sara we'll see you this afternoon good morning, everybody, welcome to "squawk alley" i'm carl quintanilla with morgan brennan and jon fortt. across technology, this sentiment, nasdaq continues to touch new highs, above 10k a moment ago for the first-time ever yesterday coming off its 18th record close of the year. names like apple, tesla leading the way, the ladder hitting $1,000 for the first time today. is it too late to join the rally or still time to get in? we have a power panel to break it down for you this morning allen patrickkroft is with us as well as steve wesley founder of the wesley group good morning, guys good to see you. >> good morning. >> good morning here. >> allen, let's start with you because you've seen chapters like this over and over again. how does this one feel is it sustainable? is it worrisome? or is it just another era in which it's easy to make money on names you wouldn't have

expected >> i think we're going through a period of -- i hate to use that cliche, rational exuberance. people want to get back in the market and they're being -- when you see this nickel you featured highly for the last couple days, people are just anxious to put money. there's a lot of money on the sidelines. and i personally think that we should be concerned and be concerned about what's ahead for the economy. the rest of the summer and into the fall i mean, i think we're living in artificial dream world at the moment i think unemployment is going to increase i think that businesses are not going to come back to work as fast as they have. on the other hand, on the other hand, and i'm going to be selfish, we have companies that are doing well in this environment. but they in special neariches. there are companies who are going to increase and probably certainly a company like

facebook and apple and several of the others you mentioned are beneficiaries of this times we're living, the delivery companies as mentioned many times. but i just think i would be very cautious it's interesting, we have an investment company called opt mus ride which is private, an autonomous vehicle which has specialized in small units and controlled environments. and the big application is all of a sudden breaking out is in for delivering delivering in senior facilities, any enclosed facility where you need to deliver to have a driverless car and the attention is focussed on these exciting names that appear out of no place. any company that goes public after -- doubles after it goes public in one day concerns me. >> steve, how about you? i mean, on the one hand, artificial dream world is how alan puts it that's not mincing any words

on the other hand, you're talking about big secular changes in driving and mobility that we've been talking about for a couple of years that, again, with each incremental chapter shows big promise. >> i largely agree with alan we have a friend with nikola i would be thinking twice. having served on the board of tesla, it's damn hard to build a successful auto company. however, having said that, i this i this covid crisis, showing we can all work from home, new technologies will be at the forefront they're changing our lives it's clearer to me by the day that firms like amazon, microsoft, apple, google and tesla been a big part of our lives. tesla touched 1,000 points today for a brief period of time $180 billion i think that's a frothy, too

but don't forget, tesla has redefined what it means to be a car. it is single handedly pulling the global auto industry into an electric world they redefined a car from being a smart box to being a connected vehicle and perhaps product in your life so there's some extraordinary things happening the short answer is i agree with alan be a little careful. look at earnings, growth rates but don't make any mistake about the fact that technology is leading us into a new world. >> yeah. hey, alan, it's jon fortt. good morning do you expect a bucket of cold water, perhaps, for the market is there something that perhaps jolts the market out of this -- well, if you think the market is in a daze. and how do you think investors should guard against that eventuality? >> i would -- i certainly would not be 100% equities at the

moment i would have a good reserve in case i am right and there is a setback. i think people looking towards second quarter results but more importantly third quarter results when they're assuming the economy is going to be back in full steam. i don't see that happening because of these forces that are out there that are the reality i mean, the world is not going to go back to normal that quickly and there's a lot of extra capacity and still a lot of people are going to be unemployed and so i would be cautious i think it's interesting to see steve. i haven't seen him in a long time we knew each other a long time ago. >> that's right. it's nice to interact and see a friend on this screen. but we have seen this happen, these wild times and then there's a setback. nikola is a good reflection of the market

the market is excited about a car that will not be here until '22 or '23 and has no factory, no revenues and the market is paying $28 billion so it's buying the future. you do apply a discount to futures. i don't know whether 28 billion is the right number, but the market is saying it is i think it's being fueled by a lot of capital on the ground also something to keep in mind this was a combination with a speck. i don't want to go into the whole definition but it's money that's sitting there waiting to get employed and this was evidently a naturally getting together there seems to be -- you mentioned earlier today in the program, these penny stocks, low priced stocks that are going extraordinary amounts in a matter of days or weeks which tells me that people are looking

