it's a small 1 billion market-based gene cap editing company. we think there's a lot of run there. >> jon najarian? >> stitchfix >> steve weiss >> waiting for better opportunities. >> all right sarat? >> cvs with a "v". >> thanks for watching, everybody. kelly evans picks up our coverage now >> thank you, scott. and hi, everybody. welcome to the exchange, as we have stocks fighting back into positive territory today, and at session highs, we've pared some big losses from earlier. the dow is up about two-thirds of 1%. we're just below 24,500. stapp is up about seven points by the way, for the week, the major averages are still pretty deep in the red. the s&p and dow down around 4%, around 3.5% for the nasdaq as for today's action, news that the white house says it's open to the idea of yet another stimulus bill seems to be part of the reason traders are taking

a step back from the ledge but let's get to more of the details with dom chu dom? >> it's a pretty significant turnaround, kelly. it's a bit of a mixed picture from the sector perspective, but take a look at these numbers like you said, 135-point gain for the dow industrials. we were down nearly 460 points at one stage there for the s&p 500, this is right near session highs, up around six points or so the nasdaq still floating with marginally negative territory. let's show an intraday of the s&p 500, because here you'll see, at the lows of the day, right after the opening bell, we were down around 53 points, 53 handles, and now we're again at session highs, up about seven points right now the sectors, financials and energy, two of the big standouts, they were bigger losers early on, and have turned around significantly from there. on the lagging side of things, it is consumer staples, industrials, and real estate, the ones that are really pulling things down a little bit we'll see if those trends continue, kelly, as we head towards the 1:30 and 2:00 p.m. hours. >> you know, dom, we talked about how the white house

commentary might have had something to do with this, but we've picked up steam in the last several minutes i almost wonder if the market is reacting to the optimism of nelson peltz, which we'll talk about in a minute. >> there's a good amount of positive commentary out, only because, now, we've been so -- at least the last couple of days, used to seeing some of this data come out and some of the sentiment be so negative that the path of least resistance over the very short-term has been to the downside and remember, that 2950 level i the s&p 500 has been one where we see the momentum stall out. if this is one where people feel a little more comfortable incrementally stepping in, we'll have to see what happens with trading volume in the afternoon. >> there's the "closing bell" to cover that for us. do m dom, thank you very much i mentioned nelson peltz in the last half hour, he joined the "halftime report" and unlike many of the big names we've heard frp recently, he sounded optimistic about the market.

here's what he said, quote there's so much doom and gloom and this thing is not going to last forever there's so much opportunity in the market, because the market is primarily a tech market and there's still good value out there. joining me now, berry james and tom kennedy, global head of fixed income strategy at jpmorgan private bank. sop not trying to put you on the spot here, barry, but i am interested how you're thinking about this market has evolved and kind of what camp you find yourself in now. >> that's a great question, kelly. you know, you look through the scope of time, and there's bc and ad and right now we're going from before coronavirus to after the disease. so everything from here on out, i think for the next few years, is going to be what is going to work well as we adapt to it? and we will adapt to it. as we look at the market, where we are currently, the valuations aren't that low. weapon find that insiders have quit their heavy buying. and we find that there's not going to be a lot of buybacks this year. maybe 50% less and typical, even in the

depression, the great depression, you had average rallies of 45% in the stock market we're around, you know, 30% or so at the peak so, i think that we're in a phase where we're in a little bit of a pullback. we'll probably pullback some more before we really start on the upward path again. >> barry, i don't like you making analogies to the great depression here. that is not reassuring can you just elaborate on that for a minute and why, you know, you would say, instead of being, you know, reassured by the market's rebound, we might want to place that in a larger context of caution >> well, we are cautious our golden rainbow fund is down at the low end of the equity levels, around 40% and the reason we see that, 36 million people are unemployed. and it's not going to be this rapid, rapid, rapid recovery in terms of jobs. it's going to take time. we will get there. there's no question about it we will adapt. there's no question about it it's just not going to happen, i don't think, as fast as we would like to see it and, you know, people are

