that dave dodson was just highlig highlighting >> apple is also higher by about 3% it will be around there nor today and then you have tesla. the stock above 1300 right now i'm trying to remember when elon musk said it was too high that is not stopping him from ribbing the shorts as his stock is up 8% this morning. >> yeah, it doesn't feel like that long ago, but it seems like an eternity. she certa he is certainly having fun with it, those short shorts the ribbing on the short te sellers. i can't help but notice too,

alphabet is up about 11% year to date amazon is up 50% this year you have to wonder if it is the revenue that will be hit particularly hard as travel remains under pressure and they get a good chunk of revenue from that sector. >> his tweet was on may 1st, the stock closed at 701 that day, we're getting new details on the ppe program. >> yeah, we're waiting the release of loan recipient names. that should be about 13% of the recipients in the program. here is what we know about ppe after as you mentioned the president signed that extension over the weekend 4.9 million loans were

guaranteed the average loan side was $107,000 about $30 billion in loans have been returned or canceled. those that fall into the category will not be on the list that we are supposed to get today. this is supposed to be how many employees were in the company when they applied for the loan many businesses are facing deopenings, we'll be back with more as soon as we know it thank you, kate. that is a good way to get into stocks the nasdaq hitting another all-time high this morning and that's where we'll start with michael lipper michael, good morning. i want to talk about growth, what is a growth stock even meec mean how do you expect growth at a time when stocks are at these

kinds of highs you say there are certain secular trends that matter no matter want. >> that's right, growth and stock prices are two different things, right? big secular trends that we see in society in the last ten years that have really picked up because of the unfortunate situation because of the covid pandemic that is everything going digital and they have proven resilient we need software and communications to work from home people have more time on their hands, they're spending more time on video games. and so you know you have a lot of confidence in where the growth will come from. and that growth is going to come from things like ecommerce it's going to come from things

like e software, security, coming from home that's why i think those areas of the market have done very, very well. >> in the top ten holdings are micro soft, tesla, alphabet, i see you initiated positions in facebook and snap in the volatile quarter that we had maybe it was the first quarter what is the case for digital media advertising stocks in this time when you see a lot of their core customers, small businesses, in a real estate of uncertainty. >> it's the different between short-term and long term we're long-term investors and when you see stocks suffer like they did in the march and april time period, investors really had a good opportunity

what will we look like when we're through covid. digital media is a massive trend, facebook has more people on their platform than anyone in the world. over two billion people on the facebook platform. snap which is large but dominates the 18 to 35-year-old age group. which is really, really hard for advertisers to engage with snap is also doing very positive things in terms of not just communications, which your kids might use, but entertainment, premium content on their platform with advertisers are more comfortable putting your adds against so we just thought there was a fantastic opportunity where snap got down to for long-term investors. that's why we added to that one much more significantly than

facebook >> you added to snap and trade desks being your digital media advertising. i know you spoke more about facebook now, but are they taking share from facebook and google, the dominant players, and what do you think the regulatory risk is when we go into a few months where scrutiny s ra is ramping up. >> let me take on regulatory risk first it has been around for a long time it feels like it is picking up right now. a lot of that in the united states is particularly due to the media and election season. when there is one thing that both sides agree on like the tech companies we make an assessment of what businesses we think are more at

risk and certainly of those three, the biggest waiting in my portfolio is amazon. i think the value of the parts is greater than the whole in the market right now we have done lots of analysis on some of the parts there. your other question was on things like trades their ceo is talking about massive change in the way we watch tv, right? tv moving from the old legacy tv where you watch a certain show at a certain time and they put commercials hoping you will watch them, not having recorded and zoomed through to what is called connected tv or over the top. the netflix, the hulu, et cetera you can have on tv what you had on the internet for 10 or 15 years, highly personalized and

targeted ads i think covid is only accelerating that transition and that opportunity is massive if a company like trade desk. >> what is the consequences of the spike we're seeing in covid-19 whether or not it is creating discount prices for certain stocks or perhaps revealing some things that change your bullishness around certain names. >> listen, we watch covid very, very carefully a fantastic health care team we tried to avoid the politics of this. there is no doubt that because of the covid pandemic, how long it will last when they will come up with a secure or a vaccine, what impact it will have on the impact, we're in a period of massive uncertain uncertainty. sow what the market will do in the short term, i don't know,

but we're long term investors and we really try to focus on long-term themes that we think are indisputable some of the themes that we're talking about are indisputable they're not new. they have been going on for a decade they have accelerated, right they talked about how digital transformation has been accelerated by three months. in the short term anything can happen, certainly small businesses and their advertising, anything they suffered in the short term, but i think they're only more eng g engrained in our society now once you change and you realize that something is better, work from home or going on net flick, orders from aamazon, these thing are engrained and they will continue

