>> we're looking at global robotics, so looking at providing technology beyond the tech sector. think industrial automation, robotic surgeries, a lot of these investments in companies should benefit from a move that companies will be doing to make their supply chains more robust and possibly bring more action back to the u.s. >> josh, i need your name quick. >> aem >> good stuff. thanks phil griffith, it's all yours. >> greetings everybody thank you, scott i'm bill griffeth in for kelly evans the "the exchange" here. watch again, the douz rw is rallying the reopening trade is going crazy. you got nasdaq, netflix, microsoft all trading low right now. with the market betting on better times ahead, what should you be doing now

plus you probably heard russia say they are the first company to approve a covid-19 vaccine. we'll have the very latest a live report from moscow coming up, and we'll speak to the doctor about some of the serious safety concerns being raised and the implications for the other countries like ours that are still working on a covid vaccine. and with the big 10 on the verge of postponing football and all sports in the fall, we take a look at the potential $5 billion fallout for schools. that's all hahead, but let's loo at today's market action dom chu, what do you have for us >> it was mixed. just in recent minutes here we've got greener than nasdaq, believe it or not. >> you're welcome, america >> exactly you're welcome, america. the nasdaq, though, is still underperforming. when is the last time we said that over the last couple weeks, that's been the prevailing trade, but still, s&p 500, that's the key level here.

3375 the levels you want to watch, 3393, that's the record intraday record for the s&p 500 we're about ten points away from a record closing high. it feels like not long ago we were talking about covid-19 lows in the market. speaking of the broader markets, look at one of the things we're wau watching as well ten-note treasury yields are almost back to 6.5%. by the way, that would make it about the highest levels in just about a month here, so again, people selling off the safety of some of those government bonds speaking of safety trades, the safety bid has pushed up precious metal prices significantly over the last several months here, but look at gold and futures here. 1952 the last trade, silver futures down almost 9%, $26.73, this of course as that bid for safety comes out of the

marketplace. we're watching the value of the dollar bill, so many things going on. i'll send things back over to you. >> we have a lot going on. this could be a very newsworthy hour let's get to bob pisani with more on today's market action. here we go again, technology kind of lagging everybody else here, huh? >> yes, but i think dom made a very good point. we're still getting a mini rally in the banks and the technicals, but the fact that they're hoping for a sellout props the market it's significant, banks, industrials all had a three-day run. we have some highs in industrials today. tech was weak in the open and some biotechs have been weak for a while now. you can see we're kind of on the flattish side now. we've been sideways on the s&p

as we have great moves on the industrials now and some highs on the industrials illinois toolworks, cummins, sherwin-williams on a high there. we have target, for example, on a new high lows, procter & gamble fedex had a big run in the last several days, nike also a 50-week high dom was mentioning the new highs to watch for on the s&p 500. 3086 was the closing high on february 19. look at that run there it's not a v, folks, but it is kind of a swoosh people have been arguing for that swoosh. so far they've been right. i say there's been a v, though, in earnings. as you heard, we're on record high watch for the s&p. that index a mere quarter percent from its intraday high the dow already back over

28,000 that happened early this morning. that's a level we have not seen since february let's talk about these markets joining us, karen firestone, ceo and chairman of a ri u assets. and thank you both for joining us today i'm going to start with a curveball for both of you. you might have heard dee bosa reporting that airbnb is getting ready to file going public karen, would you buy airbnb? >> i think it depends on the price, right, phil i would have to take a look. >> do you like the company enough that you would want to invest in its future >> i think airbnb has shown itself to be resilient and it's found ways to rent to people who are trying to get out of a city. they're stuck in a small apartment, perhaps the airbnb aspect of renting houses has come into vogue during the coronavirus and they've done a good job there.