chomping at bit to get back to work, but we're just easing people back in our office. so we think that this is a situation that will take a lot of time. consumers ahave dried up. they now have new habit patterns they don't spend i'm still walking around with the month i had in my pocket a month ago. >> i definitely take your point. i'm learning my way around the yard and garden and kitchen, tom, more than ever. i guess this is a good backdrop to talk about what more we might expect from the fed here all week, we've been having this debate about negative interest rates. and we'll talk at the end of the program to ian bremmer, who thinks we're going to need a lot more stimulus. what do you think the market's expecting from the fed and do they think he's trying to pass the baton to congress at this point and if so, what are they likely to step up with? >> yeah, i think we definitely got a do-more mentality out of chair powell yesterday

he sounded very down on the recovery and similar to what we're talking about, a v-shaped recovery looks very unlikely, so he still seeds downside risk it's easy, kelly, to say that the do more mantra is more about the fiscal side than the monetary policy side, but i don't expect them to just sit on their hands. powell could not have been more direct, negative interest rates are very unlikely to come. he questions the efficacy and clearly, i think, they have better tools but they can do more we're starting to pencil in bigger qe programs the market, i think, is expecting an announcement about more or less $75 billion a month in treasuries. it's possible they could do more if i learned anything on the back of yesterday's announcement -- speech from powell, it's that they're likely to do more and it looks like it will be in the form of qe, and that does favor, at least in the short-term, a lower interest rate than people otherwise thought. >> right so let me ask both of you tactically then what you recommend for investors. tom wing it's interesting you

would recommend munis. we know the problems there are legion, but they also have this backstop, maybe some of credit names in the banks what specifically would you recommend? >> you have to pull on a new lever in this environment, kelly. interest rates are going to be low. i think the fed is going to have the front end around zero for two to three years back end yields are just not going to be attractive to a lot of outside participants. and you have to start to pull on the credit lever upper tier high yield looks attractive to us we are legging into that sector quite a bit. we see value from a default perspective, from a valuation perspective. and the fed will be available in that piece of the market i think the footprint will be small, but when the lender of last resort comes to your market, prices tend to go up zpup >> so barry, both with the fed support and the very low interest rates that tom's talking about, why isn't that

more to keep stocks constructed. why is david tepper coming out bearish instead of positive, like he did a decade ago when he said, if it sells off, the fed will step in and buy and if it doesn't, you should also be a buyer of the market. why doesn't that formulation work anymore and a couple of the names he specifically recommended, verizon, motorola, and also medtronic. >> yeah. as we look at it in this period a.d., after the disease, how are you going to do your business? and there are companies that are going to make money. the tech area is really, really smart. that's where motorola falls in, but also communications. how are you going to get and attract clients if you can't go out and meet them face-to-face so that's going to be huge that's why a verizon is one of the ones things that fight, you know, the health problems, medtronic actually makes the -- you know, the ventilators and the like so as we look at this whole situation, we think that it's a temporary situation in terms of the market likely to pull back

again, and then forming some type of maybe more permanent low. and then as we gradually come out of this, things will wind up heading back up. and that's really, i like to say this, i think that's when small stocks are really going to be able to take off but that's probably much later this the year. >> all right so when you come on and are talking small stocks, we know it's time to breathe more of a sigh of relief gentlemen, thanks to you both. fun discussion, as always. barry james and tom kennedy. about as fun as can be these days, anyway because nearly 3 million more people filed for unemployment last week, and that brings the total number to over 36 million since the pandemic and shutdowns. many of these jobs may not be coming back. rahel solomon is here with more on that. rahel? >> hi, kelly so nearly 80% of unemployed americans describe their layoff as temporary, but sadly that simply may not be the case for many americans in fact, new research out of the becker friedman institute out of the university of chicago predicts that 42% of jobs lost due to covid-19 will be

permanent. so that would be about 11.6 million of the job lost by april 25th so the jobs most at risk of going away entirely are jobs lost due to shifting consumer demands and also jobs at companies and plants that have simply gone under, that won't make it through coronavirus. in fact, according to a survey by the national restaurant association, 3% of restaurant owners and operators say that they already had to close their doors and about 11% more anticipate soon having to do so. that would be about 100,000 restaurants closing their doors. we know that just last week, mgm resorts put out a note to its employees saying that they had hoped to reopen and be back in business this summer that's looking more and more unlikely so they cannot guarantee that all of those workers that they had to furlough, that they'll able to return to work anytime in the foreseeable future. and kelly, in some cases, they can't even predict or guarantee workers that will be able to come back to their jobs by the end of the year.

