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tv   Power Lunch  CNBC  May 28, 2020 2:00pm-3:00pm EDT

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you saw tractor supply they got to stay open. most of those retailers that were deemed essential are doinge roping are opener faster and stronger than we thought it doesn't seem to be hurting the essential guys that are with open either. >> thanks so much. loved your note and your commentary thanks for joining me. that does it for the exchange. i'll catch you on power lunch with melissa this is "power lunch." stocks are near session highs now. this despite job losses pile up and weak housing data. a social distant connect as zuckerberg goes head to head while the white house works on an executive order
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"power lunch" starts right now >> thanks. the s&p 500 is pacing for its fourth day in row of gains for the first time since back in february let's get over to dom for more on the big movers. >> here we are best levels of the day or near that with around 1% gains as you can see. one industry group to keep an eye on is the banks. you can see some of those gains as of late you're seeing here kbe, it's up roughly 30% in the last 11 trading days stocks on the move include dollar tree after the discount posted better than expected results.
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down along with other airlines as it announced plans to reduce expected labor forces. the shares moving up about 5.5%. back over do you >> thank you despite the comeback we have seen with the s&p 500 now up 39% from the march lows. millionaires in america remain skeptical of the market. >> wealthy investors betting on a slow and they are hoarding cash a majority of millionaire investors say it will take a year for markets to regain february highs one in four say it could take two years. that's according to the cnbc millionaire poll that surveyed one more or more in investable assets half believe this recession will last longer in the great recession of 2008, 2009. they are holding record amounts of cash. they plan to put 19% of their
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money into cash. 34% into equities. they had been doing some buying. a majority bought or added to their stocks back in march their favorite stock sectors going forward the rest of the year health care, financials and business tech. the reason we care about this group is they owned 85% of the individually held stocks >> you're showing that chart of the asset allocation is that of the income that's coming in right now or is that of the overall portfolio >> that's the income coming in now. 19% going forward. they are already between 14 and 20% depending on the group >> despite the bearishness, stocks are on track for their
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best week in more than two months can the momentum continue? utilities are out performing nasdaq is back in the leadership what do you think is going on here in. >> i think over the past few days, we had a very clear rotation into cyclical sectors there's reason for optimism that the data is getting less bad there's a limit to how much we truly can get back to normal while we're still living in this covid world. for us, it makes sense to still
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focus on quality beneath the surface. we would still stick with an overweight to the sectors that have been working before like technology, health care, more defensive regions like the u.s. and asia but keeping some exposure just in case when you get the pops like we had over the past few day >> i'm looking at your thoughts on interest rate, they started to back up a little bit. they're still super low. you think that can remain so despite this record treasury we just had a seven-year high last hour. >> you're right. it looks like interest rate will stay low which is very good for the economy. it will be interesting to see how this plays out low interest rates are great for stocks stocks relative to bonds here look notwithstanding their high
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value, they look like that's the place to be. >> where would you say people say i want to get technical about it >> i would look to small and mid caps which are catching up to the large caps small and mid cap, in my mind, are more reflective of the general economy. if you believe the economic rebound is coming, i would look to small and mid caps which were down substantially and really catching up and i think as the recovery continues, that's where i would look for value >> would you do so even with your kind of thought ons low rates knowing a big part of those are the banks and to some extent energy. >> i think when you hear comments like loan losses are pe peaking and the economy is recovering, that will help the banks and financials
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i would think the small caps and the financials are a good place to be. >> just to touch on the hong kong issues, they are kind of on the back burner. they are just out of view for the markets. do you think this stays out of focus? >> i think that's right. every one is paying attention to the developments between the u.s. and china i think part of the reason that has stayed a bit in the back burner, the first reason is it's not surprising anymore i think we have come around to accept that tensions between u.s. and china are here to stay. the second reason is that so far
