associates to recognize their work in the pandemic the bonus will be $300 for full-time workers and $150 for

part time workers. as always, more coronavirus coverage, you can head to cnbc.com back to you. >> sue, i thought that announcement about the bonuses at walmart was really well timed as people getting more anxious of the economy and every headline starting to talk about more and more layoffs. they said you had to be an employee but that you would get $300 full-time, $150 part time. >> right this. >> this adds up to $400 million across the company. >> the company is committed to continue to do this they said until basically we get back to whatever the new semblance of normal is. they're trying very hard to recognize their frontline workers. amazon is under some scrutiny and criticism about its frontline workers. walmart i think is more on the offense in terms of that so they are committed to continuing the bonuses but it is going to hit their bottom line. >> interestingly enough, there's still time you have to be employed as of june 5th.

>> yep. >> paying out june 25th. a couple weeks to go to get over to walmart appreciate it very much. >> thank you. we've been covering the reopening of disney shanghai in week what about people getting the park eunice yune joins me now with that story. >> reporter: thank you so much, kelly. traveling is definitely not stress free but people in china doing it more and more because of increased health safety measures i'm at a train station in beijing and heading to shanghai. this is my first trip out of beijing since mid-january. because of the travel restrictions imposed due to the pandemic, more people are traveling but aware of the spread we are required to wear a mask for the entire journey mine is going to be five hours and just in case i'm bringing other gear like protective glasses and gloves i just had my temperature

checked. if it was too high i would be asked to quarantine myself in the space between the cars the staff say they're disinfected every four hours and every hour in public cases people were required to sit apart and trains demanded to run at half capacity but this train is about 80% full and passengers can sit wherever they want i wish i could open the window i made it to the hotel to check in, hotels in china require that guests get temperature checks and show a government issued health code m. so accept a bar code that shows where i've been for 14 days or a letter the company the epidemic in china appears to be abating so i don't have to go through quarantine and that makes it easier for me and many others to make decisions about traveling for business so, kelly, generally the epidemic situation here appears to be relatively under control

but, of course, people are worried about a second wave and getting the reports of clusters or of outbreaks, most recently another outbreak in wuhan. and so, because of that, that adds to the level of anxiety and sometimes that's all it really takes for someone to decide, you know what? i won't take that train or that plane. >> they have had another outbreak in wuhan again? >> reporter: yeah. that's right right now, what's happening is that the government here is quite sunrised about the situation in wuhan so they have mandated now there's going to be testing for all 11 million people within the city still unclear of exactly how to test all those people. we have been hearing that some residents mainly in the thousands have been getting some of those tests but the way that the government works here is on a national level if it does prioritize a city that city does get the resources it needs so the expectation is that wuhan

is probably going to get a whole lot of test kits to try to make sure that all of those people do get tested >> wow eunice, for bringing us the latest and showing us what it's like to travel in china, might be a preview for us. we thank you for your time. let's get to the virtual event under way at the center out fight of the coronavirus our meg tirrell is speaking with the ceos of moderna and regeneron on a vaccine. >> i want to start where tyler just mentioned timelines because both of you doing projects of timelines we have never seen before stefane you are fast tracked and seems ceremonial given the speed you're already moving with the program. dr. fauci mentioned in the testimony today it is something like 62 days from when you guys envisioned this project together to now when you're already in

human clinical trials and talking about starting a fizz two. glen, with your new drug approach of an antibody you set the record of ebola and now you aim to break this five months for the antibody drug for covid-19 i want to ask you both, how are you doing this shattering these timelines, even from the timelines you set at the beginning of this project. what are you doing difrtly here to speed this up so much >> sure. thank you for having us, meg let me start out by saying that what we're going to talk about is reflective of decades of investment people who know regeneron and followed us for a while know the first 25 years of the company we actually lost money every single year but we have continued to invest in technology and the technology's getting better and