>> yeah, not a lot to liken this so you did, though, find some areas that are seeing job creation what are they? >> so, kelly, it looks like for every ten jobs lost due to covid-19, three jobs were created. so some of those are jobs we've talked about extensively on cnbc so those are the jobs at the walmarts, at the amazons, instacart, lowe's, for example, dollar general, but also as kate rogers also talks about, the papa john's, the domino's, because apparently a lot of people, as we all stay at home, are ordering more pizza. so those companies are certainly seeing some benefit to all of the stay-at-home orders and they're hiring because of it some of those jobs will not persist after coronavirus has come and gone, but some of them may. and so that may be a little bit of good news there >> we'll take it rahel, thanks very much. we appreciate it, rahel solomon there. coming up a little bit later on, eurasia group's ian bremmer has a warning for the world. he says, expect a wave of bankruptcies and a long-term need for massive subsidies

we'll speak with him about that, ahead. plus, senator richard burr temporarily stepping down from the intel committee amid an fbi probe of his coronavirus stock sales. we'll get you the very latest. and there are lots for covid-19, especially with the antibodies with more on the way, but a lot of these have fall negative rates, including the one at the white house we'll look at the data on success rates as the show continues. (soft music) - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through.

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developing story out of washington senator richard burr just a short time ago stepping down temporarily as the chair of the intel committee. this as he's been investigated for controversial stock sales linked to coronavirus. kayla tausche is here with what we know at this point. kayla? >> reporter: kelly, senator burr informed the senate majority leader this morning that he would step say side during the course of this investigation into his stock sales in the early weeks of the coronavirus a republican replacement for this influential role has not been named, but a source says that burr will remain on the committee during this time a senior law enforcement official tells nbc news that burr's cell phone was seized overnight, pursuant to a search warrant obtained by the fbi as part of that federal probe into stock sales in those early weeks of the coronavirus, by not only the senator, but also his brother-in-law here's how senator burr responded on capitol hill today. >> this is a distraction to the hard work of the committee and the members and i think the

security of the country is too important to have a distraction. >> reporter: of course, those comments about his stepping aside as intelligence chair. burr is just one of several senators whose market activity in february and march raised eyebrows senator dianne feinstein of california, according to "the new york times," has also participated with the fbi, providing information about her stock sales, answering basic questions and providing documents to the fbi, as well. georgia senator kelly loeffler, when asked by reporters on capitol hill today whether she had been contacted by the fbi, did not respond. now, senator burr's actions are the focus of a senate ethics committee investigation, as well one that he asked for, when some of these stock sales came to light in mid-march worth noting, kelly, that members of congress are barred from trading on information that they obtain during the course of some of these private briefings as part of the stock act that was passed in 2012 it passed 96-3, but burr was one of the three who voted against

it kelly? >> already, ckayla, thank you very much. joining me is jacob frankly with the s.e.c. division of enforcement. so thank you for joining me. so what's the primary -- i mean, the difficult issue here, i guess, is approving that any of these senators explicitly traded on inside information, because unless they have that information on his phone, right, they are probably going to be able to say, i did it off of public reports or in the case of feinstein and loeffler, my broker did it and i had no knowledge of it. >> it's really the challenge, where you hit it on the head what we usually have is we have a major announcement by a company that has a market impact and you can identify the information that itself is confidential and where there was the breach of the duty, the use of that material non-public information. here, it's not as if there hasn't been information in the public domain prior to their

trading. i think what's really interesting here is the size of the trades, the timing of the trades and, you know, it does implicate issues about speech and debate clause, which to me is somewhat of a distraction, because, you know, while the government, both the s.e.c. and the doj will not be able to get into what was actually discussed within committee, the fact remains, a lot of -- most insider trading cases turn on circumstantial evidence basically, piecing together the timing of the trades in the context of the, you know, of meetings, of contact, of information that was available and the trades themselves. >> but asyou've said, this one is different and possibly trickier, because unlike -- i believe collins, right, who was the last insider trading case, that was a more clear-cut instance of a specific company being referenced in this case, we're talking about selling a basket of stocks

