fritz, theis lance ceo of union pacific.has been a really rough six months for every body, and the 8600 workforce you had to cut, do you have any visibility as if this is the worst it will get? how does your outlook look for the back have and will you have to cut anymore from your workforce? lance: it is a great question, and thank you for having me this morning. clearly in the second quarter, the depths of our volume drawbar about 25% year-over-year. the full quarter was 20%, and we exited the quarter on a much stronger footer than at the bottom -- footing than at the bottom. the average of the quarter being 8600 employees at the same time last year. i suspect that could be the bottom, if what we think about going forward happens way it is a 10% year-over-year really calls for better volumes as we look forward. still down year-over-year, but much less then we saw in the second quarter. and we have already been adding back some of our employee base, calling people from furlough, not on a one for one bases because we generate

claims up for the first time since march we will talk to the ceos of southwest, at&t, dow and union pacifichis morning, jim, the hard thing today, jim, is going to know where to start. >> yeah, i mean, look, i think last night the news flow was, as you said yesterday, heavily weighted toward microsoft which people regarded as disappointment i think that disappointment is not having the greatest quarter in the world, let's just say that today i think that the focus is what's going to happen when these benefits end and which companies are going to be able to continue to deliver the numbers. for instance, chipotle had a great number, will that be impacted whirlpool had a great number last night will that be impact snd what are we going to see with southwest air we had a fantastic interview with american and then secretary mnuchin i felt once again sounds like there's some room to get a deal done. we need a deal or else we're going to find ourselves with a consumer who is too strapped and i think that that's what i'm looking at for next week and then of course i'm looking at tesla because when

the blackstone versus union pacific is a perfect example of where we are set up here. blackstone reporting an advanced in all of its areas last quarter versus union pacific having to cut 86,000 of its workers. francine: i think it is the first earnings season because of the pandemic you see clear winners and losers. unilever doing great and companies are struggling because of cost cuts. it just accelerates their demise if they were already in a bad place. alix: earlier today it was a risk on kind of deal until we got those jobless claims. the s&p flat. it was up earlier. euro-dollar still getting that bid. the dollar was a little stronger but now we are into that risk on field. you have a bid into gold, a bid into the 10 year yield. old futures almost hitting a record high. coming up, we are going to break all of this down with southwest ceo. he will be joining us later on in the hour as well as the founder of robin track. looks atg -- he everything robinhood traders are doing. u.s. initial jobless claims arising for the first time since march last week. joining us now

>> with union pacific leading the way. expect descent numbers but the stocks weren't so much the bar might be too high. if rv railroads can beat expectations, that's you after the close on wednesday i'm betting union pacific does better thanks to the west coast port exposure and efficiency ratio. you want a wild one that could deliver a monster quarter? i'll give you a wild one called tractor supply it says everything you need to move to the country to become a farmer it's a reliable retailer and gardening assented due to covid and canning. the stock is up -- well, that's because of covid the stock is up 50% for the year tractor supply what you want is for the stock or any of these i like to have some event that has nothing to do with tractor supply and that sends the stock down what will twitter say about hacking when it reports? it don't know of any upcoming events that can stir interest unless sports can come back and watch with sports, that's what i like to do airline alert, if you insist on owning or even trading it's

union pacific, caterpillar these benefit from a strong global economy, not domestic but global union pacific connects ports on the west coast with the rest of the company. caterpillar is a big china business, big oil and gas and works with crude above 40. free port is a compromiser the chinese consume half of the world's copper now remember when i said there is not enough money to slight the supply from other groups when we get the lockdown thesis and that's why the nasdaq lagged the s&p and really under performed the dow today. the tech stocks in the nasdaq need to slow down but need very low inflation. unfortunately, the consumer price index was too hot plus .6% inflation erodes the purchasing power of money in the future, growth stocks trade based on money they will make in the future and that's why amazon went down even as walmart and costco zoomed higher puzzle solved. the thing about the market, the ability to strange stripes at any given moment but a group of sore thumbs. there could be tremendous growth tomorrow and not these but the guys who lagged. why? moderna said the vacc