>> that is the challenge for investors. thank you, michael >> thank you very much >> speaking in large structural changes in the way we all behave, uber up 5% 2.65 billion in stock. consolidation in meal delivery but it is really not enough to get the stock from moving out of a range that it chopped around for two months >> yeah, i think you saw more of a response they were going after grub hub but everyone knows this is a industry, a landscape, that needs consolidation, right remember the uber eats in their last reported quart eer lost the million if will be interesting

to see where uber takes this the investor call this morning they said that uber is profitable on an adjusted even up basis in a few markets but it still has a long way to go they have been focusing, they consider themselves a logistics company. uber only considered themselves a food company in the last few months so they still have a long way to go if. >> yeah, tony, i'm watching him now. suddenly we're talking a lot about uber and air bnb suddenly door dash is a really interesting stand alone start up their approach to growth, their

arguably the last significant start up standing in this space. and the question is how does the pure play fair lyft was sort of that for ride hailing, but they are sort of all of that. but the shine is on food delivery do they raise more money, lots of questions for me there. now instead of uber spending money on making rides cheaper for people, they seem to be spending money on consolidating and we'll see if that means that pricing goes up. >> yeah, i think that will be tough for them because they spent so long trying to edge ride share door dash has been a pure play food company, and their strategy

was so different than uber door dash went into the suburbs and got a lot of success there you can get to profitability i look at the chinese food delivery company when they went public it was notching losses. now it is about $100 billion market cap companies so is it winner takes all. is there one that just dominates and turns possible. >> we'll see who the early mover is with ghost kitchen. nea anyway, rubio's coastal grill with restaurants in arizona, california, nevada, and more the challenges of reopening as we see a resurgence of cases in those states that is next, stay with us introducing stocks by the slice from fidelity.

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and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. based on the data that we saw, and the he will shallty of this virus inside where we lose lives. when you combine indoors, close prom similarity, and by definition you have to take your mask off to eat.

we'll get there, i hope, but we're not ready for it >> that was phil murphy this weekend on the rise of risks for reopening and indoor dining. including arizona, california, and naevada. mark simon joining us now on some of those challenges good morning and thank you for being with us. >> good morning, how are you >> i'm fine, thank you run me through the last few weeks. have you had to pause or scale back some reopening plans? >> we have we had to close dining rooms and in all cases we have been in come plins as quickly as possible with local ordinances, county health, or in the case of 19 counties in california as

dictated by the state and we will continue to do that because it is in our best interest collectively to follow the facts and follow the science, and make sure that we are, you know, the health and safety of our team members squarely in front of us. >> what has that meant for your business to move forward with the reopening plans. >> employees are concerned one of the things that we did six, seven, and eight weeks ago was we started lirl on with a focus on safety in the restaurants. long before we were reer required to do things we shut down the sal issa bars, we adde plexi gla plexigl plexibla plexiglass we hired an employee that does nothing but clean, clean, clean.

and the reason we do this is at the end of the day from my perspective, and i believe very strongly in this is that the way forward for sus us is to reinsta sense of confidence in terms of whether or not it is their shopping or designing experience to the extent that we can do that we can shorten the cycle of bringing business back to the extent that we don't the path way back will be longer and more difficult the miami-dade mayors office say ing they're reclosing restaurants and gyms as you look at florida, texas, arizona, and california, what to you stands out terms of hot spots and areas that you think policy still has the where with all to keep these out breaks under control

>> you have to take it market by market and state by state. governor newsome was an early component. i think they will take the steps they deem necessary to protect the citizens of arizona. those are the kinds of things that we have to follow but we need to make sure we can be responsive to our guests we have been an oasis. we have fish tacos, beer, and sand in your toes. we want that experience to be available as bests with can. we moved to curbside pick up, express pick up. a focus on sanitation in the restaurants, everything that we

could do to make it ease your for our guests tone joy their rubio's favorites. we also changed our menu a tad we added family taco and burrito kits it has served us and guests well >> is sounds like you're saying restaurants in general because of the limb nations on dine in are going to get more casual by their very nature. by their menu, but the way in which you interact with the staff, everything will get less formal, right? >> i think that is right, but we have to take into account i keep stressing the way back is to instill confidence for your