because of a macro event >> no question about it. and again, there were a lot of investigations around 9/11 there were investigations around what we'll call the market collapse, you know, the 2007, '8, '9 but here, we're really talking about a market event, so it's going to make the proof component more difficult for the government and i think the collins case is actually very different. because the collins case involved his service on the board of director and his having specific knowledge regarding failed clinical tests. here, we're talking about something much more global around the pandemic and the briefings, but i think the fundamental message here, and this was something that the co-heads of the enforcement -- the co-directors of the s.e.c. enforcement division said several weeks ago, and that is, you know, people who are taking advantage of inside information, which could include members of congress, during the pandemic,

will be subject to investigation, will be the subject of cases so if anything, what we have here is evidence that the government is really pushing forward hard >> no, of course especially in a situation like this i wonder if this one is going to come down to, as you mentioned, the stock broker who executed trades for burr and whether he told others to sell, even if the information was only that senator burr sold, if that itself has some importance and if it's allowed to be shared or not. and separately, this issue about his brother-in-law, who also made stock sales on the same day. and if senator burr told him or if they talked about doing so, would the burden fall on approving that he told him to sell, because he had inside information? because i imagine just telling him to sell because he says, hey, coronavirus is really bad, probably doesn't rise to the level. >> kelly, great question and i think one of the subtle differences, without getting too much into the law is the difference between the traditional insider trading prosecuted as 10b fraud. and insider trading prosecuted

as securities fraud, under a new securities fraud statute that came out in sarbanes-oxley, which is title 18, the criminal statute, 1348. i'm not going to get granular on that, but there has been a conviction, it's been affirmed by the second circuit, meaning the circuit that supervisors cases out of the district in new york, that is really always out in front when it comes to securities prosecutions. and to me, this is almost much more analogous to martha stewart, in the sense that -- in the sense that you had a brother who told martha stewart what the ceo of inclone had been doing. here, the fact that we now have information about the brother-in-law trading, the s.e.c. can look at all of the activity in that -- in senator burr's broker's accounts, while there may be an inability of the government to access the communications to which senator burr himself was a party, that

does not apply to the brother-in-law that does not apply to the broker so there are a lot of avenues for discovery that could ultimately result in a prosecution or prosecutions. >> interesting >> so back to your -- you know, fundamentally, back to your question, while the proof itself to pull together may be little bit more difficult, circumstantial evidence may nonetheless be compelling. >> well, you know this stuff, through and through. jacobfrenkel, thank you for joining me >> thank you coming up, we'll talk former google ceo eric schmidt weighing in on the pandemic and the path forward earlier today. here's what he had to say about it >> the fact of the matter is that we're not treating this as an information problem you need some way of knowing whether people have the disease or whether you're likely to get it and the government needs ways to identify the hot spots. >> we're going to take a closer look next at why the current state of testing may not be able to get that job done plus, one mall owner has opened

his doors in two states and says consumers are showing up and arsengornds e ei me traffic than others. which ones he'll tell us, coming up ♪ happy birthday! so, it goes... ♪ hold up your answers. how is mickey doing today? ♪ you're just a really hard worker. ♪ ♪ ♪ ♪

welcome back now to the very latest in the coronavirus pandemic over to sue herrera for our headlines. sue? >> thank you, kelly. good afternoon, everyone here's what we know at this hour california's governor, gavin newsom, plans to reduce state worker pay by 10% as part of a cost savings plan for that state's more than $50 billion deficit. newsom is expected to release that plan today. a new study shows over one third of patients treated for coronavirus in a large new york medical system developed acute kidney problems. nearly 15% of those with kidney failure required dialysis. and deaths in italy rose by 262 today versus 195 the day before it is the largest number of deaths in one day in a week. the number of new cases also

rose as italy prepares to ease some lockdown restrictions coming up on monday. as always, you can get more on our coronavirus coverage by going to cnbc.com. kelly, back to you >> sue, thanks very much there are currently a lot of tests out there for covid-19, and more on the way, but reliability remains an issue let's get to meg terrell, who has the very latest on this front. hi, meg. >> hey, kelly. well, we keep hearing about new tests being proved to detect the virus that causes covid-19 all the time there are now three different kinds of tests on the market and experts do point out that the accuracy of the tests is not all the same so for the molecular pcr test, that's the most kmont test to detect current infection, some estimates put about 5 to 30% of those tests giving back false negatives, meaning you've actually got the disease, but the test says you don't. as for antibody tests to detect prior infection, the fda has set a threshold of no more than 10% false negatives, but some of the tests that are on the market before these new guidelines are

