tips sorry, i'm losing my voice >> that's all right, you can go grab some water. we'll see you next time. pete >> i like j.p. morgan an with josh and that pulled back. i did make some calls the other day. but i like citi, and with the volatili volatility, we get some upside >> steph, i need a name quick. >> expedia restructuring story under new management, still down 24%. another reopened stock have a good weekend, everybody. thanks for watching. kelly, it's all yours. >> thank you, scott. stocks are trying to rebound from yesterday's huge selloff but we're well off the highs right now. more mitigation efforts like what we saw in march with covid may be kneelneeded again if caso up substantially the bedebt piles on, but wel explore whether that means there is no new growth

henry kravis on diversity. what they're doing and what other firms can do, coming up. bob is here with the very latest for us. bob pisani >> no particular reason for the rally, but remember, we're still down about 5% on s&p for the week we're being led by financial stocks i just want to show you some of these bank stocks here they're the leaders here really across the board banks are up and short stock companies are up, but this inverted v i keep talking about, you see citigroup went up $60. energy is the worst performer on the week, again, this inverted v. marathon was at $6 beginning of the week, went to $9, but it's now back to $6 airlines are doing a little bit better today the group is still generally lower on the week here

united airlines, 30 to 50 in three days and then back down into the low 30s, as you can see. general electric, same thing it was 6, went back to 9, then back to 6 again, rallying at $7. inverted vs that you're seeing tech is a little ahead today megacap is kind of mixed, as you see here facebook, apple, microsoft, they're outperforming. amazon up a little for the week. facebook and google, though, i know are down so far for the week still a mixed picture but 5-1 advancing to declining stocks. back to you. >> bob, what do you make of the dow so far today we saw the dow up 800 points and then going down to only a 200-point gain then we get these cdc headlines. >> the question for today is do you buy the dip or not the reason buy the dip looks kind of attractive is it worked in the past. we had dow down 6%, very rare.

we had four of them in march where we were down 5%. four days. the last one, i think, was march 18th before the bottom march 23rd every time before that point buying would not have been a bad idea the buy the dip is still there, that mentality we'll see if that works in the longer term, though. kelly? >> that's always the question. bob, we appreciate it. good to see you, sir bob pisani with the latest there. it's been a buying binge for corporate trading. it's a new milestone and that's just investment grade. are we setting ourselves up fire very slow economic recovery because of this? joining me is ceo of strategis and jerry. chris, i'm going to start with you. it's a good sign these markets are functioning that all these debt sales are going off, but

should we be worried that a hangover is coming >> i think you're right, it's very positive that the bond market is functioning as as wwea it has and that it's as robust as it is the markets have done so simply as a preemptive measure. obviously there is a great deal of uncertainty brought on by covid, the health crisis, which led to the economic downturn, and as a result the worst thing any company can find itself, the worst situation they could find themselves is the case where they're short of cash, short of liquidity. many of these companies have taken a preemptive step of making sure that they have sufficient liquidity which, given their strong balance sheets and strong performance, they can repay at some point in the future, but it's better to have it now in the event of a

negative performance in the market >> i take your point, and if these are lines of credit, i would say maybe that's a good sign if we added up the lines of credit, it sounds like a big number and if no one uses them, no problem but it's still debt. chris, my question is these companies will have to pay it down, and broadly speaking, do all of us watching the markets and the recovery have to think that every dollar a company earns in the future, more of it has to go down to paying debt than paying people investing to grow, that sort of thing >> that's a very fair point. the key is, as we know, rates are at extraordinarily low levels in fact, it is the most expensive form of financing that the company can attain right now. again, i will go back to, this is not something that was done recklessly by companies. i think it is out of conservatism that they accessed the market, made sure each of them had sufficient liquidity to carry them through any significant downturns. in fact, we've seen companies