better and better and we have used this technology as a way to make human antibodies. what the immune system normally does faced with a virus it makes antibodies because it wants to fight the invader. when we have an effective vaccine hopefully they'll bring it to the market a vaccine to trick the body into making these on the bodies but no matter what it takes time and work on the body and even on day one you are not ready to go if you see a new bug. it takes a while we can make the antibodies in the new technology normally years and years to do this we sped it up with ebola and the ebola opportunity taught us a lot of things and we could set a land speed record of getting into parents of nine months now we hope to do it in five months the team is entirely focused the data with the sequence

they were macking what they needed to make putting the virus in the magical mice doing things in parallel we were taking risks and this i think speaks to the fact that everybody has to understand this only happens when you have a robust bio technology industry invested in technology and biology for decades. >> absolutely. stefane, tell us what you're doing differently here, trials on top of one another as you get certain data from one, starting the next, how are you managing to compress the timelines in such an unprecedented way? >> to what len said, with technology, we have as you know, meg, invested for now nine years in the technology. maybe $600 million, $700 million into purr sciene science. there is a lot of learning there.

we have worked with dr. tony fauci's team and work on the coronavirus you know for almost two years now and on manufacturing plant. when we built the manufacturing plant a lot of people, you know, said, you know, this is too early. you guys are crazy and if we had the work of manufacturers, we could never work so fast and a few, of course, the fda and the dialogue we have had with the fda which is mostly daily as we have questions, as we're trying together to move fast but safely. in everything we do safety is extremely important. and of course, even more with vaccines because you give vaccines to healthy people in your clinical studies. commercially down the road if we get there and safety is very important and one of the things we have done is, you know, as a phase two, is going to start any day now is really to think about

what is a minimum body of data we need given the risk/reward and what ch we agree safety is very important, safety from the phase one but in normal times we will have waited for antibody levels, look at the data, ask experts. and only then start to make the phase two material if success in phase one and then refuse for phase two and here we said, look, lives are at stake make the phase two material at risk in phase one. lotto let's go to phase two as soon as we know the safety of a phase one is positive. >> and so, you got the go-ahead from the fda to start the phase two knowing the safety from the phase one is positive. when we l we get to see the phase one data >> as soon as the nih feel that there is data to be shared

as you know, the phase one study is conducted by dr. tony fauci and the team so as soon as we have the data in that sense we'll share it we know everybody's eager to see the data and i would say in a pre-clinical data, in some areas of cancer of len and the company know very well, it's complicated to translate to human. but the infectious disease shown by many companies before us, if you get the right animal model you can do a challenge into an animal where you vaccinate them and then give them a very high dose of a virus and you can see, you know, are we getting protection and so that will also clinical work to be published pretty soon now. >> i'm sure we'll be looking eagerly to see that. len, i wonder if you can tell us about your confidence level in your and body approach working when you talk to a lot of people who know the industry well and

dr. scott gottlieb bringing up regeneron as one of the companies to watch to give us a new tool potentially come the fall and you have done this, of course, for ebola using a magical mice as you call them. so, you know, we hear about there's a 10% success rate in getting a new drug across the finish line when you start the development but where would you put your probability of success in covid-19 for your antibody approach >> that's a great question, meg. appreciate dr. gottlieb's mentioning of what we do i have to say we're pretty optimistic for two reasons the first reason is what we're trying to do is simply to imitate what nature normally does if you think about a newborn or a baby developing in ute ro, that baby doesn't have a great immune system. what does nature do? the mother sends the antibodies across the placenta so if anything gets to the baby that baby is protected by the antibodies that's a passive transfer of her

antibodies to the baby's antibodies after that baby is born, the first mother's milk and subsequent to that, there's antibodies because the baby's immune system is really not up to snuff so this passive transfer of antibodies is a very natural thing. and it goes on all the time as i said in those context and shown, the first nobel prize ever awarded for medicine was for immunology where there was a discovery of if you took people who were already exposed to diphtheria, they had an antibody to be given to other people and it could help them recover from the dip they ahtheria. the concept is something to imitate to give us great optimism. >> that's the ceo of regeneron and moderna speaking with meg tirrell. a big thanks to them for today if you missed the event, watch