and when people start traveling again, of course they're going to pick up demand and consumers will go back to airbnb so yes, i think it's an interesting idea >> andres, drivers said they had to consider the imps would you buy the stock? >> i don't comment on individual stock, but what i would say from a macro perspective, what this tells us is that a ceo that essentially was the most negatively affected maybe outside of uber because of the pandemic feels confident enough to do a ipo still this year, right? so that, i think, is what's interesting about this it shows you that that window for ipos is opening not only for software companies but for companies that do have that physical world exposure. >> okay. let me get some other news out

of the way right now the two-year note auction results are out, or is it three-year note auction? i misheard, but rick santelli is going to tell us how it came out. how did it come out? >> bill, it was a stellar auction. prices have sold out pushing yields up, and it looks like investors globally probably looked at it as a three-year auction and came out with a yield of .14 it was trading at 17.5 the bigger that spread, it's highly unusual, and of course lower yield is higher priced, so it priced aggressively positive. let's go through it. that's the all-time low yield as well of 4.4, by the way. if you look at indirects, bill, 57%. this is the best going all the way back to 2017 direct bidders were a smidge

lighter at 12.3 and dealers took 12.7 no matter how you slice it, we're picking up a record 12 billion in supply and it certainly seems as though today was viewed as a sale on three-year notes back to you. >> quickly, they're dying to know what grade you give it. >> i give it a big a here, for apple. >> andres, you're watching yields relative to the value of the stock market, so what do you see right now? >> that is one of the most interesting graphs that you put up when it comes to the ten-year yield, for instance. you were mentioning earlier that it's .65, and that's actually because it's still a bit of an uptick if you look at adjustment by inflation, you're getting a negative real yield of 1% or a little bit more, so when you think about why the markets might be at all-time highs on

the equity side, it's that good old where else are you going to put your money a ten-year treasury bond for the u.s. government is giving you negative yields adjusted for inflation, so i think as long as we have this environment where the other options don't look as appealing, valuation on the equity side is not as important versus its own history it's important to look at the other options. >> carrie, i'm not trying to ignore you, but you're still hanging your hat on recovery stocks when it comes to the covid virus here who do you like right now? >> well, we have a mix of covid-friendly stocks that have done well such as pay pal, trilio, thermo fisher, even facebook and google. but you need a recovery for them to accelerate in their revenues. booking holdings is the type of

company that will do very well once people start traveling. re/max, that's a real estate play, but it has been working. boston scientific when more people come in for their surgeries. health equity which requires employment because it's a health savings plan it will be doing better when monday municipalities have more businesses that are open and they're generating more cash those are the type of names that we mix with these covid-positive stocks i mean, covid names that have done really well amazon is another one that's done great during this whole pandemic because consumers have accelerated towards them during a time where they've been locked down and working remotely. we have both in our portfolio. >> you do, you have a whole lot going on karen firestone and all of you,

thank you for your thoughts today. the news out of russia, the governor approving an early stage vaccine of covid-19. matt bodner is there with the latest today hello, matt. >> good evening. it's the first to market this is very clearly the message the government wants us to hear in naming it sputnik there are a lot of questions that remain. it's important to note this vaccine has only been through phase 1 and phase 2 trials officially in a clinical setting, maybe about 100 people maximum have actually been injected with this thing that has not stopped them from moving ahead with production possibly the best thing to think about what's going on here today, what we've learned today, is russia is essentially just moving forward with its phase 3 trials and doing them live while they're starting to ramp up production, the first group of people who will get it is

probably about a thousand dr doctors and medical professionals who will be close at hand. what we haven't seen is the long-term effects of the vaccine. nobody really knows and even what we've seen so far hasn't been published yesterday a lot of concerns even here within russia. yesterday an association of critical testing groups said that they don't think that regulators should move forward with this vaccine approval without a phase 3 trial. a lot of controversy in general. >> i was joking earlier today that if he's so convinced it's going to be working that maybe president putin should be vaccinated with this, but i read where his daughter was actually one of the test patients on this, yes? >> reporter: yes, that's true. that's something he did tell us today. obviously we can't verify that ourselves. but one interesting thing he noted, it's a two-step vaccine on the second jab, apparently you get a bit of a fever for a day. that's something i feel like should be test aed a bit more.