for micro caps they're looking for any place they can that they think they can find a bargain and they're going to the major names which you can't fight that those are great companies that you put on the screen before >> yeah. i'm glad we could reunite you two here on cable television steve, to that point, i guess i'll just sort of flip it the other way. is this a good time for some of these companies that have been waiting in the wings to go public i mean, the eight companies that completed ipos in the past week all raised more money than originally planned first time we have seen that dynamic in the last two years. and the vast majority of companies that actually managed to go public in recent weeks have actually traded higher in some cases and i think of vroom yesterday significantly higher and it does seem to be this idea of tech and where the future is headed so, do you expect that we're

going to see more companies and more companies positioning themselves as tech companies coming to market now >> well, first, i agree with everything alan just said. but i think there's four points here first, there's a lot of exuberance in the market i would be careful as an investor i think people will line up to go out because there's an opportunity and there's an appetite but why is there that appetite i believe the primary reason is the united states government has pumped 3 trillion and counting into the market and that is giving us an artificial sugar hit, if you will so i would be very, very careful about that one however, as you look at investing in the future, i will tell you the laws of economics have no more been suspended the laws of physics and what informsers, smart investors should be looking at is high growth and big margins part of the reason tesla is doing well and we invest and i joined the board when there were 29 people, warehouse in santa carlos, california they're now on track to doing

$26 billion. they have been profitable for three quarters in a row. the market is and should reward real growth and real margins that's why tesla is doing well maybe it shouldn't be at 1,000, but that is a real company it's growing and investors should be looking for new technologies that are transforming the world. >> right. >> electric vehicles are transforming the world hydrogen that is a long bet. it has quite a ways to be proven i'm happy to go into detail on that >> can i cut in here >> alan, i want to get your take not exactly on hydrogen or on renewables but how politics are going to affect the market, how you expect that to happen for the rest of the year, not looking for a political opinion, but we're heading into conventions, we're heading into a big presidential election and the market is already -- it's on a high so, how do you expect the headlines around politics if at all to impact the market

>> jon, i apologize. can i just cut in one thing. i want to just for a second cover this ipo i think we are in an ipo potential window we're seeing it by this exuberance even as our firm we had a meeting this week to talk about what could possibly be brought out in this market and i think a lot of people are having that conversation there have been a lot of companies around that are sitting there on the sidelines waiting at the starting gate to get out. i think you're going to see a flood of ipos coming out and there is obviously a lot of money around now go to politics i obviously i'm a known biden supporter. i have to qualify my comments. i think that politics always takes over the headlines as you get closer and closer to election time. we still have primaries to go. i think that the president is certainly going to do everything he can to build this economy and to promote on the back of making

america great again, again you noticed they're emphasizing the word again in every advertisement now. so i think it's a question of trying to convince people that he had something to do with the recovery on the other hand, i think joe has come out with some great positions. he's in the right side of a lot of issues. the polls would indicate that he certainly is the front-runner at the moment, but let's not count our blessing we always see come from behind people, donald trump proved it i think that the market will respond to how the economy responds and they'll be concerns. they'll try to paint joe with liberal tendencies and the wall street crowd will -- donald trump will tell you how it's not good for wall street i think joe will be just as good

as donald will be and more so in building the economy back up again. >> well, yeah. you're on the record many times as being a biden supporter, alan so our viewers are aware finally, steve, if we're correct in assuming that there is a bit of a fiscal cliff on the economy once the ppp money runs out, once some of these companies are free to lay off workers, does the market reflect that? or is it going to look forward through all of that the way it's looking forward, the business model of nikola? >> well, look, i think the market and investors will look for a number of things first, will there be continuing government stimulus? i think there will be. there's a wrestling match between president trump who wants to get as much money into the economy as possible and mrs. pelosi saying, hey, i'm willing to put money into the economy but i want it to go to social services, preserve the social safety net mr. trump wants to get to his

wall street friends. you may infrastructure investments and so on and so on and support for federal and state and local governments. how quickly do people go back to work and we got a little surprise in the numbers last week. we may see that in the future. but the other thing to remember is we're in a new technology-driven world. it's not about manufacturing as much anymore it's certainly not about mineral extraction when i was a kid and alan was a kid, the ten largest market cap companies in the world, six oil companies, three u.s. auto companies or steel and general electric if you're an american, you felt good about that. today in the top ten, you have eight technology companies five american ones, amazon, microsoft, facebook, apple and so on and three chinese companies. it's a whole different world one of the underlying ten dens you should look for the technology leaders