it start to finish online this thursday at 1:00 p.m. eastern time head over to cnbc's facebook page, youtube or cnbc.com for that discussion. coming up here today the fed buying corporate bonds in a relief effort. what winners and losers does it create bankruptcies have begun and there could be many more to come a look at which names to be next and what could prevent that. wework is reeling by the pulled ipo the company's new ceo joined "squawk box" today and how much rent the company is able to collect and to pay. >> we have paid our rent in over 80% of the locations in april and may. the remaining locations we are just in discussions in the landlords in a friendly way and plan to make whole on the entire operation.

if i pay the rents, hay can't pay the mortgage payments and that's a domino effect we have collected over 0% of the rents in april and we are working with masmall, medm iu businesses in different aspects with them. connected.to keeping 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. and its mission is to give you truly transformative sleep. so, no more tossing and turning... or trouble falling asleep. because only tempur-pedic uses proprietary tempur® material... that continuously adapts and responds to your body,

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welcome back to "the exchange." a check on the markets and heading towards the lows of the day. the selling pressure started at the top of the hour. dow down 123 half percent decline s&p down 18. nasdaq outperforms relatively speaking and also now negative on the day just by 16 points. today is yet another historic milestone for the fed it marks the beginning of the programmed purchase of corporate

bonds and etfs tracking them tar getting fallen angels downgraded as a result of the pandemic and since announcing this program there's a massive wave of debt issued at a breakneck pace. this is almost doubled in a year over year. let's bring in winny it's great to see you today. spreads still are pretty wide by historical standards so the program started to help and suggested a ways to go. >> yes i definitely think that there is a ways that it can go. spreads north of 200 basis points, we consider that stressed or recession-like territory which is absolutely appropriate given what's going on in the broader economy. so fed intervention so far or at least anticipated intervention until today really supported the segments of the market that the fed very specifically said it was going to start to intervene in that would be the front end of

the high trade corporate credit market and then also -- a backstop to recent fallen angels at the fed program makes its way through it should incentivize investors to start looking at some of the sectors that maybe had been pushed to the side for more of those easy kind of first investment opportunities in all of the volatility that we saw. >> right one of the questions that i have is, they could have just bought these bonds outright and some cases they will be why buy the etfs it is an endorsement of an instrument that's still very new and people don't always fully understand i don't know if you want to get into the physics, the engineering of it, but does it make sense to use an equity instrument to provide relief here >> it does make sense in some ways the etfs by far the most liquid instruments that are related to

the corporate credit markets trying to set up a program where they are intervening in the credit markets and purchasing bond outright in the secondary market, that will have very specific bern fit to specific tranches and issuers as the fed makes the way through the program but in terms of setting up the program from a logistical perspective i would expect that it was much easier for the fed to say, okay, first, let's focus on where we can inject liquidity in the market in an efficient and straightforward manner and then as we move down the pathway in all of our different programs that we are setting up we can start to expand the territory, expand the universe and actually wade into the secondary market. >> theis a great explanation it leaves me wonderring of an issue at the heart of this which is is the fed picking winners and losers an etf helps avoid that problem.

had they made the criteria clear for who gets support and who doesn't? >> so, i think that so far they have made their criteria clear for who gets support right now but as we have seen the fed has been willing to evolve their programs, not just the corporate programs but the whole trang of tools announced in the covid-19 pandemic so identify parts of the market not having proper liquidity pushed into them and retool their strategy to adjust. so for right now what i think that the fed is trying to do is say, listen, there was a whole universe of corporate debt that was what we view as credit worthy and fundamentally sound heading into this pandemic our first key issue is ensuring that these credit -- borrowers who were credit worthy, who were solvent heading into the pandemic remain that way they don't want to see investment grade companies all of a sudden running out of cash