>> you would think matt bodner in moscow, see you later. airbnb potentially filing for an ipo this month. seema mody has more on that for us seema? >> bill, airbnb has confirmed they will be filing for an ipo this august. the platform plans to file its paperwork with the sec later this month morgan stanley is said to be the lead underwriter this is big news for the world of travel. airbnb long seen as a disruptor to hotels. it pushed maryland to make its own platform last year and expedia and tripadvisor with its own platforms. airbnb did raise about a billion dollars earlier this year.

it also announced it would lay off 25% of its work force, about 1900 jobs, so still a lot of questions here but airbnb ceo and founder brian cheski pushing forward bill >> seema mody, thank you very much zoom ininfo down sharply to since going public two months ago. the stock is still up about 14% since that june ipo. the ceo will join us straight ahead. plus this stock is up nearly 20% in just the last month we'll have the name and whether there is room to run ahead "the exchange" is coming back in two minutes. >> announcer: but wait, there's more "the exchange" is also a podcast. listen to the favorite parts of the show you might have missed sign up now on apple podcast, spotify and google podcast

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for q3 and the rest of the year, but the market didn't know of headwinds of free cash flow. henry, good to see you thank you for joining us today >> thank you for having me i'm excited to be here >> welcome to being in the world of a publicly traded company you hit it out of the park, nobody is cheering and the market goes down today how do you feel about that >> we sure felt like we hit it out of the park. i think we beat estimates on revenue growing our top line of 40%. we did it properly and adjusted operating comes at over 49%. we feel really good about the quarter we put together as a public company, we feel good about the momentum going into the third quarter. the markets will do what the markets will do, and we'll just continue to execute. >> you'll say that a lot, my friend, as ceo of a public trading company. i'm curious, you collect data for companies that want to reach

out to potential clients, potential sales leads and so forth. you're the aggregator of all this information out there >> that's right. >> has the covid pandemic been a headwind or a tailwind for you as these salespeople are having to work from home? maybe they don't have the resources they would have otherwise and they can turn to you. is that a good thing or has it been a headwind for you? >> that's a great question really, what we see is it's a bit of both but the tailwind side is really exciting for us because what you're seeing is large companies and midmarket companies have field sales reps all out in the field, and they were walking around corporate america, shaking hands, taking people out to ball games and fancy dinners, and now they're sitting behind a computer at home how you make that field sales rep more productive at home and get the same outcome you were getting with them in the field, where you're getting access to data and insights and technology that can drive working from

home we lived in an analog world pre-pandemic and now we want to move our marketing and sales to a digital world, and we want to use our platform to do that and drive our ability to make those field reps for successful now that they're home. that's a great tailwind for us on the headwind side, about 4% of our business is in heavily impacted industries, so we feel a little bit of headwind there, but we're excited about the tailwind we're seeing from the move from analog to digital sales. >> and, of course, there are the potential privacy issues i'm sure you've had to deal with as you do go out and gather this information. am i able to opt out and not allow you to gather any information on me as a potential client of somebody >> yes, you absolutely are we're actually -- we're a privacy first business we always have been. we've been focused on this issue. the information that we collect on professionals is the information that you can customarily find on a business card your name, your title, your

e-mail address, your phone number, and we safeguard that information. we have an automated privacy center, bill, you can go on and review the information we have a lot of our customers are staffing and recruiting executive headhunting companies, so if you want to get reached by them, you can keep your information updated on our platform you can also have that information removed from our platform, but we're focused on data privacy as an issue for our business, and we're focused on it, and it's given us a competitive advantage because we've been so far ahead on this topic. >> very good henry schuck, the ceo of zoominfo, coming to us, i think, via zoom, interestingly enough henry, thank you for joining us. >> thank you for having me, i appreciate it. >> rick santelli was here a few minutes ago. let's bring him back with the three-year note option a little correction there? >> yeah, we had the one-year

bill data come out at the same time the yield on the one-year was .4 the yield on the three-year note was 1.79 all the other metrics are the same the grade goes from an a to b, but it is still a yield on the auction, the still biggest auction and my apologies to viewers. back to you. a program note as small businesses, the driving force for america's economy, continue to face unprecedented challenge. the virtual facebook summit will grab the most trusted and inspirational voices in business including sheryl sandberg, gary