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the tensions have taken place in term of rhetoric, limits to some financial flows, to some technology investment but they haven't ratchet up to the point they become destructive. if we cross a certain thresholds, they will come back more to the fore and cause some additional volatility. novartis is the latest company to jump into the race for a coronavirus vaccine. me meg has the details. >> another major company making moves into the covid-19 space. novartis will be partnering with
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harvard. the way this vaccine works is its delivered using a viral vector called aav to deliver the genetic code of proteins on the coronavirus. it is based on this gene therapy technology so that could help with manufacturing scale up if they are successful. they have to get through human trials to figure that out. they are one of many now hitting that milestone or preaching t i that milestone we heard from merck they plan to be in human trials with their lead vaccine another big company making moves in this space. >> it's interesting to hear about the production aspect of things because the race is to find the vaccine but the next big part of it is to actually produce it at scale. is that sort of the draw back of
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some of the other tech noniques that the vaccines are drawing on which is the moderna approach? >> we don't know yet that's one of the questions about that technology and others that haven't crossed the finish line in terms of becoming approved vaccines. we'll have to see how that manufacturing process works. all the companies are taking steps in testing their vaccines to get the manufacturing scale in place so they are ready to go if their vaccines are successful a lot of people have described this as building the plane as they are flying it which is a tremendous challenge >> thank you still ahead, boeing helping to lead the dow higher after announcing layoffs and one analyst says now is the time to buy. we'll hear from him after this break. plus, social anxiety for social media as trump is targeting the companies in a new
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executive order. we'll tell you what it could mean for the stocks. much more power lunch after this quick break. right now is a time for action. that's why usaa is giving payment relief options 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. iit's not "acceptable oor nothing." and it's definitely not "close enough or nothing." mercedes-benz suvs were engineered with only one mission in mind. to be the best. in the category, in the industry, in the world. now, get 0% apr financing up to 36 months on most models and 90-day first-payment deferral on any model. mercedes-benz. the best or nothing.
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welcome back to power lunch. the industry continues to struggle now boeing and some of major airlines are laying out details about job cuts phil has the numbers for us.
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>> we heard from being yesterday putting specific numbers behind the job cuts they announced back in april as for the airlines, they're just beginning this process. nobody can be fired until or let go, whatever term you want to use. none of that can happen until after october 1st because of the government aid packages involved last niepght we heard from delt ceo saying we'll be rolling out our buy out packages that will be happening over the next several weeks once they get a sense of that, then they may make a decision in terms of what percentage of employees they still need to retain in fall versus how many will take bio packages how many involuntary layoffs will be needed we don't have those numbers yet on delta in terms of final employment as for american, the situation is they have started to roll out the packages for their employees. they'll be getting rid of 5,000 management and administrative jobs that will be happening over the
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next several weeks as they sort of say we have to right size our staff and then they will move on the the pilot, flight attendantss, ramp workers, all of the union work force. the daily cash burn for all of the airlines has come down dra pratt m -- dramatically from april. delta, united, southwest, they down in the range of 30 to $50 million a day. united airlines out with note to all of its customers saying it's extended the ticket change waiverer it was to expire at the end of may. now it will go till the end of june that's for people who need to change or want to change their tickets. >> the more the broader market rebounds, the starker the fact the airlines haven't is. they are down 50, 60%. just parked there. they barely recovered. what is that telling us about
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what will happen with these jobs they are selling off on these announcements. it's not like they are saying that will address the cash burn. >> everybody knows the cash burn is there through the end of the year some of these guy, things could improve and they may be able to eliminate their cash burn before the end of the year. there's no expectation of that happening. as a result, everybody knows they will have to become dramatically smaller and they still need to get more people flying right now, passenger levels down about 87, 88% compared to a year ago. >> yikes, in a word. thank yous thanks so much domestic air traveler traffic has started to tick higher those stocks still have major head winds to overcome with us is the vice president of equity research at cfra.