flow and being forced into some sort of default or restructuring situation only because of the covid-19 pandemic. at the other end of the spectrum there were a number of capital structures that were already pretty high -- average -- a restructuring, a default likely to come at some paint. necessarily going to be right now? no probably not maybe the next six to 12 months and now effectively pulling forward the defaults. >> i noticed you guys even upgraded the energy sector to market weight from underweight maybe on signs of stability in the oil patch and on some of support, too good to speak with you and check in on how this is working. we appreciate it >> thank you. still ahead, if you have questions about forbearance, be careful where you click. another major oil company on

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and we'll be here to serve you for a hundred more. ♪ welcome back might be the stock story of the day. shares of grubhub reopened after being halted for news. the company said they don't comment on speculation and looking to prove more value to customers not addressing the reports that uber might be interested in the company. theshares still up 33% as a result of those rumors and uber itself up about 8.5% is now up about 6% so there you go shares of chesapeake energy down more than 21% after earnings and news that the company is considered bankruptcy this didn't happen before giving the executives a big payout over the weekend and seems to be a trend in the industry. let's get to more with brian sullivan on this story what's going on? >> a lot going on at chesapeake.

kelly, at its peak chesapeake with a market cap of $7 billion. the proud of the founder now deceased and the market cap basically 100 million and sitting on $9.5 billion in debt. think about that chesapeake's debt load is 7,500 times that of the market cap what a huge fall for this company. they wrote off an imperative charge in the quarter. still the company's, the liabilities are exceeded the assets and the company coming out with a fieing saying it has great concern not able to go on as a growing concern and bankruptcy chapter 11 is one of the option that is chesapeake is looking at the balance street is a big trouble for a long time. and this certainly just making it worse you are showing it down 98%,

well below the normal market cap requirements i think it's important to show it, i think we have a ten-year chart. this is a painful story. >> wow. >> all the way down. those 6,000 numbers, that's because it did the 10 to 1 reverse. make that 6,000 into a 60. the 8,000 into an 80 quickly, you mentioned the payouts here friday night after the market closed they putt out an 8k with the s.e.c. saying to revise. many senior execs to forego bonuses for the year and eligible for a $25 million payout split amongst 21 executives earlier this year if they meet the criteria and stay for the year and also provide bonuses to the rank and file employees. they're going to try to keep operating when it's got to be a very difficult time and has been for a while, kelly. >> real quickly. if it files for bankruptcy or able to avoid that it's going through a huge negotiation with

stakeholders and lawyers and so forth. will that compensation be at the heart of this? in other words, will those either the equity holders, bondholders, have a say in whether that $25 million is paid out for not? >> i don't know if they'll have a say in it. the board passed it and filed it friday night they can complain. whiting petroleum, little different story, whiting petroleum which bankrupt a couple weeks ago they did this late night pay out the top executives, $14 million, that generated a firestorm within that industry so chesapeake tough times there, guys. market cap of $100 million. >> right and yet, they're still going to try to make a go of it this year thanks, brian. that's what happens. chesapeake now the latest example. up next, talking about the ongoing mortgage mess getting

meiessr. people in forbearance when they didn't ask to be that story is next - [narrator] at southern new hampshire university, we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. we've worked to provide you with the financial strength, stability, and online tools you need. and now it's no different. because helping you through this crisis is what we're made for.

with back. the cares act encourages fore be -- >> reporter: i spoke with one borrower who said he e-mailed wells fargo back in march to get some information because he thought his wife might lose income he did not ask to delay payments but he was put in the program any way. someone put me in this and never told me what it was.

no one ever used to term forbearance. he only found out a month later and he couldn't when me tried to refinance. a spokesman said if a customer no longer needs that assistance, we will be happy to remove them from the payment suspension. the borrower did ask to be removed on april 23rd but he says today the loan is still forbear forbearance. ceo of pulte mortgage is trying to get federal regulators to change the guidelines. let's not put unnecessary barriers in front of future homeowners >> thanks very much for drawing our taeattention to it.