make sure they're real leaders i'm not certain hydrogen is in the case of nikola do they have growth? do they have increasing margins? when you see that line up like you do with apple, amazon or facebook, it's probably a good bet. >> right steve, alan, thank you, guys even as we're talking, mnuchin is on the tape talking about further economic aid probably going to be needed we'll see you guys soon. thanks when we return, several companies have put out statements attacking racism, supporting social change will they make changes in the executive ranks in the board room we'll ask one of the few black olfr eonig arnd omat next stay with us we design cars that exhilarate with versatility, whether on the track, or the everyday drive. today, that philosophy extends to how we connect with you. we call it, audi at your door.

whether a remote test drive, shopping, trade-in, or even service pickup, audi at your door can do this and more at participating dealers. the premium audi dealership experience, on your terms. audi at your door. find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today.

welcome back to "squawk alley. over 75% of board directors in the s&p 500 are white. despite growing evidence that diversity in the board room does also drive profits we break down the bias >> recent events across the nation have ignited a conversation around why there's still a lack of diversity in the board room research from spencer steward shows just one -- under 1 in 4 s&p 500 directors are minorities and despite growing evidence that diversity does increase a company's return on investment in fact, companies lagging in gender and ethnic diversity were

less likely to achieve above average profitability. analysis of the big tech firm shows they been hiring more people of color, but in most cases that decreases at the leadership level according to company diversity reports, black and african-american employees make up 26% of amazon's work force but only 8% of managers. at apple, 9% of its employees are black. at the leadership level, just 3% and that's why diversity coaches say companies need to unveil advancement and mentorship programs for minorities. head of esg at a private equity firm telling cnbc they're looking how to plug diversity into their model when sourcing future deals while other companies are rolling out programs like unconscious bias training to tackle and break down racial stereotypes because clearly more room, more work is needed here. morgan, back to you. >> seem ma mode di, thanks for laying that out for us it's the perfect place to start with our next guest who joins us

now. eaten ceo craig arnold thanks for being on with us, craig. welcome to the show. >> pleasure to be here >> so at a time where we are having these conversations here on cnbc and particularly from the business standpoint about -- around discussions, dynamics involving diversity and the ways companies are trying or perhaps in some cases not trying to employ more of it within their ranks, certainly you have been very busy at eaton when i see numbers like 50% of the board of directors are women or minorities 50 of the global leadership team u.s. minorities. how long have you been working on this? what are some of the plans and some of the protocols you put into place and how long has it taken for all of this to take root >> hey, morgan, i appreciate the commentary and eaton, as a company, we have always been what we call a values-based company. so very much throughout our

history and the prior chairman and ceo of eaton, sandy cutler the company always put their values first and certainly for eaton, as we think about what we stand for as an organization, we talk about why do we do what we do? we talk about as a company we want to improve the quality of life and the environment through the work that we do as a power management company but beyond that we have a number of what we call aspirational goals. one of those aspirational goals is that we want to be a model in our industry of inclusion and diversity. and so this is something that has been with our company for a very long time we are extremely proud of the fact that half our board is diverse and we're extremely proud of the fact that half our leadership team is diverse but it did take time like all these changes, the opportunity has to occur at the time that you're actually looking for an opportunity to replace somebody and so, yes, it's taken time but we're absolutely thrilled

with the progress that we made as a company and i would say that as we think about corporations in general, i would say corporations in general i would say -- i would acknowledge that they made progress i would tell you that progress for women has been the most substantial. over the last 12 years women have increased their diversity amongst boards by some 10 points i will tell you that progress amongst the minority community has not nearly been as outstanding. in fact, over that same period of time, some 12 years time, minority representation on boards has only increased by about 2 points when you look at the african-american community, the progress has been even more meager in fact, over that same period of time, african-americans representation on boards has only increased by half a point over a 12-year period. so clearly we have work to do as a society to continue to advance

our broader objectives around incli inclusion and diversity. certainly in the african-american community we have more work to do than anywhere else. i'm proud to be here today representing a ceo, one of six actually ceos of large u.s. companies. i know sometimes they report ford couple of us who are headquartered outside of the u.s. but clearly six is not enough. back in 2002 we actually had seven african-american ceos of fortune 500 companies. and so, the numbers have not improved >> yeah. >> i tell you that more concerning if we look at the center for talent innovation, african-americans accounts for 3.2% of senior leadership roles. and this number is also largely unchanged over the last ten years. and so, ten years of talk with not a lot of progress. so, clearly we incorporate in