even worse than that and finally, the newest test is an antigen test, which can return results very quickly, but for negative tests, you should not count on that as being correct, necessarily, the fda says now, some news has come out about the abbott i.d. now test an nyu study published yesterday, not yet peer reviewed, suggests that that machine misses one third to one-half of positive samples however, harvard's michael mina said on twitter today that the analysis is flawed and that abbott is pushing back saying the results are not consistent with other tests they say they have distributed more than 1.8 million of the tests and the number of false reports to abbott is 0.13% thbz it's unclear if the examples were used incorrectly in this study. but kelly, this issin inthis is because that test is the one used by the white house to screen folks being in contact

with the president and others. dr. ostergun from minnesota said it's like giving squirt guns to the secret service >> he's so good with these an analo analogies. let's talk to dr. purvie parek why are these tests still so bad, for lack of a better term >> for covid-19, we're in a unique situation that we're developing tests and treatments as we're learning about the disease, as we're treating the disease. so we don't have the luxury of time as other illnesses, where we have tried and true methods and to make matters even more complicated, you know, there's other coronaviruses around the common cold is a coronavirus. so some of these antibiotody te are unfortunately cross-reacting with other coronaviruses as well and the high false negative rates are making it very challenging to determine who has it, who doesn't have it, and

some -- the opposite problem, right? some people might get the false sense of security that they had it when they may not have. >> exactly false positives are more of an issue on the antibody tests, maybe false negatives for the test itself. but listen, falseness, period, is the problem but i guess i wonder, do other countries have the same, similarly high level of problematic tests as we do or is there something -- or are ours just frankly not up to snuff. are so many like south korea and those battling this, are their tests better >> that's a great question i don't know the exact specificity and sensitivity of testing in other countries, but i would imagine that it's a -- they have the same challenge the other issue, too, is that, you know, in the u.s., we have so many different companies making tests, the fda is approving them quickly, under emergency approval so, again, we don't have the time to study, to make sure

these tests are absolutely accurate >> what would you tell someone, let's take me, if i said, okay, i want to go get a test for coronavirus and i also want to get a test for an antibiotody, a questions should i be asking to figure out if i'm going to give a good test and where should i go to give myself the best shot at getting a really good test? >> right so the things that are most helpful in testing are two things called specificity and sensitivity. if a specificity of a test is high, it means it can rule something in with accuracy so say that you do have it and that the sensitivity is high, that means it can rule something out. so you actually want a test that's high to rule out infection. you know, the testing, done at any time and for the antibody, which measures if you've had the infection or recovered from the infection, generally that should be done at least 10 to 14 days after your symptoms have

started. >> yeah, last quick question, do you think there's something about the way people are doing the tests that is the problem? you know, are they swabbing far back enough in your nose, as uncomfortable as that is >> right, so with any test, there is the issue of, that it's operator dependent so again, if the samples are not corrected properly, nasal swab is a great example, if you're not getting far back enough, not getting enough of the sample, then, you know, that can cause a false negative test. and the staple goes with a lot of these trapped tem are rapid . if you don't have enough blood connected, if there's any contamination, that's also an issue. speaking with some of my colleagues at the nih last night, even very, very critically sick patients they've been getting sick patients on, but when they go into their lung washings, they find they do have the virus. >> yep, it's too bad again, with the need to know so much about this, that the reliability is still so much of an issue dr. parikeh, thank you so much

for joining us today let's take a look at the markets right now. we're at session highs the dow is up 246 points right now, that's a better than 1% gain the s&p is up 17 or two-thirds of a percent and the nasdaq just turned positive. it's up by 14. coming up, it's time for governments to accept a dire reality, one of our guests says. we are entering a depression that's the message from ian bremmer. it's his message for world leaders and he'll join us with it, ahead. plus, casinos aren't pushing their luck when it comes to reopening. what will they look like and will they have the same allure we'll dig into that. you can always watch or listen to us live on the go on the bc app. the exchange is back in a couple transformative sleep. so, no more tossing and turning. because only tempur-pedic adapts and responds to your body... ...so you get deep, uninterrupted sleep. during the tempur-pedic summer of sleep, all tempur-pedic mattresses are on sale!