dpess and employees. requiring ppe. we do those things to protect not just the guests but also our people our people have birdie courageo courageous i can't thank them enough. one quick example was pivoting to add curb side pick up i challenged our field organization to get it done quickly. and 95% of our students that could have curb side delivery had it it enhanced the entrepreneurial spirit i could not have been more proud. as we fight and it is a daily fight, if we keep in mind that we're serving people and we can be that oasis, that sense of normalcy, at a time when it is

so dpresperately needed. good food, served by people thoo remember you, and sometimes even behind the mask know who you are and that you're a frequent guest. >> restaurants for a long time have had signs that say no shoeinshoe shoes, no shirt, no ordinance. you say you're requiring masks do you feel you can require masks when when the is not required by local ordinance? >> it is tough, but we want to in most cases we have done so. i do worry that noncompliance on the part of people that don't believe that masks are appropriate can put people in harm's way thank goodness we have not had that problem i think because we have such a strong and long 36 year connection, i think people trust us to do what is right and i

think that gives us a leg up in making sure the environment is safe and friendly. >> i want to ask about your workforce. what are their concerns that are perhaps not getting heard as much as they should for the workers out not serving customers and what more do you think even outside of your company, government and officials could do to protect workers like yours >> the workers have the same concerns that anyone else has. this is a very dangerous, very difficult pandemic to deal with. the levels are difficult to manage and our people have the same concerns as everyone else so to the extent that we can protect them with masks, gloves, face shields for those in direct contact with people. we do health checks, we take temperatures, and we have that difficult conversation if you're not feeling well we

don't want you to come to work that is an ongoing concern in the restaurant industry. it is not new, again, given our long standing tenure, they trust us to know that we do have their best interest at heart and we're trying to thread the needle between what is best for them, for the business, and allow us to create that safe environment that has been so football speci for so long. >> how are you delivering the family taco kits, how are you doing curbside pick up >> the third party t delivery partners have been incredibly important to us. we have good relationships with

uber eats, and grub hub. but the last is very important in the industry. that and the fact that we developed an app last year that positioned us to deal with this even before we knew how important it would become and it has become absolutely critical we were pretty well prepared a little ahead of the curve in being ready for this problem so technology supported third party delivery free delivery, and enabling us to provide free delivery where we subsidize cost is important for us to maintain share and make sure people can enjoy their favorite rubio's items at home

>> mark, it is certainly a new world out there for restaurants. that is mark simon, ceo of rubio's coastal grill. >> thank you for your time, i enjoyed it >> market has not really been shaken by the headlines that miami will close restaurants and gyms effective on wednesday. when we come back we'll weigh in on uber/postmates. don't go anywhere. last look at d last look at d before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪

. john, that is right. european markets moving higher today lead by gains in the bank, tech, and auto centers retail sales rose almost 18% in may. still down more than 5% year over year. the european condition is giving conditional clearance to remdesevir finally one of the top gainers in europe today is commerzbank still, the resignations came as a shock as they called for a more orderly transition at the

bank which it called disastrous. back to you. time now for a update, let's get back to sue herera >> nicholas cordero has died at age 41 from covid-19 complications. he was on a ventilator, placed into a medically induced coma, and had his leg amputated. north dakota officials say that will have a significant consequence. for more on the judge's decision go to cnbc.com >> under china's national security law foreign media outlets will be required to provpr provide information ontivitieons

a statue of frederick douglas has been ripped from it's base on the anniversary of one of his most famous speeches. wsu're up to date, that is the ne update this hour, "squawk alley" returns in two minutes. hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com.

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nobody i would rather talk to about the tech deal of the day than kara swisher. good morning >> good morning, how are you doing? >> i'm doing pretty well this one i think has a better chance of getting through without antitrust scrutiny because post mates doesn't have the kind of share in big markets where uber does. does that make this less of a good deal? >> you know i think the question is does this delivery market get sewn up by two players which is door dash and uber you have to imagine antitrust

officials will be looking at this you know they want to really double down in delivery because it is a good business for them and it gives them multiple revenue streams and it makes perfect sense from a business point of vow i don't know if it does from a restaurant point of view i wonder if they will on jukt to this if there has to be other deals. i can't imagine there won't be some push back to split the market between door dash and uber, at least in this country >> so now you've got an uber that is sort of horizontal across a bunch of gig stuff. ride hailing, food, trucking, and then you have grub hub, part of this vertical thing that is all about food delivery. if you're door dash, what do you

do do you go public do you raid another private round? who else will they invest in >> right, that will be intere interesting because it is a bruising business. there will soon be ke tigs in will be a winner takes all situation. i think maybe two players, so if you're door dash, maybe you sell or you do go public and you raid money. all of them are plagued by issues around employee benefits, health, and safety whether or not these people are employees, and this is complicated, but scale does matter and they can argue they need to be this big in order to tweet pr compete properly they will be cut in on better deals, all of them