the business community can do better and we need to do better. >> yeah. which is what makes this conversation all the more pressing today you're also on a member of the business round table that entity put out its mission or its statement around combatting racial inequality in the past week. when you talk about more that can be done n terms of the business community more broadly, what does that look like and how involved are you in those discussions with your fellow ceos and fellow leaders that are members of the business round table? >> yeah. i think it was a really important statement. the business round table took an important, i think, first step of really redefining the purpose of corporations. yes, we have responsibility to our shareholders, but we also have a broader responsibility to society. and that includes giving everyone an opportunity to participate. and especially those, i would say, who have been historically left out i would encourage every company to endorse this broader definition of what the role of a

corporation is in society in general. >> craig, good morning it's jon fortt along those lines, i wanted to get your thoughts, so often i hear the ideas of diversity and fairness running into each other eventually for companies because on the one hand, you tend to get more of what you've got. if you don't have that diverse a work force, the people who your work force recommendations, the people who are going to get elevated are going to look more like the people you already have so if you're a company that's looking to make changes, how do you make a conscious effort to increase diversity without appearing to be unfair to the population you've already got? >> yeah. i mean, it's an outstanding question and one that we have been dealing with in the business community forever we should all acknowledge that change really occurs because people volunteer to do the right thing. it normally needs a push personally, i think about the

nature of human beings it's really to protect, to affiliate, to attract those who are most like you. we all have biases we're all capable of discrimination it's part of the human condition. families protect each other. police officers support each other. even when they're in the wrong so it's also true to corporations will promote those they know and those that they feel comfortable with. throughouthistory i would tell you that change has always come too late and at a price. the passage of the civil rights act in 1965 would not have occurred but for bloody sunday that took place in 1965 on the outskirts of selma, alabama. women have made a lot of progress as i mentioned over the last five years. in fact, 45% of the seats of the russell 3,000 were filled by women in 2019, a record high but these changes also would not have happened without a push the system got a push because the rating agencies iss and

class lewis, institutional investors, they made it a goal, a requirement, that boards have more representation of women long overdue and important thing that we need to get done as a society, but that was the push that was needed in order to get some real momentum in the board room and really get much better representation numbers for women. but we really have to really think about this in the context of minorities and ask ourselves why aren't we making the same level of progress? i think at the end of the day the system always needs a push let's hope that the death of george floyd will be the push that we all need to really get serious about making some progress here. >> hey, craig, i wonder if you're still hearing from shareholders really whose argument is we didn't invest -- you don't have my shareholder dollars to write society's ills. you have my shareholder dollars to be a fiduciary.

what's your response when you hear that, if you're hearing that. >> yeah. what's been amazing to me is how little we're hearing of that today. my response has always been, at the end of the day, you know, if you're running a corporation, you're running a company, nothing gets done without an engaged and empowered work force. you know, i can't satisfy customers. i can't satisfy shareholders i can't deliver revenue growth i can't deliver earnings i can't deliver any of that unless i have an employment base that's engaged and excited to be a part of this company, to deliver on behalf of all of our constituents for me, it always begins with the employees. you have to make sure that the employee base feels like this is the right company. they're serving the right mission. and when you take care of your employees, everything else comes. >> craig, important insights thank you for joining us today we look forward to having you back on at some point we want to get your insights on the state

of the global economy as we see different countries around the world reopen and what that means for eaton as well. for now we'll leave it there, craig arnold, the ceo of eaton we appreciate it. >> thank you appreciate it. thank you. dow is down 190 here session low was down 334 interesting level at s&p 31,91 or so. it's about 1,000 points above the march 23rd intra-day low ckn miteba ia nu a grandfather of 14. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv.

for the life behind every mask, the clock never stops and neither do we. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi because of their low interest rates. thanks sofi for helping us get our money right. ♪ find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

(music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries.