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welcome back to "the exchange." what a different picture for markets than we thought we were going to have today. we're in positive territory for all three averages and dom chu has more >> how about the highs of the day, kelly this is a decent intra-day turnaround in stocks the dow, s&p 500, and nasdaq are currently up at their highs. up about a half a percent for the s&p 500. the nasdaq now peaking at positive territory for just around the first time today. at the lows of the day, we saw the s&p roughly down about 53 points from a sector perspective, the leadership has been with financials far and away the best performing sector, up 2.5% energy utilities rounding out the top three. on the bottom side of things, industrials, consumer staples, and real estate, the real laggard so far some of the stocks to watch today. check out what's happening here. airline stocks, lower due in part to delta saying they may

have around 7,200 too many pilots come this fall. that was an internal memo at delta. shares of smile direct club also down today, but off the worst levels of the day after the maker of dental aligners reported disappointing quarterly results. and we'll end on a high note shares of american express up alongside a lot of these other consumer finance and credit card companies, helped along partly by commentary from mastercard, saying it's seeing a slight rebound in some credit card usage trends in the last couple of weeks perhaps indicating a gradual thaw, kelly, in consumer spending habits during this virus pandemic back over to you >> that's good news, but, man, 7,000 extra pilots is astonishing. dom, thanks. i want to quickly check on oil, which is also rallying and sitting at session highs crude, which has been much more volatile in the last couple of months than it's almost ever been it's back above $27 a barrel for the june contract, which actually will expire in a few days and all the more reason to keep an eye on this.

as states across the country slowly start to reopen, customers are starting to adjust to their new normal shopping experience more safety precautions, fewer people my next guest has malls open in two states and in some cases his stores are seeing lines out the door for more on the path forward for retail, i'm joined by nate forbes mr. forbes, it's good to see you again. last time we spoke, you were just starting to reopen. i believe your mall in detroit what's going on now? what can you tell us >> kelly, thanks for having me back we have two properties opened in florida. we opened on monday in naples. first-day crowds were very good. about 30 to 40% of the normal traffic levels it slowed down the last two days today has picked up a little bit. we are opening more stores each and every day. we're up to about 50% of our stores open in the shopping centers with more stores opening every day and we expect the weekend to be fairly robust. >> i saw some footage a moment ago, when we were teasing your

segment of people waiting in line outside the stores. can you talk a little bit about what those lines look like mask wearing, social distancing. are there a lot of requirements or are people voluntarily doing things like that or are they just saying, to heck with it, i'm going shopping. >> in the state of florida, which i'll speak about first, it is not a mandate to wear masks our mall employees wear masks. we don't require the consumers to wear masks. we're finding about 75% of the guests are wearing masks, they are respecting social distancing the stores are doing a good job of limiting the number of people in the stores. therefore, we're seeing queueing happen outside of the stores louis vuitton, gucci, they've had some nice queueing of lines during the first few days in orlando. and we expect more of that to continue when some more retailers like apple and lululemon open hair doors in the near future. >> if you don't mind, let's talk a little bit about the kind of stores, you mentioned gucci and apple and so forth where you're

definitely seeing people show up is there a type of store that people are more -- staying clear from are you gleaning anymore consumer insights here or does it have more to do with the store themselves figuring out how to reopen and the ones being most high in demand seeing the longer lines >> i think there's a couple of things working obviously, these malls were closed for eight weeks, so you had people clienteling during that period of time. so you're starting to see a lot of people coming to the stores to pick up their goods in the luxury segment and in the home goods segment, the williams sonoma, the pottery barns, those type of stores seem to be doing well on the rebound here as we open these shopping centers. we act as the conduit and fulfillment centers for the period of time that we were open and now we have to resfwrintrod the customer so they feel comfortable with the socialization aspect of coming back to the mall, so they make several stops during their visit