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great to have you with us. >> hi. thanks for having me >> you got a hold rating on delta as well as united airline. phil was going through the efforts to stem the cash burn that each of these airlines have somewhere around $50 million per month at this point. they are somewhat handcuffed in that ta took the government money and they're not able to lay anybody off until october 1st. would they have been better off if they were able to take the bail out money but right side the business according to what the traffic load is right now? >> i think they would have been better off if that was the deal to get the government money with no strings attached. i think compared to if they had just faced this on their own with no government help, they would have been looking at pretty expensive debt costs to get through this on their own. i think in the end they are better off with the government package as it was given. >> right in terms of turning this sector
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into buys for you. do you need to see a rebound to traffic pre-pandemic levels? what sorts of the major lever here that needs to be pulled >> well, my estimate is that the airlines need to see somewhere around 90% of the revenue they had last year just to be breaking even again. there's some that can be better than that and some little worse. on average i think that's the number if you think about it, 90% of where we were last year, we're only at about 10% of that right now. even though we're well off the bottoms from april in terms of passenger traffic, we still just have so far to go. to me, the limiting factor really after the pandemic ends which i think it will within the next year with all the great vaccine developments were seen, the limiting factor really
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becomes kind of discretionary spending you know we've got a 78 or high in unemployment. it's hard for me to envision us getting back to that break even point even next year, for most of the airlines because so many people, unfortunately out of work are not going to have the money to spend on leisure travel like they did last year. it's goingto be really hard in my view. i think it's more like 2022 before we see that kind of level. >> collin, you have a hold rating, a sell on american and a buy on boeing. i want to go back to american for a second when we spoke with analysts, they say this company could come out of this crisis with $35 billion in debt and they have less than a $5 billion market cap what happens who would want to buy american if consolidation is the answer with that kind of debt load? if it's not the answer, is it bankruptcy you almost can't understand how an airline with those financial characteristics can survive.
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>> i don't disagree with any of that it's hard to imagine an airline generate profits with that kind of debt burden and much intensity on the competition as you see in the industry and especially when it's not just the debt side. i think american and a lot of ways, even before you look at interest costs they run a little bit less efficient airline than some of their large peers. i'm no expert on restructuring but i see them as among the highest risks to have to be restructured at some point >> collin, i want to go to boeing here because you raised your rating ongoing from a buy to a hold yesterday. you have such a dower outlook for the airlines how can you be so positive on airlin boeing when the airlines are the end user of boeing's products. >> one of the things that helped turn a corner in terms of how i look at them as an investment
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opportunity is the production restart on the max which took place yesterday. that was a very important signal in my view that tells me that the rerertt rerertty -- recertification is near before that i thought the risk was too great. it's kiechbnd of a black box to figuring out how close they are. once i saw that sort of in the works, it lowered the risk and there's still a risk for boeing. it's such a different business than airlines that i don't think it makes sense for the airlines who have customers who can basically cancel flights at will, doesn't make sense to compare them to a business like boeing who has kind of a ten-year backlog with thousands of planes where customers are
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contractually committed to buy the majority of those. the fundamentals of that business are still very strong if you look at airlines, the fundamentals are not attractive, in my view they both fall on similar levels in past year which i don't think makes sense. i think that's created an opportunity in boeing. >> thanks for your time. >> thank you for having me still ahead, take a look at the home building etf. the group on track for its best quarter ever during the coronavirus pandemic the boost giving it that historic move. we'll tell you where traders are finding the best opportunity in the sector right now
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as more as more americans are left without a job, one college is pledging to help its 500 graduates find a job in the next three months the president of colby college will join us there's more power lunch coming up (♪)
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sue. >> good afternoon. u.p.s. is adding a surcharge for some ground delivery packages starting monday. hardest hit will be retailers that ship tens of thousands of packages for weak. no new york, businesses will be able to deny entry to
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customer who is are not wearing face coverings earlier today the governor signed an executive order putting that measure into effect similar restrictions have already been implemented in new jersey in britain, premier league soccer will resume play on june 17th matches will occur without fans. the bbc says it will broadcast those games for free italy's to league out with its restart date matches will resume on june 20th more on that story to cnbc.com you can see how other sports leagues are planning to restart. back to you. let's get over to seema mody for our trading nation >> home builders stocks taking pause today from their recent rally. the group up 44% this quarter. it's best on record as positive housing data and low interest rates fuel investor optimism despite the coronavirus especial
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epidemic talk a bit more about the space and whether there's opportunity. let's bring in the trading nation team. i'm curious if whether this growing shift from cities to suburbs how that plays into the housing story and whether that creates an opportunity for those home builders. >> i think it helps support continued demand fp if you see a change in how people work and what happens in the workplace, there's more remote work then you could see a mass exodus for more expensive cities into suburbs. you already had tremendous support for the home builders because you had a shortage of homes going into the pandemic. now you have low interest rates. the fly in this ointment is lenders are making itharder to get mortgages. that will be the challenge all the support is there it's a question of how the banks become the bottleneck in this story. >> matt, are you surprised by how far these home builders have run and whether it is time to
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sell >> well, it's interesting because this is a group ta a lot of people don't realize help the entire market rally oit of that correction we had late in 2018 it's not a big surprise to me. now the one thing is i turn positive on the group in late april when it made a nice higher high the atf is really starting to get over bought here on the two stocks are getting quite overbought you got to be careful chasing it maybe i want to get back into the group is watching the price of lumber. it's a great leading indicator for housing stocks and it's been stuck in a sideways range in the last week after having a nice run. that should be a sign that the housing stocks will take another leg higher wait for that to see before you really jump back in a big way. >> great point on lumber thanks for lending your expertise. head to our website or follow us on twits p
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twitter. back to you. still ahead, the social showdown continues president trump set to sign an executive order regulating social media and mark zuckerberg weighing in. plus the path forward for colleges we'll speak the president of one school pledging to find jobs for every single graduating senior all of that when power lunch returns.
