over i would buy baidu. it may be the next one to recover lost petie. greet to be with you all "the exchange" can kelly evans begins right now thanks, melissa. covid cases arising and rethinking the opening a flood of headlines for investors, just how worried should you be? we'll dig into all of that we'll talk about what's wrong with wells fargo it could be on the brink of layof layoffs. we do begin with the sell-off, and bob pisani is here with the latest.

>> kelly, the reopening story tougher for a lot of investors that's the key mover, as well as some issues about how strong the stimulus programs will be in the future s&p 500 has been a bit wider range that this has been in the last few weeks we were 3115 was our lo, but we had off of that. 3179, that's almost 800 points in the dow, significantly larger than normal here technology stocks, generally even on days when the market is down, doing better than the rest of the market, and cyclical stocks, energy, industrials, if you put up the sector chart there, generally underperforming. this has been a problem for a long time now. retail, for example, having a tough day, walgreens gave a rather poor earnings guidance, and they missed. it may be a sign of what's

happening in temples of guidance for the future remember, 40% of the companies have declined to provide guidance, walgreens down significantly. most of the big retailers also are down as well energy stocks are weak here. apache, baker hughes also weak, but energy has acting poorly the last several weeks we're waiting for jpmorgan to report on tuesday, but regional banks that rely on individual consumers loans and corporate loans, as well as wealth management don't have trading operations they've been acting very poorly. obviously signaling difficulties ahead potentially with the loan situation. megacaps flat to slightly down as well. bottom line here, kelly, is technology, the market believes that's a winner, even if the reopening story gets difficult everything else really does depend on how well the reopening is going, and to a lesser

extent, on the stimulus programs. >> back to you >> thank you, bob. the supreme court has two rulings involving the release of president trump's tax records, with a win and a loss. eamon javers has the latest. >> reporter: that's right, it was a split decision at the supreme court for the president of the united states today remember, the two cases here were about two different sets of subpoenas, one from the manhattan district attorney for the president's financial documents from his accounting firm and from his banks. the other from democratic-controlled committees in the house of representatives, also looking for similar financial documentation. the court looked at both cases differently. in the case of the manhattan district court, what the court said is there is no presidential immunity from criminal investigation. the president's legal team had argued the president should have some temporary immunity from when i criminal investigation, especially from a state level entity like the manhattan district attorney, which is not even a federal office. the court didn't buy the president's argument there

that means that that case can proceed. the president still has some legal options there, and there's still maneuvering to come, but it looks like the end result down the line will be that the manhattan district attorney cyrus vance will get some of those financial documents at some point in the future not likely we'll see those publicly, all of that protected by grand jury secretsy as the case moves forward the court returned the other case to the lower court, saying they hadn't looked at it carefully enough that means democrats in congress won't get access before the election, which could have had political implications the president not happy about any of these here's his tweet, lamenting courts in the past have given broad deference, but not me, frustrated by the outcome in the vance case, but ultimately, kelly, it's not clear if any of

that information will see the light of day before election day. that could be a win for the president if he's able to run out the clock. eamon, still people were making some hay of the market's reaction you know, we were following obviously throughoutthe session, but it does seem some concern expressed about what the supreme court said would that simply go back to whether these -- if they move forward, maybe the vance case would hold some difficulties for the president's reelection >> reporter: look, the president's critics have said the president would have released all these documents publicly like other presidents have done if he felt there was nothing damaging, therefore he must be hiding something the president simply says this is presidential harassment, he doesn't have to turn over the documents and he doesn't want to but if there is some kind of bombshell revelation in there, the president doesn't have the net worth he claimed, or he engaged in a financial wrongdoing that certainly would

have implication for those documents came out before election day it doesn't seem like, you know, reporters like me, our viewers, are going to have any access to that information before the voting starts in never, kelly. >> eamon javers in washington, thank you. to the wave of bad news surrounding covid cases and what we're call the de-opening, the market is down should we fear a long slog on storks here with me is nancy tangler and michael kushma great to have you both here. nancy, granted, the nasdaq continuing to act very well. are we going to continue with this trend >> i think so. this began after the 2008 crisis where companies were move more towards technology we've been talking about this trade for a long time.