>> good point, so the question of consumers, do fees suddenly go up. i wanted to ask you about the combination of the companies there was no comment about where the ceo will go. does he fit into the culture, and what happens to the employees? can uber afford to play off an additional 1,000 employees >> well, if they're laying off now is the time to do it, right? there is cover right now this economic crisis. i always think they end up leaving, there is always a yes question, they're going to be here i think the main uber delivery will stay ahead, right i assume he will leave and start another company. that seems to always be the

pattern. but you never now. >> did uber miss out on grub hub? would this be the bigger deal. post ma postmates is the smaller rival >> yeah, we talked about it on our pivot show it was the buy to get. it would have been a bigger problem from an anti-trust point of vow they have to pick up these players, they can't compete in this environment in terms of getting scale. so they had to get bought like a lot of these it is like movie theaters, the same thing, certain industries that have to consolidate and the issue is how they consolidate

and how many competitors there are. for consumers we have been getting a deal forever the prices that we pay have got to go up and they have been going up you're essentially taking advantage of the workers in a way that seems egregious to me >> hey, kari just over a year ago buffet said i'm a great admirer of dara's. he said there was an investment possibility and they had discussions. do you think that uber has retained that interest from some giants like buffett. >> i have no idea if he is interested in buying that. i think he likes the business.

and so i don't know. that is something i don't know about. he is busy buying oil expressways, i think, right? that was a good deal for him he always finds the good deal. >> kara, i want to go back to doordash, could they ipo, could they sell. could they sell to anyone at this moment? there would be more anti-trust issue with uber buying door dash than grub hub, or is it a question of does door dash itself get inquisitive >> they have to do one or the other, right amazon, walmart, those are the two i think of off of the top of my head. but you know amazon has to be looking at this space. they had been in it. i don't know if they were still in it, but it seems like an

adjustme adjacent avenue. i think consumers have moved that way, too, right so everybody sort of -- whatwhat happened in the last six months is going to be happening in the next five years. if i was door dash, i would buy or be bought, right? >> you don't want to be lyft in this environment, right? maybe they could merge with lyft but that seems -- >> a fashion we, tesla is at 1336 right now and just over 700 a chair.

does he have to wear his own red short shorts >> i have no comment. >> can you see him dancing in those shorts >> unfortunately i can see him -- he would, if anyone was going to do it he would put them on and wear them whatever i stay away from tesla stock because it is just so many people that that have gotten in trouble. it is what it is people think this is a good buy and you think is the future, buy it if you think it overpriced my grandfather used to say the stock market either goes up or down the shorts are lovely, i appreciate the vision of him wearing them in my ahead thank you. >> thank you, it's electric. >> i like that he plays. whatever, he is having fun with

them it's fine. >> kara, thanks. >> thanks a lot. >> john, you got that stuck in all of our heads, thank you for that i'm not sure we needed it. let's look at where we stand in today's rally. major markets are up the dow is up 1.5% the nasdaq up 2.5% hitting a fresh high at the open we'll be back in just a moment

among the names hitting highs today inclue chegg the ceo will join us on the the ceo will join us on the other side of this break to rea.

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shares of chegg have doubled in last three months as stay at home stock trend continues the ceo of chegg and our friend joins us this morning. good morning good to see you. >> good morning. how are you? >> doing great enjoying watching the run that the stock has had and the business, too. it comes on day where we're getting updates from rutgers i see harvard is on the tape with decisions about the fall in terms of what kind of model they will have, largely online classes even though they might bring some students to campus. how does that affect the new business model going into the academic year? >> we end up winning either way, which is what's very clear is students need more help than

ever schools whether they open or whether they don't open. they all will open the question is whether do they do it online we think it's risky if they do anything in person and you can see that they are putting economic models ahead of the student. even professors in this case don't want them to open because most tenured professors are older, which is a whole other discussion for chegg, regardless, every school will need help in supporting their student every student will need with less office hours, there won't be on campus labs open what chegg does is helping people learn and master their subject, these are all things that continue to accelerate. we were growing before covid in the 32% range. post-covid, it's just exploded >> do you see any sign of that