dramatic images coming in from tempe, arizona, where investigators are looking into what caused a union pacificreight train to derail today. fire from at least eight cars sent black smoke into the sky in what one witness described as a scene from hell. the bridge where the fiery wreck took place partially collapsed. one person was treated for smoke inhalation. no other injuries were reported. for the first time, the titans of tech testified together before congress. amazon's jeff bezos, apple's tim cook, facebook's mark zuckerberg, and google's sundar pichai were confronted with charges of stifling competition and political bias. from the capitol. so, nancy, how did these c.e.o.s respond? >> reporter: norah, they insisted their companies are not corporate bullies that buy out, copy, or destroy their rivals. amazon's c.e.o., jeff bezos, in his first congressional appearance, insisted that there are plenty of shopping options out there, even though it's now estimated that amazon controls 44% of u.s. e-commerce. this was a high-stakes appearance for all four of these companies. they're facing anti

. >> reporter: union pacific says tanker cars that fell off the bridge contain a hazardous and highly flammable chemical. the fire department says one tanker is leaking and is using heavy equipment to pull the car upright, stop the leak and prevent another fire. as flames raged, a light rail passenger train on a nearby bridge slowly pushed its way through the smoke. valley metro rail telling us it was safer for this final train to pass through than stop on the bridge. federal investigators now working to figure out why the derailment happened. and david, firefighters tell us that the chemical leaking from that tanker ignites very easily, which is what makes this such a delicate cleanup operation. they say it could last for days. and keep in mind, the crews are doing all this work in the eahe. temperatures hovering around 110 degrees. david? >> clayton sandell, thank you. >>> now, to minneapolis tonight. authorities say they are now searching for a man that they allege was seen in a viral video smashes windows and inciting violence after the death of george floyd. they say he is a whit

we continueming up, our conversations on airlines and transport with the union pacific chief executive. this is bloomberg. ♪ ♪ "bloomberg surveillance," a stream of stories out in london and new york. one we have avoided, but front and center in washington is the desperation of the republican to get some coalesced idea of the next stimulus, and to do it fast emily wilkins is in charge of hand to hand combat for bloomberg congressional affairs in washington. it is an extraordinary moment for the gop. is this about the stimulus or future of the party? emily: probably both. everything is about the future of the party to some degree. republicans are in the process of getting their bill ready to come together. democrats passed their bill in may, and they will try to come together to negotiate for another package to help americans. tom: is it just they are having their moment, the deficit hawks are hysterical about the size of the debt, and others in the republican party? is it just understood they are having their moment and in five or six days the story changes? emily: i think to a certain

economy is reopening that means goods are being shipped by following the accident -- fedex and union pacific. transports, that's an area for active stock picking >> all right sit tight for a second we have some breaking news regarding social media and the white house. what is larry kudlow saying? >> that's right. the national economic council director stopping to talk to reporters about tiktok and suggested the outlines of a potential compromise here is what he said >> we haven't made final decisions but as has been reported in some places, i think tiktok is going to pull out of the holding company which is china run and operate as independent company. >> you know of any american company that would like to step in and buy that company or might step in? >> i don't want to speculate on that that's really a market question. i'm just saying that's a much better solution than banning or pushing away >> kudlow suggesting the administration would prefer to see an american company step in and buy tiktok or some kind of compromise where the u.s. government could be assure thad the data they have isn'

a union pacific freight train derailing in tempe arizona, as you see there, large fire was ignited andn to collapse. incredibly, none of the trained crew members were injured, a bicyclist under the bridge at the moment it collapsed escaped within seconds of his life. at least 90 firefighters are battling the blaze, one witness described the situation of the scene from hell. and we can report to you right now, there are no reports of injuries. coercively and miraculously. object civil rights activist bob whitson joins us on the t radicl left continuing attack on america's heritage and this nation. we'll be right hike! simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. ♪ ♪ lo lou: we are joined now on the phone by former civil rights activist bob whitson, the head of the whitson center and bob, i know we are going to be talking with video but skype for some