it's not a pandemic trade for us we think that the increase in cap ex software has powerful and we have benefited from that, and we thing it continues with cloud-based spending continuing to rise. cios coming occupy in the jpmorgan survey saying, yeah, we're going to increase spending 30% and continue on into next year i know it's a trade people love to hate, but we continue to like the names in the space we've been talking about, palo alto network, salesforce and splunk, and we added a new name that i can't talk about >> understood. so michael kushma, let me turn to you and ask about the landscape. where does this send rates we can see a market performing well, a nasdaq doing well, rates

kind of going nowhere. >> i think that's right. i've been in this business a long time. i can't remember when i've seen the ten-year u.s. treasury end with basically two basis points, and today we're flirting with actually driving a bit lower than that number, and i think it will stay there. i think the commentary coming out of the fed suggests they're still wary and concerned, but all the uncertainty about how the pandemic will play out over the next several quarters, and they are committed to provide as much liquidity and spore as possible to keep interest rates very low and the policy and actions have been incredible enough to achieve their action they can be driven obviously by private sector forces today, with treasuries rallies, but i think they're going to stay at the rock-bottom levels indefinitely. >> which is unbelievable to think about. you think about those who depend

on higher rates, compound interest, you know, pension funds who need a much better render in the chart we showed, michael, it's striking. it shows almost a flat line, whether it's the ten-year or five-year, why are we even talking about the fed needing to cap bond rates it seems like they're already capped. >> exactly i don't yeo phi the future over yield control or whatever the phrase the fed uses. it's already there but a combination of forward guidance, which has a lot of credibility at the 340789, and quantitative easing the combination of the two has been very successful 59 keep rates stable at a very low level. i don't expect that policy to changes. >> nancy, that is relevant for what's going on in the stock market, isn't it we've seen stocks rise with rising rates, seen them rise with falling rates, but for this current trade to be supported, especially the tech, high-multiple kind of investments, low rates are an important part of that. >> definitely.

michael races an excellent point. the trends are very long time in coming, but they've been accelerated by the pandemic. i've been in this business at least as long as michael, and that's usually what you see, the long sort of secular moves, and then super acceleration. we saw it in the '90s, we're seeing it now capitalized by the pandemic i'm not saying tech is the play to be, but i've said before, if tech doesn't work, nothing works. so we think this is an important, important component, and we continue to after to our overjae. >> nancy, one final question, before we go for those in these specific trades and they wonder when to get out, are you going to get out when they stop working do you get out when the

fundamentals change, if interest rates spike, if all of a sudden there's a big rotation is there something that says to you, hey, it's time -- or do you hit certain price targets? or are you just in a wait-and-see motor mode >> no, we were bullish on apple in 2013, and we've begun selling it we're actually even lowering or guideline, which means we're not just trimming it the valuation work that we do tells us that the stock is pretty fully valued. we've also been trimming back on microsoft, but we think that one has some room to run so it's obviously based on our proprietary modeling, but we're not holding these things forever. we're going to take profits when it makes sense, but you don't want to be too quick, baas they trends do continue for some time, and thanks to low interest rates, cash flows are driving some of the near-term

performance. >> thank you both today. i appreciate it. nancy tengler and michael kushma. 30-year notes are up for auction at the top of the hour how did it go, rick? >> it's really pursuant to their conversation they were grabbing none like no tomorrow at a yield at the auction of 1.33 it was well below the one issue market, lower yield, higher places, price spectacular, one basis point from the all-time low auction yield, which was 132. that was back in march let's go through it. the bid to cover 2.34, means $2.34, chasing every dollar available -- i'm sorry, $2.50. 2.34 is a ten-year auction average. if you look at indirect bids, and this is the one that hits the home run it's 72%, this reflects large foreign customers. it is the best, the highest, indirect bidding percentage i

see going back to the remergens of the 30-year bond when it showed up right at the turn of the century. 10.5 on direct bidders, that's the only thing light here, the lightest since march of this year dealers take 17.4% that was the smallest dealer takedown since december. that's a good thing, so this was a rock-and-roll 30-year auction, foreigners stepped up to the plate. that's because it's the highest yield on the curve kelly, back to you. >> exactly people say why not do a much more 30-year paper, refinance everything as star out as you can with the rock-bottom rates >> i don't think we need to convince the government to issue more debt. i think they're doing fair numb on their own fair enough, rick. coming up, wells fargo is underperforming its peers, and could be on the verge of massive layoffs. a bull/bear debate is heat.

>> low rates, low inventory, high unemployment and expiring evictions, so what is the reality? we'll ask the ceo of realogy next you say that customers make their own rules.

