ceo of lululemon >> thanks so calvin. up next, former imf chief economist will join us to discuss whether he thinks the coronavirus impact on the economy could rival anything we've seen over the last century and a half and as a reminder, you can watch our listen to us live on the go on b cnbc app. we'll be right back. but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you. >>> our next guest address iing the severity of the coronavirus demic. said the coronavirus debt threat developing nations as well as advanced ones will soon face a health emergency and its economic consequences. former imf chief economist joins us now very good afternoon to you thanks for joining us. i mean first, i've seen you've been quoted as saying that you give the u.s. response to the virus a three out of ten tell us why that is. >> well for starters, we didn't have testing when it came out. we made technical mistakes w.h.o. rated us as the top large country in preparedness for a public h

>> caller: retail world is getting hit hard so what are your thoughts on lululemon >> lululemon is ones a matter of fact, what happens is all the people who have to own a power stock are shifting out of every other apparel stock and going into nike or lulu that, ladies and gentlemen is the conclusion of the lightning round. [ buzzer ] >> announcer: the lightning round is sponsored by td ameritrade ♪ ♪ ♪ ♪ birthdays aren't cancelled. hope isn't quarantined. first words aren't delayed. caring isn't postponed. courage isn't on hold. and love hasn't stopped. u.s. bank thanks you for keeping all of our spirits strong. we've donated millions to those in need and are always here for our customers and employees. ♪ ♪ >>> you need to get comfortable with the idea that whole sections of this market can be phoney that's my take away from the whip saw action in oil prices this week. >> buy, buy, buy >> sell, sell, sell. >> we don't know the cause of monday's oil meltdown that took the price of crude to negative $37 a barrel some it's a lack of demand because of covid some of it is the way the futur

media i think that goes higher at this time the names will weather this storm the best is nike and lululemonthe world that can come out with strong connection. engaging with in-home exercise or different events on line, y they come out stronger in the end. >> it is one of the most important channel checks >> thank you for joining us. for more on the teen spending survey, teen spending takes a dive read that. a great recap. >>> on deck, why famed hedge fund manager still says cash is trash. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. >>> welcome back famed investor ray dalio says there are better things to hold on to than cash. in

was a quick pop i would have liked to stay there longer based upon that strategy, i bought more lululemon. the damage we'll see from people who live paycheck to paycheck, which is 75% of the company, isn't coming back any time soon. neither is good loan demand. that's how i'm looking at it i thought we were at the upper end of the range of the day. i also said the magic bullet is a vaccine. that's still the case. really high equity exposure. >> let me ask you this, what do you think what happened to the market if states reopen and then have to reclose? what would that do to the stock market i'm curious what your thought is there is growing pressure from the president to reopen the economy an from others, by the way. on tweeter, the freedom caucus is urging the president to reopen the economy that's what they want. the president has tweeted a few moments ago about various states whether it's michigan or minnesota or others saying liberate minnesota and then liberate michigan and some of these others there's pressure from the president on governors to reopen if the governors reopen and then

yesterday the move at lululemon. all we're seeing almost exclusively is really short term paper. when i say that, we're seeing option trades that go out to friday's expiration may 1st or may 8th. it's really short term stock pickers market, traders market that all fits in tcf financial today, goes out there and their earnings were very impressive. there are areas in the marketplace. >> maybe we'll bring erin into the conversation now it was just yesterday on this program when scott wapner asked jeffrey gundloch about what could happen in the market going forward given the fact we seen so much intervention by the federal reserve. you can argue congress with the trillions passed in stimulus measures tied to kor this is what he said about whether we could see another leg lower in the markets >> no. i think we take out the low. i think a retext of the low is very plausible i just don't think that will happen i think the people understand the magnitude of social -- i'm not going to say unrest but social unease, at least that's going to happen 26 million plus people lost their job. eve

it could create future users to better monetize they say b riley fdr is upgrading lululemon and today trading down 2% the firm believes that they will benefit as consumers continue to exercise at home the retailer offering free online workout classes that could increase loyalty and should been fit they say from an increase in casual wear as consumers work from home and seek comfort and peloton with a buy and a $42 price target nearly 50% upside saying peloton is positioned with an attractive business model with economies of scale and should be a beneficial of coronavirus in the short term with gyms closed peloton has been holding up relatively well. >>> and we're just over an hour away from the president's roundtable meeting with executives of at least seven energy companies this as the price of oil coming off the best day ever up 8% an on pace for the best week since 1986 down more than 50% for the year. my next guest said some producers are getting offers at $6 a barrel and he predicts to take the market up to two years to recover from the damage done by the outbreak. i'm joined by