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the russell is the odd man out today, shall we say. it's down a little less than 1%. the other averages are rally the nasdaq is back in leadership the s&p is just ledging that out. the dow up about half a percent
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today. >> kelly, green for oil today like stocks off their best levels of the day as are stocks. those gains come despite the u.s. energy department inventories rose more activity in oil refineries as well as a pick up in oil demand for gasoline. those oil triprices reacting.
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president trump expected to sign an executive order regulating social media companies. this comes after twitter fact checked the president's tweets for first time ever. mark zuckerberg weighing in on the debate this morning. explaining his stance on political speech >> let me be clear about what we do for misinformation, more broadly, we have program to make sure that the things that are spreading virally on facebook aren't complete made up hoaxes if you look at whatever the top thousands or 10,000 links being shared in a given day, some of the stuff that people share on the internet is real junk. try to parse words on is something true or false. it's really catch the worst of the worst stuff. in terms of political speech, i think you want to give broad
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deference to the political process and political speech >> gentlemen, good to see you both andrew, i'll start off with you since you landed that interview. do you get the sense this is a move on principle, a belief in principle or the effort to preserve protection under section 230 of the communication decency act? >> i think it's a bit of both if we're being honest i think that clearly mark zuckerberg has staked out a lane where he's said that the second they get in the business of trying to figure out what is the truth and what isn't, it's going to be become very complicated and becomes a losing proposition. i also think he is created a bit of a nuance in terms of how he's approaching sochl this with how jack dorsey is approaching this in he's saying we're not going
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to police everything but when it comes to voter suppression and your health and potentially danger, we'll step in in those cases but we don't plan to step in on everything and to the extent we're going to step in on those things you aren't seeing a distinction between how jack dorsey might be doing that in trump's tweets about voter by mail, for example where jack is looking at that and saying that maybe could be considered some kind of voter suppression issue and they want to allow other facts to come out around it. >> steve, we're just showing jack dorsey's tweet saying this doesn't make us the arbitor of truth but it does. the minute you question something somebody puts on that plats form you're planting a
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seed of doubt and you are playing the role of arbitor of truth. why would he want to wade into that controversy >> these companies are drawing their own lines. it's things like health and safety you have seen them be much more aggressi aggressive, fact checking. increasingly so on vaccine the health thing is very important. they have literally created a world leaders role around this that effectively gives world leaders a blank check to say things that a normal twitter like you and i cannot say. it has to be an imminent threat of harm to someone these things that trump is tweeting they can fact check it
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and they are okay to fact check and feel like it's worth fact checking that kind of thing. in general, something that would get all these calls to get trump booted off twitter doesn't apply to them. they broke a new rule just for trump. >> andrew, i'm curious to whether or not facebook believes he's immune from whatever comes of the president's executive order and aftermath of that? >> i don't think that facebook feels immune from any of this. i don't think any of the social media giants feel they are immune from it i think the political will out there on this issue is so stark and represents a potential challenge to these businesses because you can imagine the kinds of lawsuits that could come once if something gets put into place i think the issue is, again, how far do they go and how often you'll see them take steps i think lit be get very interesting in the next couple
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of months as we get closer and closer to the election if facebook feels like it has to take steps because things that are said on either side of the aisle and what may or may not happen >> facebook got into a whole lot of trouble, if i can call it that and controversial during the last election, andrew. i'm wondering if facebook, with the pandemic and with more recent e sevents that's gone toe side as we ramp into the election, that will come and more into focus. how is facebook ramping up for that >> they've been doing a lot of work, as you know and stooefr can probably speak better to it than i can in what facebook has tried to put around elections and political advertising. this is a very different issue this is not a political advertising story which is really what the cambridge analytica story was about. this is about freedom of speesh and what can be said and what
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can't be staid this idea of who will police it all. >> steve >> that plays into a lot of what we have seen over the last four years. four years a of all these problems and not a single piece of legislation has been passed yet and all these things to fix the problems are being done internally the policies are being inconsistent facebook has different policy versus twitter like we're talking about now which is what youtube has. we're months away from the lek and we're still hoping that facebook and twitter and youtube and google have figured it out and will keep it safe. >> it will be interesting to watch. andrew, one last point
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>> i was going to say we talk about the politics of all of this and it has imfulplication n terms of public policy and education. if you look at the underlying of facebook it's so divorced from these issues and their success will be based on whether you think there's a lot of people in the service and whether advertising and small businesses come back in america i don't mean to suggest it's an aside joke but it's important but relative to the underlying business, i think it's such an interesting contrast in what's happening. >> i agree you completely except if there is legislation in place that will force companies, plats forms to police more, that's cost that's always been facebook issue. >> these companies are calling for regulation >> always good to see you.