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welcome back to "the exchange." the cares act moratorium on evictions expires this month diana olick joins us with where we could see the biggest spikes. >> reporter: kelly, by the end of september, up to 23 million, our one in five american renters could be evicted from their homes, according to analysis from the aspen institute arizona, california, nevada among those with the highers share of renters at risk when you look at the actual number of renters, it's close to 4 million californians, 1.5 million floridians, more than 2 million texans and more than 1.5 million new yorkers. they factored in several costs, and real-time surveys, and those numbers were released yesterday. 76% of renters had made their

full payments, just 38% were highly confident they could make their july payments. 12% had no confidence at all single-family rental like american homes for rents, are at risk, and reit names like camden, texas, avalon bay, they could also take a hit. kelly? >> diana olick, we appreciate it joining us with the recent spike in covid cases, which is raising concerns about the housing recovery where are we right now which markets are doing best ryan snyder is the best of realogy, the parent company of several companies. do you expect that to ripple through into the housing market overall? >> thank you for having me we're seeing something different on the purchase and sale side. the covid impact was huge in

terms of the negative hit in late mar and april maybe has been an improving market for sure. june was even stronger than may, even the first few days of july have continued to go up. we're watching it closely. we have seen the negativity of what covid can do, both overall, but the momentum and the purchase and sale side has been quite trong now for a few months and, you know, we're obviously hopeful that continues we're watching it closely. >> overall, would you say that the pandemic is a catalyst for housing turnover, for home sales. in this area we saw a lot of home sales in the suburbs when it was in manhattan really badly. what is happening now? >> we're starting to see that, you know, in two different ways. first off, there are some geographies where you're lit really seeing the rotation

urban to suburban. in every urban geography, the web traffic has changed versus six to 12 months ago much more suburban even in the urban geography where that rotation has not happened yet, the consumer searches is going in that direction, and we continue to see that through the whole covid crisis in the last three months. >> i'm seeing here some of the features home buyers are looking for. 65% want alleges to yard and yao door space, laundry room 46% want a patio or deck absolutely this sounds like those people who are frustrated by having to shelter in place, stay at home, trying to figure out somewhere more amenable. tell me about the impact that rates is having. how much of this is pandemic-driven, how much of this is affordability? >> i think there's a big piece

that's pandemic-driven, especially after that big demand in march and april, in terms of signing new housing contracts. the low-rate thing is a huge benefit. the mortgage application increases have looked great. remember, we are starting off the year with a very strong housing market, right? q1 housing growth, even with covid hitting the last couple weeks with march was quite strong so, you know, the low rates is behind that also so -- and there is a resumption of some of the momentum that the housing market is showing. we like low rates obviously for housing, and, you know -- but -- we're watching the covid part closely. >> what do you think is going to happen over the next six to nine months wet pent-up demand from when we had national shutdowns a few months ago things are now more or less open, but the case numbers are at new highs

if the economy goes sideways, look at the airlines we're talking about tens of thousands of jobs of layoffs coming over the next couple months' time do you think there would be a different effect >> for sure the housing market had that effect in march and april. you know, our company as an example, you know, we did furloughs at a pretty substantial scale in hours reduction in march and april other people in our industry did the same because of the volume trends, we've been able to bring those people back, increase hours and do some debt refinancing, things like that, that are really positive where it goes from here, i think is still pretty tbd. the most important thing to keep in mind, the thing that drove the biggest reduction in housing is not the amount of covid itself, but the degree to which the geography are locked down. >> yeah. >> deep, deep, deep drop-off housing in the new york city area, and even in some of the hot spots right now that are a

bit more open, the continued positive momentum. look, we're going to move with the economy at one level with the consumer, our industry has shown we can safely navigate transactions even in the midst of covid for consumers we love the virtual technology acceleration that our company has led, and it's a very hard thing to predict the last few months have been a good thing obviously we're rooting for as low impact on people's health and safety and business as possible >> absolutely. thank you, ryan, for your insights. >> thanks for having me, kell,. harris of bed bath and beyond are sinking the stock had run up huge, given back 24% of that today has the turnaround run aground don't look now chinese stocks are on a tear what is driving these incredible

gains, and what it says about our markets. after this experience the joy of a bigger world

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welcome back to "the exchange." a bit of a comeback for the markets. the dow was downed 543, and we're now 338, so only about a 1.3% decline s&p is down 23 points. the nasdaq has turned positive no surprise, we've been talking about how it's hit dozens of record highs this year today it's up about 0.2. 10,512 is your level there you can see behind me, technology is only one of the two sectors in the green the all three of these are your big tech bellwether names here the worst performers are the usual suspects as of late.