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time to catch you up on a few stories that should be on your radar it is time for "rapid fire." we have dominic chu, kate rogers and mr. robert frank hello, team. welcome. >> hi, bill. >> thank you, dom. first up, the canada goose reporting a wider than expected loss in its first quarter. the stock is falling again today. it's down 30% this year, but the company is looking east, and i mean really east, for a potential driver for growth, saying that new openings this year will be concentrated in mainland china where the

recovery of traffic remains ahead of other markets this isn't the only company pinning its hopes on china we heard the same thing from marriott ceo arnie sorenson yesterday. could be great news for the other sectors as well. china may be a hot spot to go to for the right reasons? >> for the same reason you can say china is a hot spot for anything right now the reason we're talking about china on the business side of things is because they've been kind of ahead. i don't mean that in a good way or bad way, just in terms of progression with covid-19. so a lot of businesses here and elsewhere have been looking to them as a possible blueprint about how to open things up when the covid-19 subsides a bit. in the u.s. it's a little bit different, obviously, because of the case count, but still, if you're looking at these b

businesses, they're not the only ones looking to ramp things up but because china is looking at things that are looser with what's going on now. >> starbuck's calls china it's new market, things going up there. some of the names that you mentioned, bill, are higher end, more luxury items. we're talking about vacations, canada goose, michael kors, preholdings. maybe there are people that stayed in during the pandemic and they might be willing to invest in more higher-end luxury tuch items, because the cheaper things you would spend money on, like coffee or shake shack, aren't bouncing up in this area.

>> they have relied on chinese tourists coming here, but i guess they'll stay home and we can meet them over there, right? >> there are two things with the attempt of can do gooada goose,d that is china is recovering early. we had a repatriation of spending in china, so it used to be the chinese spent most of their luxury dollars when they were traveling outside of china. the government in the past two years have tried to bring that spending home. they've all started opening stores in china. the government has cut those quotas goose is probably at least a year or two years late to this game of putting stores in china rather than relying on those out-of-china sales, but finally they're catching up and that is where the luxury growth is going to be. >> all right moving along, the gig economy may be in jeopardy in california you heard yesterday the state won that preliminary injunction requiring uber and lyft to stop

classifying their drivers as independent contractors but as employees, meaning they would have to pay them benefits and all that both companies said they will repeal the decision, and we heard now that uber is thinking about going public now as well, dom. a lot going on in the industry >> with uber going public, there is this whole idea that the model for travel is changing you're talking about two companies that have been hugely disrupted, but there's still a delivery service in play for lyft and uber. when you start talking about drivers, the big thing here is whether or not you do have a situation where drivers want to be classified as employees early on, the whole topic of discussion was about whether or not uber and lyft drivers just wanted to kind of be there when they wanted to work. they didn't necessarily want to be full-time employees, held to schedules, certain restrictions and requirements that they had this ruling in california is going to be interesting only because i wonder how many people do want to be classified on the uber and lyft side as actual employees. to me it seams like a lot of

those folks out there did it because they wanted a side gig and not necessarily a full-time one. >> that's how it started out, and kate, you wonder if other states will follow suit as well. >> absolutely. this has the potential of totally disrupting the gig economy, as dom mentioned. i also think it will ramp up the competition between uber and lyft if they do have to offer these workers benefits if this stands through the appeals process, because people then would likely have to choose which service they would want to go out and work for. that would also be a major factor, but to dom, this is what we talked about when these businesses talked about going public do they want to be employees because this gig economy then kind of goes away. >> topic 3 can you tell i'm hurrying here a new survey by the national

busine federal institute of business. do rewriwe wring our hands overs decline or not, kate >> no, but because the economy starr started to open up, he with see covid cases rising again the most important metric to me, though, is those who believe the economy will improve over the next six months, that fell by 15 points i think small business owners have come to terms with this is not going to be a quick fix. even though things are reopening, there is still a need to patronize and the end of ppp just this past weekend, so i think a few different things are hanging over main street's head. it's not a steep drop but everything matters >> and robert, i think it's a growth thing here. >> if obscures this massive