that have been in some of the sectors that were hardest hit, but yet they were able to access the bottom market and really receive some pretty significant investor demand, and that's critical if you're a shareholder in that company, you don't want to see a good company have issues simply because of a short-term liquidity problem. >> absolutely, and i know delta is one of the more recent examples of that it raised another billion dollars or so. jason, i'll turn to you on that note to kind of give us your thoughts on how you think this recovery is shaping up in some ways it's not so much about the v shape of the rebound we might see this year what are we looking at when we start to look one, two, three, four years out >> kelly, the hard part is the next couple months, andwe've been saying this for a while, everything is going to look like a v. that's simply because of base effect if you have load factors and airlines are down 95%, it's not

hard for everything to kind of look like a v, any cyclical company that's been shut down. after the third quarter, as you point out, it's a harder question, and we're using the idea of a square root shape recovery, for lack of a better symbol, but down a lot, up some, but then i think a slower growth trajectory after that. i think the recession likely is over in terms of the idea that we're going to continue to expand the economy from here, but i do think it's going to take quite some time to get back to the level of economic activity in earnings that we've seen in 2019 >> jason, one question, especially since you guys are very plugged into d.c. as well, there is so much back and forth lately about the poll numbers and what they say about trump's reelection odds falling or the odds of democrats taking the senate what is your latest thinking about what we're looking at come

november and any market implications from that >> the first thing i would say, kelly, my own personal opinion is that i watch the betting odds more than i watch the polls. i think that would be true for any candidate, because i think polling has gotten worse there are a variety of reasons for that part of it is technology, getting people to go and so on i think with donald trump he blows up polls because he's obviously someone who not everyone who is going to vote for him will not necessarily admit. the betting odds, though, have changed and they've moved in favor of vice president biden slightly i would say he's a slight favorite over donald trump i think, you know, my own opinion, i don't want to interrupt anyone's politics, but just from a global view of the stock market, certainly a democratic sweep, it's hard to do that as a particularly good

development for financial assets, in my estimation, and that's largely because i think there would be a lot of moves made to dismantle the corporate tax cuts that were put into place at the end of 2017 i think given the weakness of the economy, that would be very dangerous. >> on that note, chris, just to circle back to you, that has played into some discussions about the ipo market this year and even some of the debt offerings, that idea that maybe right now is as good as it gets. do you think maybe there is sommsom some merit to that idea in terms of how the market is doing >> the market is incredibly healthy right now, and it could be that rates will not get significantly lower, and we've seen that even a multi-billion financing, they are oversubscribed significantly by multiple times, and in addition the pricing, the spread over treasuries, has continued to remain very strong, often

tightening during the process which we market the transactions so the market has some very strong demand for a broad range of issuances of all types of credit qualities >> and you take that as a good sign as something that can last or a kind of enjoy it while it's here moment? >> nothing lasts forever, and there is a limit to how much debt any market can sustain, the volume that can be sustained and that's healthy but for now, because of the amount of money in inflows in mutual funds and managed by many of the fixed income investment managers, there is a great deal of cash to be invested and, in fact, because there is also a real interest in gaining incremental yield, even credits that might be slightly lower rated or those that have experienced some of the most impact as a result of the

government shutdown has still been able to fund themselves on the expectation that when we get through this, they will go back to being the healthy companies that they were before. >> absolutely. great conversation with both of you guys thank you. chris williams and jason trennert talking about these markets and the recovery meanwhile we've had some good news in the housing market with numbers falling this week >> reporter: the numbers are definitely going in the right direction. there are now 4.66 million borrowers for behrens programs or 8.8% of all mortgages these programs allow borrowers to delay their monthly payments for at least three months and as long as a year, but tay tke takk at the change. in the first weeks of april, more than a million borrowers a week were requesting bailouts. now the totals are reversing down 77,000 in the past week and

down 112,000 since the peak in late may loans backed by freddie mac and fannie mae saw borrowers as well while borrowers do still get relief, loaners have to pay back four months, and they'll need to pay $8.8 billion in advances over that four-month period. kelly? >> real quick, is there anything to be said for someone who get gets in trouble this year and next year. was this a one-time forbearance action >> if you get in trouble this month or next month, you can still apply for forbearance. >> interesting, so it still gives us a sense of how things are going. diana berick, thanks very much