energy is down almost 4% financials are down 2.4% bob pisani was talking about that, industrials down 1.7% today, again, a difficult place. let's get over to sue herera for an update. >> hello, everybody. mayor de blasio helping to paint fifth avenue in front of trump tower with the words "black lives matters. president trump has called that project a symbol of hate de blasio countered by saying, it's just a commitment to truth. atlanta's mayor is going against governor kemp by issuing her own orders requiring face masks be worn in public. >> well, the city of atlanta has had to operate in a very different lane than the state of georgia, because the state of georgia has been very irresponsible in the way it has opened back up for business as

if everything is normal. and 22 nba teams participating in the season restart on july 30th will begin practices today at walt disney world resort in orlando. they're getting special rings to help monitor their health. you are up to date kell, back to you. >> thank you very much let's talk about the chinese stock market it's been on a tear lately, with seven straight days of gangs for the shanghai composite for more on what is driving the rally, seema, what can you tell us is. >> a lot of it has to do with retail participation going there was a editorial earlier this week titled "healthy bull market." it seems to have worked. we're looking at stocks trading at a five-year high. also contributing to the outperformance, central bank

stimulus, covid-19 case count is on the declining in china, and a weaker dollar. in fact the chinese currency breaking above seven yesterday, a sign that they're trying to stabilize its market it remains far away from a full recovery, but the latest read on inferring in union indicates an early sign on rebound. we'll get a full read next week when gdp numbers are released. >> they are aren't even being shy about this they literally have the pompoms. and this is a strategy they used back in 2014, talking up stocks is a dangerous game. back then when they did that, it resulted in a boom versus bust scenario, so that's something to watch. >> yeah. >> the retail participation, they play a big role in the market they contribute about 80% of daily trading. >> wow, seema, thank you seema mody with the recap. it's been a sea of red, but

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they reported a nearly 50% drop, they also plan to close

about 200 stores to cut costs. corti reagan spoke to the ceo. here's what he had to say. >> we had over 200 million a neek visits. 10% of our customers completely n new. and starting to use it as an omnichannel retailer we think we're coming back with brand, strength, and assortments curation strength that they're leading into. >> and ms. reagan has appeared courtney, 82% in digital sales investors seem to be saying, so what we are not happy. >> exactly, kelly. obviously you would see some digital strength if you did not have stores. a lot of what they sell are things in demand during the

pandemic as we're all trying to make ourselves a bit more comfortable at home. this has to be a show-me story. >> mr. tritton could imin in 2019 and kind of rips out the guts of bed bath & beyond. he has five new executives, they tried to sell personalization mall.com to 1-800-flowers, so there's a lot going on anyway, and then a pandemic happened i think it's hard to know if this is going to work out. >> michael santoli, would you do you think there's not a better react? >> what's amazing is it's only about a billion dollar market, and the market doesn't seem to want to hear that a company this scale is just getting started in

omnichannel. that really was the message conveyed right there i don't think there was any real persuasion that a store that has, i think, gotten in this mode of having people come in, look around, stumble on things ser d serr re re ren -- >> kelley, on the flip side, it's sad to hear these stores will be closing. we don't have the targets, bed bath & beyond is where we want went for places for our homes. maybe it's a bit too late to be accelerating into e-commerce, but for those of us who only had this company, it's sad to see. >> you try to get deliveries in the city, good luck to you i feel you courtney, we appreciate it let's talk about this.

many employees are returning to work as restrictions get lifted. a number are doing so while collecting unemployment. i think it's important today with the high number of jobless claims still people know not everyone who times a claim is not 100% out of work. >> this story has gotten quite a bit of traction. people have been commenting all day about it here's how it works of the employers can sign up for this if their state allows it essential what happens is rather than lay off employees, you sort of reduce hours across your workforce, thereby saving some money for the employer, but also saving some money long term, because then you don't have to rehire workers and retain workers, and then of course for the employees, they get to keep that you are jobs, their hours are reduced and can get partial unemployment, depending on how

much their hours were reduced. we've seen this program surge in pop layers in new york, for example, popularity is up take a look at arizona that's up almost 5500% ohio 1600% for the states that off this program, it's become wildly popular. on the flip side, kelly, i asked one of our experts we talked to a lot on this unemployment beat, why wouldn't more states have this and he said there are some administrative burdens and the costs that come along with that, but he think it's extremely short-sighted. >> it reminds me of the data issues we talk about so much, but again, especially with unemployment claims right now, it would be nice if there was a way that every single portion is delineated out okay, are they getting fulltime replacement on a parttime base at what point do we move from federal to state programs? >> there's so much to unpack