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still ahead, colby ledge is working to pay it north ward helping its 500 graduating seniors secure jobs. we'll talk to the president of colby about that power movers is next
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a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. welcome back let's get to some of today's power movers goldman sach's initiating sell of six plflags. shares of dollar tree climbing more than 6% today comp sales, gary philman saying he is seeing continued strength
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into q2. let's check on some of names hits l a hitting all time highs kel. to the bond market rick is tracking the action for us out in chicago. rick >> hi, kelly a lot going on in the treasury complex. today's 7 year auction gives us continuing glimpses that investors may be losing their atize for as many treasuries look at a march start for 30 year bonds like like it will close at a ten-week high. consider this. today we have investment grade issue from hsbc. credit flow research tells me year to date we're over a trillion in investment grade issueance. it could close at a 12-week high the investment grade, 7-week high close today finally, there's the dollar index. if you consider it's at a two month low and the euro is at a
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two two-month high it's still up 2% on the year back to you. coming up, the house passing a bill that provides key fixes to the paycheck protection program. what those new measures look like, next i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424.
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welcome back the house paz passing a bill that would fix some highly criticized issues. >> reporter: the vote on that was nearly yunanimous has the pp brings about what advocates and
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business ordinary reason and prudence say make lose yoouzing the loan a bit easier. first the bill gives businesses 24 weeks to use the loan from the time of disbursement many have felt that was too rigid given the fact so many small businesses are not able to open and operate fully it changes the 75-25 rule and lowers it to 60-40 60% should be used on payroll and 40% on things like rent, utilities and more businesses have until december 31st to hire back workers instead of june 30th advocates have been clamoring for changes to the law it's really failed to address some of these issues now if the senate takes this up next week when it's back and sends it to the president for his signature, some are saying that small businesses may feel more comfortable taking on these loans moving forward back over to you >> they still know the terms can be changed i wonder about that. it's like right now it's becoming more generous but, you know, you never know then what
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>> that's such a great point we should note only about $163 billion so far of the three ten billion in ppp 2 has been allocated. the first round went within two weeks. the funding was so quick. >> still ahead x r it's college graduation season and seniors are facing a very bleak employment environment but colby college in maine is pledging to help every graduate find a job the president joins us next. dolph lundgren, you've got a one-sixty i.q., a master's in chemical engineering and you're technically a genius... and it appears you're quite the investor.