union pacific bringing employees off of furloughs.s on what part of the manufacturing economy you are in. aviation is a tough place to be, and there is no light at the end of the tunnel. they are trying to monetize their position, what does that mean? brooke: they have been in the process of trying to wind this down. they have done to pretty big sales. those have not been the most ideal prices, i would say continuing to wind that down means they have accepted the reality of where that is trading and they want to be done with this and get out of it. they want to monetize it and bring in some cash. tricky to timebe the market and really sort of get to the price that may be were expecting. i think those expectations will have to come down with the trading we have seen with baker hughes and other providers given the drop-off in demand from the coronavirus. francine: thank you so much, terrific briefing. geing up later, larry culp, chairman and chief executive officer. that conversation is 12:00 p.m. in new york. let's get to the bloomberg

i think silver goes higher >> i think union pacific set the tone positively for the rails. >> joe >>market exposure. >> do you like emerging market exposure, jimmy? >> no. historically it's not suited me at all i always find something that goes wrong >> what is your final trade for us today >> advanced micro, why because i am a zen guy and they've got this great thing for computers. all-time high. take it. >> thanks, everybody appreciate it. appreciate you watching. >>> kelly, it's all yours. >>> thank you, scott hi, everybody. here's what's ahead of us. the u.s. giving china 72 hours to close its consulate in houston that officials said was a hotbed of scyberspying. >>> we'll tell you who he's most worried about this time. >>> and chipotle reports earnings, spotify's legal deal and social distancing. that's all aad

a union pacific freight train derailing in tempe arizona, as you see there, large fire was ignited and burned, the bridge began to collapse. incredibly, none of the trained crew members were injured, a bicyclist under the bridge at the moment it collapsed escaped within seconds of his life. at least 90 firefighters are battling the blaze, one witness described the situation of the scene from hell. and we can report to you right now, there are no reports of injuries. coercively and miraculously. object civil rights activist bob whitson joins us on the t radicl left continuing attack on america's heritage and this nation. nation. we'll be right when you think of a bank, you think of people in a place. but when you have the chase mobile app, your bank can be virtually any place. so, when you get a check... you can deposit it from here. and you can see your transactions and check your balance from here. you can save for an emergency from here. or pay bills from here. so when someone asks you, "where's your bank?" you can tell them: here's my bank. or here's my bank. or, here's my bank. bec

a union pacific freight train derailing in tempe, arizona, as you see there.ignited, and as it burned, the bridge began to collapse. incredibly, none of the train's crew members were injured. a bicyclist under the bridge at the moment it collapsed escaped within seconds of his life. at least 90 firefighters are battling the blaze. one witness describes the situation as a scene from hell. and we can report to you right now that there are no reports of injuries. mercifully and miraculously. >>> up next, civil rights activist bob bob woodson joins us on the radical left's continuing attack on america's heritage and this nation. we'll be right back. ♪ ♪ just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ and still going for my best. even though i live with a higher risk of stroke due

in southern california, police working for the union pacific railroad will no longer collaborate withmmigrations custom enforcement in detaining people a and transferrining theo federal custody. in bolivia, protesters marched tuesday in el alto, demanding the right to elect a new president after the governmene's right-wing intnterim leader said it would postpone elections for the second time this year, citing the pandemic. ofups accused anez continuing a coup d'etat. >> we willll not allow this dede facto o government to embezzle bolivia. we determined we will carry on with the protests until the elections are ratified. e experienceded one of its deadliest and most represessive periods a and decas as the government carried out summary executions according to a new report by harvest international humans rights clinic. said theselaro abuses mirror the authoritarian behavior and dictatorships of the 1970's. this must stop. 212 land and environmental defenders were murdered last year, the highest number since the group global witness began gathering data eight years ago. around 40% of tho