♪ welcome back, everyone i'm sue herrera. here is your cnbc news update at this hour. testifying this morning to a house panel, george floyd's brother referred to the suspected counterfeit $20 bill that prompted the police response that ultimately ended in his brother's death >> he didn't deserve to die over $20. i'm asking you is that what a black man's worth? $20? this is 2020 enough is enough in the uk, bristol's city council says the toppled statue of a 17th century british slave trader that was chucked in a river by anti-racism protesters

will be retrieved and put on display in a museum. bristol's major says the statue will be displayed alongside black lives matter place cards from the recent protests. the international olympic committee and organizers of the postponed tokyo games have now agreed to hold a simplified version of those games next summer to reduce costs and reduce potential exposure to the coronavirus. you are up to date that's the news update this hour i'll seeouex y nt hour "squawk alley" continues next. motorcycle riders love the open road. and geico loves helping riders get to where they're going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback.

and because we're committed for the long haul, the credit lasts your full policy term. the geico giveback. helping riders focus on the road ahead. the geico giveback. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries.

our next guest has decided to take on question, how do you regulate social media when there's no good answer the title and subject of his latest op-ed tom rogers joins us now. tom, good morning. >> good morning, jon good to see you. >> good to see you, tom. you propose a system where panel of three outside arbitrators

decides whether any given post violates rules if an account has three posts in violation it gets suspended for a year i'm trying to boil down your whole column into a couple sentences. why do you think that this is the way to do it are you worried about too much panel regulation of speech >> well, john, as you said, there's no good answer and this is a better answer than what we heard out of zuckerberg or dorsy or out of trump last week the zuckerberg view was, hey, not me social media platforms shouldn't be the middle of this at all dorsy, it was, yes, it should be me and social media platforms should be the arbiter. trump was you better not label me and basically trying to intimidate social media platforms to stay the hell out of the way so, the question is, what is the best answer? i basically propose a fourth way

which is who should be the arbiter of truth, arbiters should be the arbiters of truth. all views should be aired but all views should also be subject to airing. what i mean is airing arbitration independent review and lay out a 12-element process. you summarized some of it, but the question is, what do we do to have some kind of sensible, independent system here where we don't have the wild west of social media with no accountability, but at the same time, do not concentrate more power in the social media platforms, letting them be the sole determiners of what's subject speech or not. >> i spent time looking through this, thinking about it. boy a layer of regulation and people deciding stuff on speech. then i thought, okay, companies are boards and they're constituted a certain way and there are rules that certain types of companies of a certain size have to have

boards constituted in a certain way. and so, you know, maybe this makes a lot of sense maybe we're in an era now where social media platforms have such power and the speech of certain people on those platforms has such an affect that there needs to be a structure around it. is that really where we are? >> i think you said that well. the premise here is section 230 of the communications decency act which got a lot of play last week that's the provision that gives a liability shield to social media platforms so that third party speech on those platforms they can't be held liable for. and that's an incredibly valuable liability shield because it shelters them from what could be millions or even billions of dollars of damage in terms of objectional defamatory wrongful speech on their platforms. my view is there's a precedent for this

broadcasters got exclusive licenses to speak when there were very few ways to get your views out electronically but in return for that, they had certain public interest obligations, including a fairness doctrine which basically set up a process whereby it made it possible to challenge a broadcaster whose broadcasts were unfair now, you had a bigger chance of being held accountable in the fairness doctrine as you did being hit by a meteor in the backyard but the existence of the process itself brought some degree of accountability to broadcasters who got that exclusive valuable license while here social media platforms are getting a very valuable liability shield. and the question is, should they have some kind of process in the public interest so we can police objectionable speech on that platform you have to pay for that and there's another precedent which is auction spectrum auctions or spectrum fees where today valuable spectrum is paid

for by the recipients of that spectrum i propose some kind of tax or fee on the largest social media platforms to pay for this arbitration process. but this isn't unprecedented it's a way to keep the government out of deciding what is objectionable speech but in return for something the government conveys having to have some kind of public interest process that you're responsible for. >> yeah. of course one of the pioneers of cable news, tom, you certainly know that precedent very, very well i was just going to ask you who is going to pay for this my other question for you, though, is going to be have you already started to have conversations, whether it's with lawmakers or with companies or others themselves about this possibility and what it would take to actually institute it? >> well, i haven't yet i used to be one of those lawmakers when i was senior council to the house telecommunications committee trying to wrestle with these issues and back then when i was there, it was, geez, how are we going to create more electronic voices