the sector is down 13 points in the last five days. is this a perfect buying opportunity? the oil could be headed to 50. he'll explain. and we'll talk to henry kravis their most recent investments and his push to bring diversity into the board room. banks come back after a two-day selloff. morgan stanley up less than 3% overall the financials up a little less than 2%. stay with us much more on today's rally, ahead. if you think about the last few months maybe it'll give us a new perspective. maybe we'll see things we've been missing. maybe it'll help us see just how connected we all are. and maybe... just maybe, if we look at the big picture...

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welcome back a glimmer of good news as more airlines take to the skies phil lebeau has more >> it's the first time we've seen more flying in the airlines than since mid-march 502,000 was the number but don't get too excited. it's still down 82% -- 82% -- compared to where it was in terms of passenger levels a year ago. nonetheless, as you were showing and we're going to show you right here, airline stocks are off to the races again today the gains anywhere between 7 and

15% relative to the previous day, and that's a nice gain that they're showing there. but keep in mind this has been a wild week for the airlines monday they had a further pop which kept a three-week, four-week rise of anywhere between 50 and 60%, sometimes 100%, then it fell off in the middle of this week, and now what you're seeing is the rebound coming back today. one specific stock we want to point out to you, delta airlines the company finished a debt offering that it unveiled on wednesday, finished it today, raised $1.25 billion kelly, we will see more of this in the future, airlines continuing to raise cash because they are still burning through it at an excessive rate. >> we were just talking about, and the shares are up 9% the airlines index up 9% that's big, too. phil lebeau, we appreciate it very much. we've seen cyclical times

especially in oil and energy oil is down for the first time in seven weeks my next guest says it's a buying opportunity. joining me is jerry casselini. good to see you. >> thank you >> what tantalizes you about energy >> we've been playing this game, are we silk ccyclical, are we sr does energy need a break to get us through or is this really a secular opportunity to buy stocks i would say if you separate all stocks into this, names like microsoft and google on one side, and then the rest of them as cyclicals, look closely at what energy and specifically great oil companies are in that second group why? the important thing is unlike any other -- most areas of the market in the economy, there is a price pressure underneath. the energy market has this wonderful tailwind now with the

dollar down, with the price of oil down, and the need to drive and go do things, that's starting a really strong ramp. so you have this wonderful opportunity that all consumers can benefit from getting more out of less, and then you have this phenomenona, which in the united states is a true example, china as well. we're already driving as though we're close to a fully recovered economy. people are driving and getting out again, and the person behind the wheel requires a lot more energy than the person jump og a train or in a plane. so you're going to see more demand than people expect. the last thing -- >> go ahead. >> the last and most important thing is we will lose a fair amount of oil productive capacity in the world. you can't just shut in so many barrels a day and just recover from that. we'll get some of it back, but they will find new oil and get back into market starting next

year you put all of that together, you have an exciting fundamental background for this really unique cyclical sector >> no oil at 50 sounds crazy, which is why i like it if anyone said oil was going to go to minus 30, it would have sounded crazy, and yet that happened, too. curious as you mentioned about gasoline demand and how quickly it's come back what happens when people start flying again and aren't using so much gasoline on these road trips or maybe rv trips and that sort of thing? >> phil just pointed out we're just bumping along the bottom with jet, but think about it, jet fuel and flying in general, the actual passenger's side is a small, small fraction of people getting behind the wheel of a car. if you, for example, just take the big cities like chicago and new york and take down the amount of traffic with respect to buses and trains, all of that goes to cars and, again, you're using vastly -- a great deal more energy to drive somebody