rotation from winners and losers within small business. i was talking to a mcdonald's franchiser yesterday and he said last week he had the best week in the entire history of his 30 or 40 years in the business. part of that was because in upstate new york and connecticut, they had those big storms and people were coming in to eat and to work but that just showed me there are small businesses and small business owners that are doing as well as they've ever done, and then others that are just shut down. so i think it's really sector by sector, even business by business >> all right finally, the story i've been waiting to get to, hard seltzer has taken the beverage world by storm. according to nielsen data, a little over ten years ago, there were only ten hard seltzer brands on the market that number bubbled up to 26 by the beginning of last year, and we now have more than 65 hard seltzer brands out there >> but, bill, do you drink hard

seltzer? i have a hard time picturing bill -- >> you know me better than that, robert frank, that's for sure. >> i just wanted to clarify for our viewers. >> but, robert, think about this every time we talk about these trends, first of all, i'm not even going to try to predict where alcohol trends go. it was the death of beer at one point, then wine made a comeback, then spirits and vodkas it's been interesting that it's all been some derivation of some kind of malt beverage that's been circulating around. it wasn't that long ago we were talking about hard iced teas and lemonade being the driving force behind it. to me this seems like a trend that will disappear somewhere and go back to someone else. >> maybe the trend goes away, dom, but i think one of the lessons from this is how well they have marketed on social media. you know, whiteclaw, which has such dominance in this area, has done it through social media

they started with whiteclaw weekend, then whiteclaw weekends, then it will be whiteclaw days that end in y it's incredible how popular it's been on social media and i think other industries are going to learn from that. >> i have to go, but kate, you drink this stuff, don't you? >> thank you for thinking i'm young and cool enough to drink this stuff, but i don't. i'm a rose girl. it's not really my thing >> whisper, isn't it, kate >> yeah, that's a good one >> good to see you, dom chu, kate rogers and robert frank take a break russia approving that early stage vaccine that has medical experts concerned, and that includes my next guest he says don't trust it he fears it could lead to unhealthy vaccine competition between the trump administration and russia that straight ahead. stay tuned ♪ come on in, we're open.

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welcome back to rahel solomon for a cnbc update. rahel? >> hello, new zealand found 400 cases of the coronavirus in auckland people will be asked to stay home for the next three days while bars and many other businesses will also close walmart is partnering with instacart to offer same-day delivery in several u.s. markets, strengthening the position with amazon the new partnership comes as consumers continue to rely on grocery delivery at an unprecedented rate amid the covid-19 pandemic.

and for more on the story, you can head to the website cnbc.com a new study from stanford shows student vapors are up 70% to get covid-19. they can alter the lungs and immune system, making the coronavirus more likely to trigger an infection that's your cnbc update for this hour bill, back to you. let's turn now to some positive news on the mortgage front, specifically the bailout for borrowers. diana olich has the details. diana? >> the numbers for bearish numbers are improving. there are now about 3.7 million borrowers in government or mortgage industry relief programs these allow them to delay their monthly payments for up to a year the share dropped to 7.44% of all mortgages last week, and

that's down from 7.7% the previous week. now, the improvements are across all loan types with fha and private securities fha and private labels still had the largest share of relief, with just over 10% of each of their loans, while fannie and freddie are seeing just 3% of loans in forbearance 58% are now in extensions. that is the borrowers start with a 3% forbearance program, so now they are in extension plans up to six months, which means they have not been able to get back on their feet and make those monthly payments again bill >> thank you russia has announced earlier today that it approved the first world covid-19 vaccine it was ready for public use despite only a few dozen people