voice assistance, coffee delivery while you wait and drive through at the mall. stay tuned for power lunch the ceo of redfin talks about the future of the vacation real estate market. the trend he's already seeing the. er - [announcer] we've all seen it.

the story where the chances are low, and the cost is high. the sacrifice is real. it's all around us. but this isn't a story about how tougher times beat us. this is our comeback story. the time when we rally and come from behind. the time when we defy the odds and get back to work while the whole world watches. yeah, this is your comeback story. and when it's time to come back, we'll be ready.

welcome back to the exchange new online retail data shows where customers spent most of their money in april there's some surprises courtney reagan has the break down for us. >> hi, kelly we seen a number of instances where the pandemic accelerated trends or already in place when you're talking about areas of online spending even in under penetrated areas like online grocery.

adobe says that daily u.s. ecommerce grew 49% in april. online grocery sales grew 110% from a small basis electronics were up 58%. apparel grew 34% in april. there are some nuance we should pay attention to in numbers. retailers had to discount tloet clothing very sharply in order to sell it sales grew 143% but pants sales down 143%. bra sells were down 12%. electronic sales were up but so were prices. this is interesting because we have seen years of deflation in this category. computer sales prices were also higher that was interesting seems like everybody wants to be a podcaster. sales of audio mixers,

microphone, cables, wind screens all grew 459% as a category from a baseline from early march to what we saw from the month of april. back over the you. >> my take away is pajamas are up and bra sales are down. >> and everybody wants to be a podcaster. >> no comment. thank you. i'm joined by the ceo of jay rogers you have some really interesting thoughts what it might be like to go shopping when you need to stock up on those items in future tell me about this con sent.

>> i said going to walmart, you know you'll have to stand outside. you're not going to like that. if you pull into the farparkingo and the walmart voice assistant says welcome to walmart, you're 222 in line. your wait is expected to be 20 minutes. i'll get back to you every five minutes and she comes back and she says, and could i check on the vablavailability of the pro you're seeking give me your list. i'll tell you if it's here if you would rather driver through and pick it up, you can have that in 40 minutes. now you have 20 minutes or 40 minutes to kill. what do you do the self-serve restaurant or something in the parking lot calls you and says like a cup of coffee, need a burger. some other store may say we're having a special on x, y and z we're going to have to be doing that to keep the customer. it's like standing in line at disney world all kinds of stuff going on before you get to the ride

>> it's fascinating. it tells me is why would nied to drive to the store to do this. couldn't i log on and say you tell me when to come i'll lever my house when i have ten minutes go or if i'm waiting in the parking lot listening to a podcast that's why the equipment sales are way up this sounds like something that could help the shopping experience help the stores in the long run. how likely will we see this in the next 6 to 12 months. >> you'll see this immediately you're going to start seeing these exact things happen. the technology already exists. it can be done everybody is working on it you're going to start seeing driver throughs at the mall which we don't have now because people want that you're going to see them as soon

as you start back. when you're driving, you prefer to be voice activated. you'll see all of those happen right now. it's going to be bet r fter for and more expensive for stores. you'll do less walking through impulse purchases but you'll be happier person fp you don't have go many store in lot of cases. >> there's some names that surprised me

appreciate your time today, sir. >> thank you >> i'm looking foords th ining shopping experience. that does it for the exchange. stay tuned coming up with power lunch. we'll see you in just a moment our breaking news coverage continues right now. a volatile trading session for stocks with the dow and s&p 500 giving up their early gains. in the red, the nasdaq still positive there as wall street attempts to price in the pace of reopening the economy. as the federal reserve kij kickf it corporate debt buying program, small businesses are strug struggling housing prices holding steady the ceo of redfin will be here to tell us the area of the market he is calling toast wow, strong words. kelly. >> yikes the nasdaq is in the green now it's fightin