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tis the season for college
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graduation and on top of having virtual ceremonies, grads are entering the worst job market since the great depression enter colby college in maine they're pledging to find jobs for their 500 graduates. joining us for a look at the path forward is david greene, the president of kocolby colleg. >> it's great to be herement zpl every time i hear you're coming on, they're so exciteded people are coming out of the woodwork i had no idea. >> committed group they love colby. >> exactly and i mean i think this pledge that you're making kind of speaks to the unique culture there. so how could you possibly guarantee, it's interesting to me sounds like of the 500 graduating seniors, roughly 200 of them have a job 300 or so do not and how can you possibly guarantee them a job? >> that's exactly right. 300, we need 300 jobs, but we have 30,000 alums and family
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members and others who are ready to help and that part is really exciting to me we have a program called davis connects it helps our students from the moment they walk in the door in the first year to have research experiences, global experiences, intern experiences so they are ready for the job market by the time they graduate and 95% have jobs by the summer or their senior year or they're in graduate school but this year, we have to do something extraordinary to help these students >> that's interesting you say you lean on the alumni network i also went to a small school. those connections become really important. if people aren't able to step up and find 300 positions, is the school going to employ them in. >> i don't think we'll need to, but i always employ colby grads because they are so smart, hard working and talented it's a favor to have them out into the world and going out
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into other places so that part i feel really good about we started, surveyed our seni s seniors. developed industry wide networks finance, public policy, the arts we identified alums who could be great influencers. who could contact other alums and get things going we changed all our fundraisers not a great time for them, but we changed them to job seekers right now and so far, we've had 600 opportunity ies come in. we're in week three. 600 opportunities have come in >> maybe if you get everybody a job, you can post the leftovers or share them with the other grads who are i know are in need let's talk about the situation at colby itself. are you going to have class in the fall what has the financial damage been like? i know you're proud of the fact you've been able to give a lot of financial aid to students but will that be as true for the next class as it has been?
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>> we had the highest yield ever for the group coming in. i think if anything, we'll be overenrolled and we're ending this career with a balanced budget colby has been so well managed for a long time. 41 years of a balanced budget and that continues again this year i think we'll be open in the fall i'm increasingly confident about that, but things are always changing we start classes on september 9th. i think there's a high likelihood on september 9th with students here on camepus. now we're putting in a really robust testing system and a set of protocols that we think will make this the safest campus in the country. >> i would imagine that the competition for students would only increase especially as students weigh the cost of college and now whether or not online and online component to education is worth the tuition in term of the jobs program,
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does ha last beyond the class of 2020 and do you see that being a selling point? replaces >> great question melissa. i think this is obviously such an important thing to be thinking about this value proposition of our education and focusing on the outcome. what kind of experiences are we giving students? that's essential. we've set up partnerships with some of the great companies. bank of america. market access. prudential. places like dana, smithsonian museum, but always expanding beyond that and making sure our students get a great step nup i the world is essential to us >> how are you seeing the economy from the standpoint of alumni donations fund raising is very important for private cleolleges. what are you seeing there?
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>> it is important colby has raised more money than any other liberal arts country except for one >> recently as the pandemic is gripping the nation and as people are facing pay cuts, job losses, et cetera. >> we will end up with one of the greatest fundraisers in colby's history this year and we're not going out soliciting for money right now. we've been asking people to help find jobs but not to give money at this time but they're continuing to support this and this kind of job opportunity really tells our alum and others that colby is a police that cares about its students and is doing the right thing in the world and they want to support that >> how are you going to house everybody on campus safely in the fall colby is in maine. not familiar if it's more rural or pretty populated town, but do you feel confident in the health care some because of some older members on campus who get sick while classes are going on
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>> well it's absolutely going to be essential that we take care of people who are going to be at risk and that we have accommodations for them and whatever that might mean for the individuals. so we will do that in all of this, but we've been working with a group of colleagues from harvard's school of public health and have been putting in a testing protocol that will be second to none we're looking at the possibility of testing every member of our community every other day, six days a week and understanding just when we have infections, what that looks like we have quarantine space that will be available for them and we're putting other protocols in place. one think i'm excited about is creating a social compact across the community about how people behave, take care of themselves and everybody else, including people in the broader community here of waterville, maine. >> you're an updebeat guy, davi. t a pleasure to have you president of colby college melissa. >> one last quick check of the
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markets here we are seeing a day in which the old leadership has resumed leadership technology and health care the dow up half a percent. s&p, .8. >> not too shabby. >> and closing bell starts right now. thank you, kelly and melissa and welcome, everyone, to closing bell the rally continues on wall street building on this week's strong momentum already we're off the highs of the session but dow still up about 100 points s&p up 25. let's look at what's driving the action u.s. unemployment data still coming in ugly, but signals are out there that the economy may be bottoming from the coronavirus induced shock. a number of retailers hitting all time highs from lowe's to home depot to dollar general, but the rotation into value. we are seeing tech and health care lead the market today despite president trump's intent the regulate the

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