somewhere than you would putting them on a train. there is just so much more potential demand for people getting back to work behind the wheel of a car >> it's true, and we think about at what point are those cities not going to be able to handle all of the car flow, but we're not quite there yet. you do have a couple individual names that you think are good bets in this environment tell me about them >> the whole industry now has gone through this revolution we were trying to make it form fit a $50 oil price with lots of competing sources of oil now those competing sources of oil are gone, and these companies that are back, the ones that will survive, they will be vastly better companies than they were at $50 the last time first of all, competition is going away there are names like chesapeake and others that are gone they won't be around they won't be sources of competition. secondly, the names like conoco and eog and hess, those were great companies before, now they've become super charged

you'll see in conoco, they'll return probably 50% or more the value of their shares to the shareholder in a $50 oil price world just in the next three to five years eog, which is the leader in extraction technology and separates themselves from the other shale producers, watch how well they do from an efficiency standpoint coming out of this. and finally -- >> and -- go ahead >> go ahead. >> no, you get the final word here and people have made a world class discovery with exxon and they've dominated that, and those barrels are starting again on the market. it's the cheapest oil anyone has found in the last ten years and you can buy it in that stock today. so you have three great ways of playing a very interesting cyclical and secular term. >> jerry, appreciate it. you always bring in the heat >> thanks. >> jerry castellini. will a concern about a jump in covid cases lead to another

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♪ yeah ♪ hey, hey welcome back to "the exchange." hertz, which filed for bankruptcy just last month, is asking a judge for it to potentially sell up to a billion dollars worth of new shares. why? because the stock has been on a massive terror hertz is up 10% this week, 682% up from its two-week low it did go as high as $6 in f frenetic trading this week it's now climbed back to almost $450 million this may be the first time ever that a bankrupt company issues equity at the start of its

chapter 11 proceedings if the judge does allow hertz to proceed. now to sue herre herera for a c update the u.s. is warning that they may have to reinstitute lockdown measures similar to the ones used in march if covid-19 dramatically rise again. starting in july of 2021, college student athletes in florida will be able to receive financial compensation for their name, image or likeness. florida becoming the first state to allow this. california has a similar bill set to take effect in 2023 north korea accusing the u.s. of making a, quote, empty promise and being hell bent on increasing tensions as it marks the second anniversary of the first meeting between president donald trump and leader kim jong-un. and sources telling cnbc that the attorney general's office is interviewing amazon workers who say they were

retaliated against for speaking out against unsafe conditions during the pandemic. for more on that investigation, you can go to cdc.com. that's it for now. i'll see you later, kelly. henry kravis, the co-chair and co-ceo of kkr joins us could volatility be a good thing? one investors says these drops should make investors feel better that's coming up

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welcome back to "the

exchange." it's been anything but a ho-hum day in the markets, though that's what it looks like this afternoon. stocks are way off their highs the dow was up 800 points at the high it's up 200 right now, an eighth-tenths gain all three are on track for their biggest weekly declines in 12 weeks because of that huge selloff yesterday. the worst week in 12 weeks still today, s&p up 15, nasdaq up 32 let's look at the financials making a comeback today after two terrible recessions where they were down 17% cyclical areas coming back today as well and utilities selling at about half a percent some of the names on the list include lululemon is at 4% following its first earnings miss in three years. again, year to date still very strong tesla shares are also down as it was downgraded from underweight

to equal weight at morgan stanley, who said there were several factors, including in need of apital today it's at 934. pvh is lower after it said it expects revenues to decline. shares down about 10% today, again showing the fact that these investors have no clue what the financial picture will look like for a lot of these companies still. a black enterprise found that many companies had no black employees at all seema mody joins me right now. seema? >> that's right, companies are hiring more people of color, but it shows that less than 17% of slots are held by minorities investment firms like kkr are partnering with organizations like sponsors for educational

opportunity to get low-income students through college while its careers program places minority graduates in banks and private equity to discuss the path forward for wall street, i'm joined by kkr co-ceo henry kravis and its president. thank you for joining us it's a pleasure to have you on cnbc >> it's nice to be here. thank you. >> corporate america is trying to understand how to address the lack of diversity in the workplace. you've been a big supportive chair on the board how has it affected how you recruit minority talent, henry >> well, we've worked at recruiting minority talent for a long time. this isn't something that just happened two weeks ago we've been at this for a long time we set up an inclusion and diversity council probably five or six years ago we hired a chief diversity officer in 2015.