receiving the injection and no data published by researchers at this point it's set to begin a phase 3 trial later this month how safe is this vaccine and will it disrupt the global race for a true cure, if there is such a thing out there joining us now, dr. polafa he is director of the children's center in philadelphia doctor, thank you so much for joining us >> thank you >> why is vladimir putin doing this you have to believe there are some russian scientists over there kind of whispering to themselves, what is he doing why is he doing this, do you think? >> for political reasons all they've done is a small phase 1 trial with 31 people there's nothing novel about the vaccine, it's very similar to johnson & johnson's vaccine, astrazeneca's vaccine, one of the chinese group's vaccines you can say among 38 people no one died and that it induced an

immune response which may or may not be protected the sense that it would be approved for use and given to the general public is amazing. >> the other companies are doing what you normally do, going through all the phases when you have a company that says, nope, we're ready to deliver ours in another month. does that put pressure on the others >> no, it does not we're doing many trials to make sure it's safe the same thing should be done in russia it's a disservice to the russian population >> what do you think will happen in russia? what's your fear of what could happen >> my fear is they would roll out the vaccine, not knowing whether it's safe, not knowing

whether it's effective and that that would make the u.s. put something out prematurely. to roll out a vaccine without knowing how safe it is or how effective it would be is a major mistake, and i think it could do a lot of harm. >> in other words, it might make people here in the united states skittish about getting a vaccine if something, god forbid, happens in russia that people who are getting the vaccine over there that has been truly untested to the fullest extent, if there is a problem over there medically, we might be squeamish over there, correct? >> i'm sure they're squeamish over there >> but they say they're only using 38 volunteers, correct >> i hope they're smart enough to realize that this is just a political stunt, and to keep

doing what we're doing, make these vaccines the right way >> realistically, and dr. fauci has to answer this question almost daily, what is your view? when do you think we'll have the first viable vaccine in the united states? >> i think we'll have a vaccine beginning of next year the trials are about 30,000 people for a two-dose vaccine. i can't imagine we could recruit enough people and get an adequate number of people who are ill in the placebo group so you could make a comment about efficacy before early next year. i think that would be optimistic >> doctor, thank you so much for your time today. appreciate it. >> paul offit with the children's hospital of philadelphia still ahead, the big 10 conference is expected to cancel the fall football season as early as today we'll take a look at the billions of dollars that it could cost some already struggling universities and whether they can survive without a football season. "the exchange" will be right back

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welcome back to "the exchange." as you can see, this is a lot like yesterday at this time. a pretty good rally going for the dow and the s&p. the dow back up above 28,000, first time since february. we're on all-time high watch for the s&p. we're below it right now but the number to watch is 3393. the old high was 3336. you can see how close we are there and the intra stocks are trading higher casper sleep falling, despite being on the top and bottom lines. casper sleep noted the company has hit supply chain snags due to the pandemic, leading to increased delivery times, and those shares have been trading lower, down about 4% on that stock. and tilray a higher than expected loss last quarter,

tilray saying it had cut costs and is now focused on becoming a profitable company in that very controversial area we're down 12%, though, on the stock, right at $7 meanwhile shares of american express are climbing today on reports the company is looking to guy online small business lender kabbage, with a k, for as much as $850,000 in cash those shares are up about 3 and a third percent, $105. shifting gears to college football it's in peril, as you can imagine. the big 10 conference is looking to cancel the 2020 football season as soon as today. it is one of the five in-peril conferences to do that if college football doesn't happen this year, the financial fallout could include more than

$4 billion in losses for the dozens already struggling schools. can higher education survive this kind of revenue hit for more on that we join patrick rich he is at the university of st. louis and also the founder and ceo of economic research firm, sports impact. good to see you. thank you for joining us today >> thank you, bill >> there's been a lot of backlash already on those reports that maybe the big 10 is going to cancel the college football season. a lot of coaches out there saying, you can't do that. in your view, will there be a college football season this fall >> bill, based on the way things are trending this fall, i think the most sane thing to do is postpone the season until the spring you're seeing medical experts from various schools, the ivy league, the west, and if these are cancelling, i know that the power five schools because there's more money involved, wanted to hold things off as