and visit multiple stores while they're at the shopping centers. >> because you don't want them to just pick up their item and leave. my last question is about the valet experience which you're trying out i know in detroit, especially, that was something that you guys were starting. do you think that was gaining traction is it likely to continue or is it probably going to be abandoned and we see people just going back into the mall >> i think a couple of things. we started a lot of these services pre-covid and i think we'll continue them after. curbside delivery. so we've become, as owners and developers, agnostic as to how the transaction happens. whether we become the fulfillment center, we've become a way to fulfill online and it truly becomes an omnichannel opportunity. we'll deliver to the home, we'll provide curbside delivery, and of course, most of all, we want to encourage everyone to come to the shopping center, visit multiple stores and really enjoy the experience and the socialization around shopping. >> well, 30 to 40% of normal traffic is certainly more than i would have expected in just the first week or two. nate, thanks very much we hope to check back in you, soon >> thanks, kelly

>> nate forbes is president and managing partner of the forbes company. coming up, glass partitions, full face masks, poker chips bathed between plays, temperature checks, and lots of electronics. all of this is what casinos in a post-covid world could look like will they have the same allure we'll look into that plus, binging, breakfast, and bedding. stay with us after this quick break. the exchange will be right back.

welcome back to the exchange let's take a look at some of today's biggest calls. and we'll start with netflix which was initiated at jeffreys with a buy target and a $520 price target netflix is the a $439 today. jeffries says they see three reasons to buy the stock the addressable market is vastly underappreciated, margins is improving, and netflix has proven its ability to create value out of an uneven landscape. let's move on to wendys upgraded

to an outperform with a $25 price target the call is based on the company's successful launch of u.s. breakfast, which they're calling very impressive. they expect breakfast sales continue to build with economic reopenings by the way, nelson peltz had some bullish commentary about wendy's last hour as well. and evercorps says it will result in cost savings and finally, draft kings initiated at susquehanna saying that draft kings is the first pure play online gambling platform with scale. they're a market leader in the u.s. with significant advantages due to seven years in business hard to believe it's been seven years now and a huge database of users. draftkings only recently went public up around $26 a share today. coming up on "the exchange," it's time to face reality says hi guest this is a worldwide depression that's eurasia's group message to world leaders we'll speak to ian bremmer about that, what people should do about it and much more stay with us every financial plan needs a cfp® professional --

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back casinos are eager to reopen as they've watched their stocks crater over the past three months when they do, though, the things we come to expect there like slot machines, table games, and but fay buffets may look and feel very different. contessa brewer joins me now with the path forward for the industry contessa >> reporter: kelly, 26 of nearly a thousand casinos have reopened already. most of those are tribal and the operators nationwide know that in order to operate successfully, they're going to have to make sure their workers and their customers feel it's

safe casinos aren't willing to roll the dice with coronavirus exposure, so gamblers will see some immediate changes doors that open automatically, dealers wearing masks. limited spaces for players at the tables >> nothing beats the energy of standing around a craps table or a crowded blackjack table when players are winning. and that's not going to happen in the same manner >> poker rooms may have plexyglass partitions. blackjacks tables may have sneeze guards on steroids and cards dealt face up for less handling at the slots, machines will be turned off between players casino operators are increasing their cleaning budgets, sanitizing chips or changing cards more often in this deadwood, south dakota, casino, crews put stickers on spaces they've just cleaned. >> the one thing i think that will certainly stick is a renewed focus on sanitation and

hygiene and cleanliness. >> reporter: amid coronavirus concerns, casino buffets likely will become historic relics, especially as they're expensive to operate for some, drink service will disappear for the near future. employee testing and temperature checks will become standard in some casinos wynn resorts has established an on-site testing center the shutdowns push traditional gamblers to online casinos and more states are likely to approve mobile gaming in their pursuit of new tax revenue mgm's ceo told me that they're aiming to upgrade their air filtration systems to bring in as much as 100% fresh air, looking for everything to be touchless. we're thinking voice-activated elevators. and then, especially the way you pay for gambling is going to be different in the future. think about it, cash is dirty and yet it's still the standard in casinos worldwide though mobile gaming, of course, has moved on to electronic