so we've been working at it. one of the things that we found that actually works well is partnering with organizations like seo, sponsors for educational opportunity, twego is another one, and then some black-run private equity firms like harlem capital. so that's how we've gone about it build the partnerships, tried to raise the size of the funnel so that it's wider, it's deeper, and try to find people both at the upper echelon in executive roles for us as well as coming at it from the bottom end in hiring minorities right out of college and out of graduate schools. >> and, william, what exactly does the seo program entail? how do you prepare minority

graduates and get them placed at top wall street firms? >> so seo was founded in 1963 at the height of the civil rights movement, and it's ironic that it's relevant and necessary today. we have multiple programs, but in terms of the program you ask about, our career program, we start recruiting students as early as freshman year in college, and we work with them to prepare them to be competitive candidates for summer internships that lead to full-time jobs typically these internships are between junior and sophomore year of college. intense, hard-skilled training in technical skills, things like modeling, excel, powerpoint, and the soft skills, how to conduct themselves in this highly competitive and coveted industry 80% of our summer interns receive full-time offers at the end of the summer after their junior year of college through the years we have over

13,000 alumni, and we've launched seo programs around the world, in africa and london, china, vietnam so we're really proud not just of placing so many blacks and hispanics in these coveted roles, but the way they've advanced through the years over half of our board of directors is comprised of seo alumni >> henry, you're manager of -- >> if i may -- >> go ahead. >> i'm sorry, i was just going to add one thing to what william said i think it's critical. what we find is that corporations that we're dealing with, all of them want diverse candidates, but where they have the problem many times is finding diverse candidates who come in that are trained, that are ready for work, understand how to model, understand even

how to dress and how to relate in a corporate environment that is something that seo does. we take them through a very intense training program so that when they're finished with that and they start their job in a corporation, they have a leg up and are ready to move forward. >> yeah, and roles like -- organizations like seo play an important role in getting more people of color in the door, but how do we create more advancement programs to see more diverse leadership in the c suite and in the boardroom >> look, it has to start at the top. if it's not a priority for a ceo, it's not going to happen, in my view at kkr, george roberts and i were the co-ceos we've made it a priority and it's been a priority for a while. we want diversity of gender, ethnicity and thought, and you

get better thinking, you get better working environment if you have that diversity. so it must start at the top. so a few years ago, we made a decision that we were going to have a program where our u.s. corporations had to have at least 80% of our u.s. corporations that we control, and we have companies we don't control, we have a lot that we do control, that we wanted to have at least two or more diverse directors on their boards and that's over 41 companies in total, and what i'm really happy to say is that the first quarter of this year, we were able to meet that goal and we obviously hopewell continue forward on that and work at it. but it starts at the board level, it starts at the ceo

level, and then you have to get everybody in the organization to buy in there is another piece that i think is very important, and we've gone at this in the same way at kkr, and that is to have trainingfor unconscious bias training this is really important all of us don't realize that there is bias in how we operate, how we think day to day. so we've had two different sessions with this, training all of our executives at kkr to overcome and to be aware of unconscious bias, and that has helped us as well. and i'm really happy to say that today we have four seo alums that are partners at kkr today, and we have a number of other black executives that are in the managing director or director roles at kkr

>> it's an important point to make, especially as wall street really takes a serious look not just about inclusivity but efficacy at the board level. henry, we'll leave the conversation there thank you for joining us today, and william, we really appreciate you both joining us today to discuss this important matter kelly, back to you >> seema, thank you. seema mody with that great conversation there going to take a quick break. coronavirus cases continue to spike in several states. you can see those declines the former darden joins us to talk about restaurants reopening and living in a po-cidorstov wld stay with us we're back in a couple ♪

♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. welcome back remember those big gains earlier? the nasdaq just went negative so

it's up a point right now, but it just dipped into the red to give up its gains on the session. the dow is still hanging on about half a percent gain. the s&p up 6 this was after a 6% down day yesterday. not a big comeback we'll keep an eye on it. it's been a rough week for hospital stocks as covid cases continue to spike in several states let's look at bertha coombs for more bertha >> it's been a rough week for hospital stocks. they've been on a tear and really bounced look at the declines this week the big concern is the fact that some of the momentum they've been seeing could now be reversed raymond james, in fact, talking about how they've seen a rebound in states like florida, key states for a lot of these hospital operators hca, tenet health, universal health all up 70% or more in terms of their volumes, up

before they were before those states reopened in april but we're seeing spikes of coronavirus in texas and in florida. the concern is we'll have to see these hospitals pare back, and even if they don't shut downie elective surgeries, the question is about patients. that's the big question in all of this, that patients might be scared to come back if they feel there's too many risks of them being exposed to covid in the hospital, kelly. >> right, and i thought it was interesting, too, that they talked about not just the short-term pressure they could suffer from coronavirus itself, but if we have it in the long run, that could hurt their proportions. >> uvi cut a number of unemployment on that issue

the feds saying they think we'll end up with unemployment at 9.2% that will make a shift of how many people they get with hospital stays on average. people who get insurance from their employers, it's about 25,000 on average. for someone on an exchange plan, which is still a private insurance plan, about 20,000 when you go to medicaid, which is the safety net program, that number falls by a third, just under around 7500 or so. so that would be a very difficult pare mix as more people are forced to medicare. >> bertha, thank you very much it speaks to what we're seeing bertha coombs on the state of hospitals there. one says following the big selloff, she actually feels better about the market. why? she'll explain next. and states like florida, texas and arizona have seen a rise in coronavirus cases. in fact, houston may have to

reimpose stay-at-home orders we'll see what that means for the rest of us that's next. ♪ can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

welcome back to "the exchange." with the s&p negative now, the composite down to 130% and the dow down a 20% gain today. for more on these markets i'm joined by senior strategist and kim at boca capital partners kim, we've been teasing that it's holding down the market does that stand for today? >> kind of we don't want to see it drop too far too fast, but it did seem like it got ahead of itself, especially with the rise in what

i would call the sillier stocks, like people buying the bankrupt hertz stock. i don't really understand that, but they're doing it and sort of piling into airlines and cruise lines because they're cheap. well, cheap is as cheap does, and let's see who survives and i think that's the stuff that made me really nervous, right? but it feels like we're getting back to thinking about what these cash flows fromcompanies are going to look like, and maybe we did get ahead of ourselves. >> michael, does it all come back to the fed, because a lot of retail markets in this now think that the fed has the backstop and there's no way we can really see the market collapse >> i want to make the comment, kelly, that the central banks have really driven the risk assets in the last few months. the move in the last few days, is it due to the fomc, is it due to people saying, things are going well, it's time to cut

some risk now. probably a little of both. with chairman powell, he says the recovery is likely to be pretty long, pretty slow he dismissed the tremendous jobs report last month, but the fed has to get a fair amount of credit and a little bit of blame as well. >> michael, it sounds like you also think chair powell needs to smile now and then >> well, it was a blowout jobs report, so we're being a little more upbeat about that probably would have been a good thing, but the fed put into play so many programs in the last few months, and generally they've done their job they provided a nice circuit breaker, if you will, gave some nice reports to the credit markets. but if you look at the treasury yields, we're talking about equities going wild the last few months treasury yields are doing nothing. if you look at the treasury yields today, it's about nine or ten points below where it was

when the s&p hit bottom on february 23rd. the fed has well locked-in rates. >> kim, let me bring you back in for those who say, okay, maybe i don't need to be in the silly stocks, what are some stocks i can feel comfortable being in sn be in even if they do go down because the market slips on another banana peel. >> i think you need to understand the companies that you're going to buy have to have a longer term story. what i'm looking at is technology because it's the thing that gives companies and people productivity. and something that is 5g we don't know what the killer app. semiconductors that play into that field, that's one area. all of that surrounding 5ge

ecosphere too. >> you say a brand builder can maintain enthusiasm with the for north face brand and time. thank you, both. the dow almost negative. it's up 11 points. coming up with renewed spike in covidcases in several states, we'll look at the impact on restaurant stocks and the names that could be vulnerable atlanta falcons minority owner w warrick dunn weighs in on finding solutions and the nfl admitting it was wrong stay with us to pursue the elusive. while also capturing the possibilities. even something like co2.