out there? and it was in the early days of cable and needed to create a way for more voices to develop which helped generate more cable news we got more voices out there we got a lot more voices out there. now the issue isn't so much how do you get more voices billions of people have access to social media and can speak. how do we create some kind of independent mechanism so that the speech can take place in a way where people know there's recourse and accountability for totally irresponsible speech my guess is we're going to need a change of administration and a change of congress for something like this to get some momentum so hopefully the proposal can be alive come next january. >> hey, tom, it's carl i thought the snapchat move was interesting in which evan spiegel said they would no longer promote the president's snaps. i wonder if you think that's equally clumsy or whether the

president or anybody deserves or has the right to amplification and if that's a target rife for regulation as well. >> well, i don't think you should limit speech unless it is grossly irresponsible. and the issue here is any one social media platform's management or ceo taking it upon themselves to put them in a position of hiding or limiting speech without there being some kind of independent process, i think does concentrate more power in the social media platforms. zuckerberg professes, look, the social media platform shouldn't be the middle of it. this proposal avoids social media platforms being the middle of it. dorsy's view is, hey, this should have social media platforms need to hold speech accountable. well, this holds it accountable without concentrating more power in the social media platform itself by having independent process. trump says, you better not have

any conservative bias. and this is intended to make sure that an arbitration where each side picks an arbiter and the two arbiters pick a third arbiter the way all arbitration works assures that you don't have built-in anti-conservative bias so what they each profess they want by way of a system, this approach is intended to embrace, just do it in a way that avoids the pitfalls of what each of the three of them propose. >> got a head scratcher for you to close out, tom. and that is, would an account be equally accountable for what it retweets or shares or just what it actually states because there are all kinds of issues around the messages that end up getting amplified sometimes by these popular accounts >> well, there are many sub issues here, including the fact you can't possibly have an arbitration over every single tweet or facebook post so, you have to have some filtering mechanism with an independent board that you

talked about where it rises to a level that would be worthy of that you have billions of people using it, so it's really only people with huge followings or tweets or retweets that become truly newsworthy that would rise to the level of this being a meaningful process the liability shield, of course, allows them -- allows curren social media platforms to avoid liability for tweets and retweets and the amplification no matter how many times it is out there, but the fact that that amplification exists creates a world where we can't simply allow totally irresponsible speech as the facebook employees that revolted against zuckerberg said from being able to exist without some kind of recourse this is not -- there's no great answer as i said but this is certainly better than the answer the other three proposed. >> yeah. this is the most thorough attempt at tackling this that i

have seen. tom, thank you >> thank you for having me appreciate it. coming up later on today, larry kudlow will join kelly evans on "the exchange" 1:00 p.m. eastern time this afternoon as mnuchin in testimony today says i definitely think we're going to need another bipartisan legislation to put more money into the economy

we've mentioned it earlier this hour, but take a look again at shares of vroom we spoke to the ceo around this time as the company went public over at the nasdaq the stock surged nearly 120% to close its first trading day yesterday. as you can see there, shares are slightly lower, down about 1.5%, but still more than doubled from that ipo price "squawk alley," the home of ipos returns in just a moment

we were evaluating that didn't seem to be the right time we saw some interesting momentum in our business through the later half of march and into april and then we actually saw that there was a great opportunity for us to move the business fwaorrd so we got into testing the waters, got into the road show and were obviously well received get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

the xfinity voice remote will find exactly that.for, happy stuff. if the groups happy, i'm happy. you can even say a famous movie quote and it will know the right movie. that'll do, donkey! you're expecting prince charming?

you can learn something new any time. education. and if you're not sure what you're looking for, say... surprise me. just ask "what can i say?" to find more of what you love with the xfinity voice remote. take a look at shares of tesla topping $1,000 a share stock getting a boost from news about its battery technology and

the possibility of new products. this puts its market cap a little higher than oracle, here is ceo elon musk when the company went public. >> based on the response we got going through we got going to the road show, we had an incredibly positive outcome from i think the smartest investors in the world,and if you look at our offering, it's not priced above the range, not just 20%, but when people look at the list of investors that are part of this ipo, they'll be amazed at the quality and strength of the investment group with tesla get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. hey! lily from at&t here. i'm back and while most stores are open, i'm working from home and here to help. here's a tip: get half-off the amazing iphone 11 on at&t,

america's fastest network for iphones. second tip: you can put googly eyes on your stuff to keep yourself company. uh for example, that's heraldo. he's my best friend. oh, sorry nancy, i forgot you were there. get the amazing iphone 11 for half-off on at&t, america's fastest network for iphones. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv. for the life behind every mask, the clock never stops and neither do we.