a lot of people don't realize this is not a federal program we do the way you talked about recently with the triple-p loans, there was unintended consequences a lot of people didn't know how it was going to work i know some small business owners where i live, and they're confused, why is this guy asking for unemployment there's a lot of confusion with how they're put out. >> and more awareness more than ever. next up, big news from the ivy league, is they are cancelling fall supports until at least january it makes it the first division i conference to do so. >> i really do believe they're going to try to do whatever is best for us, whether it's cancelling sports altogether, or potentially playing fall seasons in the spring, but it's hard there's no way to sugar coat it. it's a difficult decision for

everybody, no matter what class you are. >> a huge revenue story, eric. they're the first division i league is there an expectations others will follow? >> it depends on how you follow the money. the ivy league doesn't make money off the folks. they're going to lead the way in terms of not having sports they led the way ending the basketball tournaments everyone thought it was an overreaction, and then three days later, everything had been shut down. when you look at s.e.c. football, something like that, they're clearly not looking at the ivy league to wonder how they deal with it. they still may have no choice. >> mike, i don't think baseball would have been in jeopardy, but there will be a lot of sports and schools that don't make it through this pandemic. >> for sure. you can't put college leagues in a bubble like the pro leagues are doing right now. you're talking about bus rides also a lot of schools are going on the basis of coming back to

campus, but maybe with an idea toward later in the autumn or winter going to online it probably won't by the first thing that these schools make sure happens as they try to get back to something like normal. >> yesterday, eric, stanford said they're getting rid of 11 sports i meaning, especially with title ix, it's the men's sports that will take the brunt. >> money-losing sports most sports at most colleges, almost all lose money other than football and to some extent basketball, so you'll see these programs cut not just stanford. hundreds of sports teams across the country have been getting cut. it's just going to continue. you know six flags the shares are lower, but they got a bump initially there was an upgrade citing, and

six flags exposure to some of the biggest u.s. markets but six flags, guys, is the lone standout okay, you know, rahel, if you're in japan they're going to try to scream on roller coasters, so you express particulates so why go? >> you know cnbc.com published a firsthand account of one of our reporters who went to six flags. he set the experience was a little different, but still fun. one of the things he noticed is when he was on one of the roller coasters, he had to hold down his mask i thought, what a weird thing to have to do, but yeah, apparently for people who still want to go to six flags, it's still an okay

experience one thing i will say, kelly, the reason why analysts like six flags, is because it has more geographic diversity as obossed to some of the other theme parks. they think it's attractively priced they also know in the short term, yes, they parks get like 50% of their income and retch in the summer months, but they say hold on to it long term, it might be worth the ride. >> you have to sort of look beyond the pandemic. do you guys do family -- >> we have >> the article that rahel was researching, he said the lines are pretty long, because they could jam as many people on the roller coasters. you're still waiting at least an hour for a two-minute ride i would want to go, at least avoid the lines. >> mike, last word. >> i don't need an excuse not to go to a theme park, but the kids wanted to drag us to go, it's

within a drive >> tell them you have to wait one hour and maybe not scream on the coaster. thanks, everybody. mike santoli, eric chemi and ra rahel -- with layoffs expected will ayitusbe able to right its wan?st wh

it's been a tough few months for the banks, especially wells far fargo. since the market's notorious low, it's the only major baker stuck in the red also the only one to cut its different. according to reports today, it may be the first to cut jobs this year.

this as cnbc learns that wells is implementing a big change, requiring new clients to bring in a million balances for certain, if they want to refinance jumbo mortgages. it's great to have you both here gerard, you are or bear, i believe. how deep do the problems run >> wells fargo las a major turnaround that's under way. they brought in a new ceo, and our contention is the turnaround will just take longer. this was all before the covid virus situation we're all very well aware they will eventually turn it around it's just our belief is it will take a lot longer. i don't see the fed lifting the asset cap order they put into

place anytime in the near future, probably sometime in late '21 or '22. the fed is in no rush to make it easier for wells fargo, but it's not that the company won't turn around i completely believe it will it would just take longer than i think people will realize. steve, why do you have a buy rating with a $40 price target on the company >> i think we can agree that wells fargo is a work in progress right now, clearly, but long term this franchise i think is very undervalued at 75, roughly 75% of book value. it's under ten times depressed earnings, even assuming through 2021 you know, certainly the federal reserve asset cap on assets, which has now been in place for about 2 1/2 years, i'm not sure it's in the public's best interests to keep this company