long as they could i think at this point you need to be prudent, you need to be cautious there is no reason not to push it back to the spring. >> i know i'm going to sound old-fashioned, everyone is saying all the colleges are going to lose all this money, but what about the safety issue? you've already identified how much universities could lose here should that be our priority when deciding whether we're going to play football in college this year, or what about the safety issue? >> well, the safety issue should absolutely be the priority, and i think that's part of the reason -- yeah, yeah some of these conferences, because the revenues aren't as significant like the ivy league, the mountain west and most of the power five schools, you can understand why they cut the plug early. the power fives, i don't hold it against them that they at least wanted to have a plan. i don't hold them against that, but now it just seems to me more plausible, let's wait until the spring, let's give it a couple

months to see if we can make some progres . we've watched major league baseball without a bubble, we'vi college. these students have to two go t school even if we go to springtime and play there how would you foresee us playing college football >> unprecedented times call for unprecedented major. the best scenario to play at home campuses in the spring. i do think a bubble approach could work for spring football take the big ten, for example. kids are distanced learning right now. why couldn't you have a bubble in indianapolis, which is central to all the big ten schools. you have an indoor facility at lucas oil stadium. why couldn't you have kids from

those football schools staying in hotels in indianapolis and having a season there. i think it's doable. i don't know if it's likely. it's really outside of the box to say it's not doable, we have to look at the evidence from the nba, the nhl, major league soccer we have to think outside the box to make this happen if they want to generate media revenue. >> there's the issues of seniors who could go high in the nfl draft. if not, be able to defer this season and be eligible for the following year we are talking big money there for a lot of these guys, right >> if the ncaa or individual schools did not allow these players to have another year of sko lcholarshi scholarship, that's flat out criminal you have to look at the situation and know flexibility at times like these. there's been some discussion that if there is a spring

football bubble that's run by someone else i understand that obviously with the rock and red capitals now investing in the xfl, could they have a bubble and if college football is cancelled, could some of the top players there. i think the nfl will push their nfl draft back into may and early june then be taken by an nfl draft. >> patrick, thank you. we'll all be watching. that's for sure. thanks for joining us today. take a look at this chart climbing nearly 19% over the past month as it gets a boost from the work in home trend. we will reveal the name of our mystery chart. jpmorgan chase ceo weighed in on the future of the office and the path forward for employees of his bank. that was earlier today on nbc's

today show >> 150,000 working from home i think while there may be some permanency to some of that, there's a huge value of working together in terms of collaboration and creativity and training younger people. hopefully it will be a vaccine ald hopefully people do it rely safely. we're not going to jeopardize our people what happens when a wireless carrier

puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. welcome back shares of extended stay america slightly lower after the company reported second quarter results that were in line with expectations the ceo mentioned in the release that occupancy levels are approaching pre-pandemic levels. seema just spoke with the ceo. she joins us now with more

details. >> bill, they may not have infinity pools but extended stay hotels are what travelers are gravitating towards. that's helped to real estate trust thrive in this environment. the stock is up 140% from its 52-week low. ceo tells us demand is being driven by primarily by medical an construction workers that don't have the luxury of working from home. individuals looking for a temporary housing solution many times due to losing their job. >> lots of time when there's disruption in people's lives, that changes their need for accommodations people lose their jobs they may have to relocatrelocate they my have housing issues. e with find when there's disruption, that does create extended stay opportunities. >> more hotel developers are entering this extended stay segment.

marriott reporting yesterday that residence inn is seeing the highest occupancy level of all ofbeating out ritz carlton. choice said its wood spring suites are back to 2017 ok panty. 84% of ok pants use it during their stay they like to have the option to cook when they are traveling back to you. >> you wonder if that will become a longer term trend even after covid is over. >> absolutely. the ceo says that they expect to continue to out perform in this environment. he think what's happening through the pandemic is structural in nature and that will really help their business.

>> thank you see you later. coming up next hour, bi billionaire stephen ross he joins the gang to talk about reopening, football, real estate "power lunch" starts after this quick break. experience the joy of a bigger world and a highly connected lexus vehicle at the golden opportunity sales event, lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer.

welcome, everybody this is "power lunch." we start with the market rally it's less than a percentage point from its all time high the dow at its highest level sinc