payments and now these operators are pushing regulators to accept those mobile payments, as well think of it, if you get rid of the dollars, you may believe to ante up with just your phone and get rid of the chips as well >> i always think there's two different kinds of customers there's the entertainment entere and the addicts. i wonder if they're going to be drawn into the facilities when they're open and if that's a health and a safety hazard for them, too, maybe more precautions should be taken. maybe now is not the right time or maybe we take it extra slow i don't know i wonder >> reporter: in louisiana they said they can open on monday but at 25% capacity. the smaller casino, the racetracks and river boats, they

say we can't make it profitable if we can only get 25% of our occupancy in here. it's going to be a real push and full between safety and profit >> that's for sure thank you very much. coming up, brace yourselves. my next guest ze sasays we're i first depression of your lifetime then coming up on power lunch, tapestry which owns brands like kate spade is starting to reopen some of its doors. the cejos wo inusith whiep whyy plan to open now to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. discover all the ways we're helping members today. or credit card bills. ever something's gone mogotten into the office.m, i hear you. feels like there's no barriers between departments now.

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other countries starting to reopen, the fear is about a second wave of coronavirus cases and false sense of security. my next guest says a wave of bankruptcies is coming and we'll need massive subsidies the great depression was pretty bad. how much worse to that event >> it's clear it will last a lot longer by 2009, pretty much every one felt tlilike the economy was in rebound. we saved the banks and we felt we could have a depression if it sparled b spiralled but the bail outs really made a difference there's no such coordination right now in is a truly global crisis.

there's no one that doesn't thinks this is much bigger in size and duration from what we experienced in 2008-2009 i understand people don't want to use the terminology in the same way we didn't want to call it a pandemic even though we saw it was pexpanding from country t country and region to region the early we come to grips to it, the better prepared for the kind of continued large scale support that will be required for us >> i guess i don't share that view that you're saying that everybody has.

>> to me, the graelt reseg was the collapse of industries and people's households. the one asset they had invested in there was no clarity the economy would come back. we talk about secular stagnation, these things for years and years. in this case it seems like pandemic hit what do you think is required here in. >> first of all, by the end of 2009, we weren't talking about occupy wall street anymore obama didn't feel like he had to spend all of his political capital to focus on getting out of this crisis it's going to take a lot longer.

you're talking about the ability to get people back to work to get companies back and functioning opinion nobody believes that's really going to be feasible like it was before until we have a vaccine that works, that's at scale i mean, i'm sitting here in new york, my buddy danny meyer came out in last 24 hours saying aisle not going to be able to reopen my restaurants until we have a vaccine it's not going to work woint i won't be profitable. it won't be safe you're getting stories like that whether it's the airlines or the hospitality industry, sports industry, entertainment. how to wdo we get kids back in school the new normal is not going to be the old normal. that is a minimum of three years before we work our way through it combine that with the scale of it and it doesn't mean this is like the great depression of 100

years ago because we're a lot wealthier than we were then. today, even emerging market economies, their middle classes are wealthier than the middle class in the united states was 100 years ago. there's more resilience but if you still look at what the definition of a depression is, we're entering one >> occupy wall street, i don't think started until 2010 or 2011 tlp there was a real shell shocked mentality. what do you think is right remedy is? immediate grants for hard hit businesses, loans. the federal reserve liquidity facilities would you say all of that so far, so good do we need to keep doing more? >> so far, so good i think what the united states did, bipartisan, both mnuchin

and pelosi, the house and the senate going quickly to get the entire economy relief. that lasts until about june. we're going to need a lot more as you seen, it's about to get a lot more difficult those jobs are not coming back every ceoi talk to in the united states of major company tells me they can make more money with fewer people in next five to ten years. they've known about the potentials of automation and big data and technology displacement for a long time. they were making so much money they dbidn't have to make those touch decisions. how do we take care of these people and also, how do we sure these companies can make it through to the other side of the storm. both of those things will have to happen. that's an immense amount of money on top of budget deficits

that are already of a scale we have never seen before >> you're not invited back anymore. you have to give us something more upbeat. >> i really have to go >> it wasn't big enough to address the structural underlying challenges that workers are experiencing >> the background alone is cheerful enough. thank you. that does it for the exchange. power lunch starts right now and thank very much. we'll see you in just a moment welcome to the kitchen i'm glad you could join us today. the dow up about 150, 125 points now. slipping just a little bit that's almost, almost, a 600 point reversal from where we were at one point earlier