slowing down >> we're in a quiet period now i would say that we have seen an increase in summer school. a lot of students who weren't sure whether they would go back to school in the fall, if they weren't comfortable going to school in the fall or they didn't want to pay the full boat even though they weren't going to be on campus going to things like community colleges and less expensive online schools we had a robust summer beginning of the summer school system which is historically not been the case >> it's john i got to first acknowledge your vision here because market capital chegg is nearly 10 billion dollar it started off as online textbook company you have taken it into being a digital education services company for students it's been over several years i might liken it to the cloud journey that adobe went on now that the conventional wisdom has caught up to your vision, it took several years

what's next? what does chegg becomes that seems outlandish now >> thank you i appreciate you were the first people to see it and put my on ft. knox to discuss it people will have to learn. they will have to learn more often over the course of their life to stay competitive professionally because of the impact of technology we believe today than more so that education will have to come to you rather than you come to it the question is what can be learned online there's 750 or so scertificate certifications and licenses that people need to take. they need to master those. they need to be proctored for those things 50% of the world's population is below the age of 30. when you realize that more people will have to learn and be learning more technology, more technology skills, we think what we can do is bring greater spoths but also through assets

like -- we can begin to bring real job skills at the same time people are getting their academic skills. we're lowering the cost. we're increasing isas. we're increasing the amount of sko lorsh scholarships we think we can bring the cost of education down and the relevancy up they want to fight for continued courses that are not as relevant as they were 50 years ago. what will matter is can the person be successful in the workplace with what they need. that's the direction chegg is going. >> i wanted to get your take on facebook you come on and spoken to us about it previously.

what the company is under going now, the boycott do you think this time is different and if it doesn't impact facebook's bottom line, facebook will lose some clout given the pressures on the company? >> i don't know if facebook will use cloud. it's not good when people go from a brand they want to use. whether that's happening with consumers or advertisers, that's a place where you don't want to be as a business you want that high end net promoter score like chegg has at 80%. people love using us they love using amazon they used to love using facebook they still love using instagram. facebook is a pioneer. they are ahead of everybody. half the world's population communicate through some way shape or form through facebook it's not an enviable position.

i think they are trying to navigate it. i think he's a listener. i think he evolves he may be a bit stubborn in evolving but i think we'll see facebook with differentspectivet six months and next year i think we're all learning more about what people need to hear, the way they communicate, what they learn, the way they learn bhap is fair and what is right i think in this climate they have to evolve i think they are smart enough to evolve and i have faith in them. >> go ahead, john. >> i was going to say, dan, if economics are not his motivation, what is? why are we seeing these changes if it's not because of revenue pressure, as they say? >> first of all, mark -- he's young. he's brilliant he's great kracreated this asseo one else imagined would be successful because they go first in

everything and their size is so big, they are the tip of the spear. they get to make more mistakes than anybody and then they e vovl they have changed their business model, the number of things in the news feed, they changed the kind of assets they own and the way they compete they continue to evolve. i think probably the bigger issue, if i were to guess, not so much the economics, it's employees. what do the employees believe in what are they willing to do and the employees are driven by pressure that we all feel to evolve, to change, to grow, to learn, to listen i think mark has always done that i know cheryl has done that. there's a lot of smart voices in the room it's just not as easy to change on a dime as people would like i do think we're seeing slight move to the evolution but i think we'll see a bigger one i think employee will be a much bigger factor than they would be at most companies.

>> all right always great to get your insights we have seen tesla growing gang busters. i'm taking a look at stocks and everything is higher we mentioned tesla, not everything, but so many stocks are higher we haven't mentioned square. that stock is up 11% on a price target increase from sun trust that goes to show how many different areas in tech investors got to keep their eyes on >> square has been a darling for some time. square and paypal have been big winners this year. the shift to digital payments. they are the beneficiaries of that one >> you know, we -- go ahead, carl

>> sorry, i was going to say the market cap of -- i think it's apple and microsoft now exceeds the entire russell 2000 market cap just to show the disparity in market cap in various asset classes. truly remarkable let's get to dom chu who will host the half today back at hq thank you very much. welcome to the halftime report in for scott wapnerks today the surge in covid-19 cases and the market rally the bulls are in charge right now even as states struggle with reopening and a surge in the case counts. we're going to debate the markets and your money with our investment economy they are today, joining me the hour joe, jim, jon and shannon, chief investment officer at boston private wealth