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welcome back with the dow lower by 29 points having given up all of its gains, the restaurant sector has been hit hard by the pandemic as well there's certain stocks that are taking the brunts of the losses here let's check in with kate rogers. >> some names are holding up better than others those that have seen their business hold steady and grow during this time include chipotle, dominos and wing stop. these companies have robust carry out and delivery platforms as well as partnerships to cater to pref renerences in the new normal casual names like blueman

brands, chili's parent company all down between 30 and 50% for the year the casual sector has been struggling more than others and had been before covid began to spread major change transactions continue to spread it's a 3% increase from the week prior. full service change transactions fell by 37%. we'll have to see what this new spike in cases means for that data moving forward. back over to you >> thank you kate rogers. casual dining and other nasmall businesses taking a big hit especially black owned businesses a study shows the number of black business owners has plummets from over a million in february to just over 600,000. that's over 41%. the former ceo of darden restaurants and the lead director on verizon's board. it's great to have you here.

welcome. >> thank you good afternoon >> what would your message be to those put out of of business by this pandemic, especially the black community? >> i think it's not unexpected the african-american community really consists primarily of independent restaurant owners and independent full service restaurants are bearing the brunts of this some of the chains clearly have an adversely affected but they are better able to withstand this kind of damage than independent. we're going to see a much more significant affect on independents, a lot more closures and that's where the majority of african-americans happen to be positioned who are in the full service dining industry >> we've also talked about the unemployment rate and the very end of expansions from minority community and the first to get laid off as well is there something society could be doing better. >> i think there's a whole host

of things society can do better on a number of fronts. it's encouraging to see how quickly, astonishing how a mind set that's needed change for a long, long time has changed. as i look at corporate america in general, i think there's a lot of things that companies can do it starts with removing a couple of o things that in my opinion have been barriers to success. one of those is this whole notion of color blindness. if you're color blind in a world in how people are treated really depending on race then you're not color blind. you're really socially blind we have to get past that the whole notion of diversity has become a barrier it's critically important.

we can bring together different perspectives and get solutions and live better lives. diversity can't crowd out an additional focus on the fact that race matters in america a lot of african-americans have become very skeptical about inclusion. they feel it's to avoid the more uncomfortable questions around race and racism. diversity and inclusion has been a barrier as well. there's a lot of things companies can do but moving past those first two barriers are some important initial steps >> it's a much bigger conversation than we should dig into i have one more question given your experience at darden and verizon, can you give a couple

of examples of what companies can do here to try to help on those counts >> one is to understand the worker experience. the black worker really look at, understand, all of your people systems your hiring, orientation, performance management, promotion systems and what changes are needed to make those systems serve black employees better the same thing needs to happen in terms of looking at the black customer experience. then, in terms of really helping black businesses and allowing them to get past this immature stage where they are vulnerable like the restaurant owners, we need to think about investing in our supply chains in some real new and innovative ways.

what paypal announced in term of setting up a venture fund focused on african-american businesses, i think, is something other companies need to look at >> that was a huge investment. $500 million it's a pleasure to speak with you. thank you. we appreciate it >> thank you >> lot of thought ons what companies could do here. that's how we'll close out the exchange i'll see you on power lunch. thank you very much. we'll see you over here in a moment this is power lunch. so much for the snap back. the dow giving up an 800-point rally. there you see in realtime the industrials, the s&p, the nasdaq composite and russell 2000 sl all turned negative. take a look at caterpillar one of the worst performers this week a top analyst says buckle up for a catatonic recovery he'l