recent days and interesting to note, too, though that vf corporation, the parent of north face and lululemon, they haven't done furloughs and paying the employees at least for a little while longer back over to you. >> do we have any idea about how long a furlough can stay a furlough before the company has to turn it into a full layoff? >> that's a great question i don't know the exact details of that and the reason that a lot of these companies, though, issuing furloughs are we don't know the length of the store close why ares and getting back to business in retail. and by giving the furloughs it allows the employees to apply for some of these company assistance programs under the c.a.r.e.s about and to get the compensation because if you're sidelined but not officially furloughed you are not eligible for some benefits but a lot of retailers don't have time lines and don't exactly know what to do with the furloughed employees or how long it will be that case. >> court, piper sandler's teen survey is out and with america's kids stuck at home the results are important. what are the key takeaw

to normal i just don't know who will survive that whether the department stores like someone like lululemon, of course, they'll survive ask tlif a thrive and their stock reflects that >> we're right in the heat of earnings season. we'll get the details behind starbucks and amd and take a look at the market tapping the junk bond market and is this riskier than investors think "fast money" is back in two. to give you the support you need... to stay motivated keep active and sleep well. add a little more health to your day... with nature's bounty. we're committed to makingh college more affordable., that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. >>> welcome back to "fast money. we have an earnings triple play. starbucks, ford and amd. josh lipton is out west with the latest on amd and phil lebeau is in chicago and we kick things off with kate rogers and starbucks. >> a mixed second quarter for starbucks and they beat on revenue and same-store sales fel

then you have got other retailers as well as lowe's, certainly lululemon. we're looking at macy's on that screen. what do you make of macy's? they were already struggling, they were slow to get online, when they finally did, they had to start closing down stores. does macy's make it? >> look it, macy's may make it. that doesn't mean the equity will make it. i will say who will end up with this is other shareholders and debt holders will likely take over the company at some point. so be very careful when you go after a name like that. that is not a name i would certainly endorse. cheryl: i would think too, give me your opinion, we've chainged the way that we live right now. people are changing their lives. a lot of things are going online. i think we'll get more and more, more people comfortable with amazon, more comfortable with shopping online and getting shoes delivered for example. what does that mean for brick-and-mortar stores? a lot of names we're looking at on our screen still have some pretty expensive real estate? >> brick-and-mortar will be with u

. >> i'm wearing lululemon pants today. >> i'm wearing lululemon pants. >> do not start doing -- >> the> do you? so do i? >> that's what you've given up it's when you've given up -- it's like sweatpants. >> you've given up. >> we return. >> when you've given up on pain is when you wear them. >> when we return, the number of coronavirus cases closing in now on 3 million worldwide we're going to discuss possible drug therapies and break down some of the news out of regeneron, hopefully promising there. check out shares of beyond meat right now. stock soaring over the past week of food plant closures that could reduce pork and beef products the stock is still well off of its highs from last year just this morning it was downgraded to sell and ubs 'ltall about it. you're watching "squawk" right here on cnbc we'll be back in a moment. there's tv. and then there's x1, featuring the emmy award-winning voice remote. access to your favorite apps, including netflix, prime video, youtube and hulu. all without changing passwords and inputs. the most 4k content and movies and shows on any screen. th

. >>> shares of lululemon down about 1.5% the company announcing the departure of its cfo saying he will be assuming a leadership position outside of the apparel industry he's been the company for about two years. over that time period, the stock has taken off like a rocket ship although it was climbing before that they're going to look for a successor, doesn't look like there's anything beyond that other than he's taking another job. >>> president trump holding a conference call earlier withed america again congressional group as the coup tri doling with the pandemic. joining us with row khanna we took notice, congressman, that you, a democrat, that had not agreed a lot with this administration and with the president, is join his advisory council. what are you hoping to achieve >> well this is a time of crisis it's not a time for politics or partisanship we're all americans. we need to come together and frankly, it was a constructive call. it was about an hour there were about 20 members of congress on it republicans, democrats, we all shared our ideas with the president. i said that it

i think some retailers will do well to, nike or lululemon that have do stink if unique products and good internet businesses, maybe the stories are so big you can go out and getting what you important come back home. ashley: at least we can finish on a positive note. the retail guru, gerald thank you so much for taking time per week we really appreciate that. now the story in the tech world, are you having trouble using the facial recognition to get your iphone going while using a face max. i am too so i have a guy who has a solution and will explain coming up. do not go away. ♪ it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. [mayhem] you always drive like an old lady? [tina] you're an old lady. the theater home to you,t to with xfinity movie premiere. there's a world full of other trolls. how different can they be? our brand-new service that lets you watch all the latest movie releases from the comfort of home. trolls world tour available now. i will protect