strikers among the medical companies in focus, shares more

than 10% off the highs for the year joining us is kevin lobo, the ceo of striker always good to speak with you. >> thank you for having me back. >> the swings in demand for the various parts of your business in the past 90 days have got to be historic. can you talk about what it's been like and if you're seeing any normalization of demand across your units? >> you're right, we have never seen anything like this, have economies come to a complete standstill, to have or procedures stopped in month of april overall sales were down 35% to 40% play was much better we can see the trend line was improving. we can see june being better than may sequentially week after week we're seeing improvement as economies around the world

reopen outside of latin america and india, everywhere else economies are picking up the term elective procedures is used, but in our space, they are really just deferrable you need these treatments, so we're decided to see the business pickup more importantly for our customers, because the impact for our hospital customers has been significant. >> yeah. just personally for people who might be in a fair amount of pain who need a procedure done. >> right. >> of all the lockdown restrictions that are being lifted in the coming days and weeks, maybe there's a particular state or county what is most critical for you to get back to business and how quickly can demand -- or supply keep up >> we're really ready for

supply in fact we did have to furlough some employees in may. we paid fully through the month of april we had to idle some production lines. we hope to bring those employees back soon, probably as early as july, but for hospitals it's just being able to bring back patients that's the only gating factor. there is some are parts of the country that really haven't slowed down where the cases are low. along the coasts is where we sea the biggest impact, especially like new york city, and they are already showing signs of coming back for patients to feel safe. the good news is we're seeing many surveys to patients saying they are ready to come back. surgeons are booking up their calendars, and hospitals are thinking about working on weekends

we're already starting to see signs of normalization still early, but very promising signs. >> yeah. that sounds promising, kevin we talk a lot about remote work across different industries and how covid-19 has affected and changed those dynamics i wonder what that looks like when it comes to the operating room and surgeries, and thus what that means for the types of products that you are developing and offering to your clients and customers. >> our sales reps really haven't started going to hospitals we have trauma cases, stroke cases, throughout the pandemic our reps have been in the operating room, because they're urgent cases for hip and knee replacement, for spine, our reps will still be required, but technology, as we've had found, is a huge enabler to change the business model for training in the past all of our training tended to be in person we have now learned we can train

surgeon as well as our sales force, about 80% is very, very effective through the use of technology i think technology also can be use to augment -- in some cases if a patients had coronavirus our rep would be outside the operating room to converse with the staff. given that we're an acute intervention company >> i notice that i've got a lot of gender diversity in your leadership team, and some ethnic diversity as well. i'm curious how this challenging period of time has affected the way you look at culture. >> so when i became ceo, you put diversity inclusion in about seven years ago. we have a board now 80% either

racially diverse or women, eight out of ten 50% of our board is racially diverse, including two black directors, and our lead director happens to be black. we have incredible diversity, and even in our leadership team, a third is racially diverse. we have women representation at the vice president level we have moved up eight percentage points of women representation of vice presidents, so it's been part of our strategy the good news is when i show our chart for seven straight years, we have accelerated our organic sales growth i overlay that with the increase in women representation in our company. our business results are improving as our women representation improves. i'm not sure which is causing which, but they're moving in the same line. that is terrific people see as we get more diversion, or business results are improving. i'm also the chair of our trade association, and when i became

chairman about 18 months ago, i put diversity inclusion as a plank, a new pillar for our trade association. i want the med tech industry to be more inclusive. so i really want our industry to also improve in this area. all the racial tensions, if anything, is amplifying the need and mental i've already been delivering and the progress we've already made as a company prior to these instances kevin, we appreciate the update both on the business side and on the inclusion side. i look forward to talking with you more as the economy hopefully continues to open up thanks again. >> thank you very much guys, interesting market day, and of course fed decision a couple hours a away, dow is down 300-plus, and caught a bit as mnuchin got on the tape and said more economic aid will

probably be needed now there's a story on reuters that boeing is aiming for july, and kudlow, when he talk to kelly evans at 1:00 p.m. eastern time for the time being, let's get to headquarters, scott wapner and the half. >> carl, thanks so much. our top story this hour, a big move from one of our own we're going to get right to that at the top of our hour today joe terranova, we're going to start with you >> at the exuberance in the equities market has reflected in a lot of the nasdaq na