in the penalty box, since the sales scandal is now coming up on four years. we're trying to revive the economy, and wells fargo is a big player the vast majority of the management responsible for the scandal are long gone. they've made substantial changes to the risk management practices, and they have charlie scharff who's been in the role for about nine months. i think we should start seeing some of the financial goals and progress, as well as an update on the asset cap plan, and they submitted that, and get better timing. >> you think it may be able to turn around mohr quickly i thought steve's point was interesting. it's not in the public's best interest anymore to keep wells fargo in the penalty box this move where you have to have a million to refinancial your jumbo mortgage, what does that

tell you >> they're trying to work in that asset capital, so, therefore, they're really having a difficult time in growing their big and repositioning it, because they have already done that fairly successfully over the last 2 1/2 years, but you have to remember, the banks system is gigantic in the united states wells fargo's market share is nowhere near like we see in canada with some of those banks with 20-plus percent market shares so i think there's plenty of lending ability, but i want to say the regulators want to see real progress, but they dug really deeply into wells fargo, probably deeper than anything other bank during the financial crisis, and this came well after the financial crisis, and it will just take time. >> steve, what other options

does wells fargo have? >> well, you mentioned the report on the job cuts clearly that's something they're going to do. i mean, to conserve capital, the different will be reduced and they have some honestly, i'm not surprised the see wells kind of right size for the environment and try to get more efficient at the same time. frankly, i was a bit surprised when a number of the large banks came out early in the pandemic no jobs through the end of the year in the meantime they have some efficiency moves the make. >> hearing you say that wonder what we could be facing. >> thank you really appreciate it today great discussion no yelling

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the xfinity voice remote. the new immigration policy forcing to take college students take in person classes or face deportation is drawing ire from education officials across the country. there's more than a million international students spending $45 billion and supporting about

450,000 jobs college board ceo david coleman and ted mitchell rite writhe the new policy puts already stressed budge epts at risks and could damage the reputation of higher education in the u.s it's good to have you here welcome. >> thank you so much >> you think this is a political move aimed at forcing colleges to do in person classes? >> the federal government has threatened a million international students they are at risk of deportation if their classes are online in fall that's causing terror with the students some are fighting prior illnesses and are facing the fear they may have to risk their health or be spent home to uncertain circumstances. they live here and they study here

it appears it's just a chip being used to force colleges who hold courses in person this fall >> the acting deputy secretary of homeland security was kind of defending this by saying it increases the flex blibility fo students because earlier rules only allow you to take one course online. now you could take more than that as long as one of those classes is in person this sounds like a mess. there's a lot at stake for the schools. i understand some of them could get 20% of their refr knvenues sger nation international students >> we're in the middle of a pandemic that's scrambled. our top priorities have to be the health of faculty and the health of students in that environment, deporting students based on what they are doing is crazy option.

the only sane policy is to be flexibility. >> couldn't the colleges offer their international students the ability to take at least one of their classes in person and solve this >> imagine that student or faculty member is at risk for covid for a prior condition. why are we inventing these remarkable work arounds and fear throughout the community when if i were to say to you, why not instead let colleges and students best handle a pandemic health risk and allow them to stap and study as they have earned the right to do >> 100%. i'm saying at our workplace is open, we have 5 or 10% of the people as per usual and that's why i'm on the set if you told me i was going to be deported, i would come in. >> let me give you a case. >> four kids in classroom and say this way you're not going to

be deported. >> yeah. just to be clear, we're talking about thousands of students at many of our universities it's not just a small handful. 20% of income and a large portion of students can be international. at this point, it's major operation happening the moment before the fall. let me give you an example so we get a little more concrete a young woman at the university of washington, she has a prior condition of blood cancer that she's getting over now and has been avoiding and staying properly home. would you say it's no big deal to insist she attend a class or classes in person to avoid the decree i just want to make further clear no one knows if attendsing one or two classes or what rules will exactly avoid deportation you've sparked enormous fear throughout this community that could be sent home for no good for the united states. >> i take your point i take your point. absolutely i know several of the schools have sued the administration

over this. we'll see what the next steps are. thanks for joining us today. >> thank you for your time >> david coalman is the ceo of the conference board that does it for the exchange. thank you for tuning in. coming up, shares of avid budget group have fallen 22% over the past year. the stock has more than adp rup qurued we'll talk about red hot rental market on power lunch. see you there. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪

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