high quality companies that don't have a lot of debt on their balance sheet look at company like union pacificfor example or merck. those are value companies that haven't participated in the upswing. >> that's a good point thanks for joining us today. don't miss cnbc interview with arnold donald on closing bell. head to our website or follow us on twitter back to you. >>> ahead on power lunch, colby college is planning to spend around 5 million dollar on covid testing in order to bring students and faculty back to campus the school's president joining us next. >>> a ton of names hitting new highs. mark mahaney is listing his top plays. he'll share those names when power lunch returns. you're first. first to respond. first to put others' lives before your own. and in an emergency, you need a network that puts you first. that connects you to technology to each other and to other agencies. built with and for first responders. firstnet. the only officially authorized wireless network for first responders. because putting you first is our job. save without even leaving your house. just keep your ph

and union pacific. you're intari the airlines with delta. when i think about strength and tro transports, that's a signal that the economy is looking strong. that's a v shaped recovery bet i'm not sure we're getting that this week. what's with the move >> i only want to talk about the alphabet with my 2-year-old and 3-year-old the numbers we're seeing in transports the trucking numbers you think about the shipping and about what amazon is doing they are using trucks. truckers prior to the pandemic were already very, very sparse, if you will. you saw a shortage in truckers as we continue to see the trucking companies doing better and the numbers that we're seeing coming out of the summer, you look at jb hunt, they out perform. there's a reason for that. i think continue the see that as it relates to the trucking companies in particular. the shipping will be huge. how are you going to get that amazon package it's got to be shipped >> i wanted to get your take on uchl p.s. which hasn't been quite as strong as the group what's the expectation in

a union pacific freight train derailing in tempe arizona, as you see there, large fire was ignited anddge began to collapse. incredibly, none of the trained crew members were injured, a bicyclist under the bridge at the moment it collapsed escaped within seconds of his life. at least 90 firefighters are battling the blaze, one witness described the situation of the scene from hell. and we can report to you right now, there are no reports of injuries. coercively and miraculously. object civil rights activist bob whitson joins us on the t radicl left continuing attack on america's heritage and this nation. we'll be right back. the hoa has been very involved. these shrubs aren't board approved. you need to break down your cardboard. thank you. violation. violation. i see you've met cynthia. at least geico makes bundling our home and car insurance easy. and it does help us save a bunch of money. two inches over regulation. thanks, cynthia. for bundling made easy, go to geico.com my age-related macular degenso today i made a plan with my doctor,. which includes preservision... because he sa

. >> reporter: union pacific says tanker cars that fell off the bridge contain a hazardous and highlymmable chemical. the fire department says one tanker is leaking and is using heavy equipment to pull the car upright, stop the leak, and prevent another fire. as flames raged, a light rail passenger train on a nearby bridge slowly pushed its way through the smoke. valley metro rail telling us it was safer for this final train to pass through than stop on the bridge. federal investigators now working to figure out why the derailment happened. firefighters tell us the chemical that is leaking from that tanker ignites very easily, which is why this is going to be a very delicate cleanup operation that could last for days. keep in mind, crews are working in heat that is hovering right around 110 degrees. clayton sandell, abc news, tempe. >> definitely a hot one there, clayton, thank you for those images. >>> coming up next half hour, the 3-year-old girl fount floating in her grandparents' pool unconscious. how two quick-thinking police officers revived her. and the reminder to all parents

we get the union pacific road road and the northern pacific which is designed to get people out to the western plains so they can join. we get our first national money so people can do business over state lines which by the way there's a great piece. you also get for the first time in their day history national taxation. you get the idea that people are investing in the government and government intern is doing something for the people. the people on the government and the government take care of the people that are investing in it and that's everybody. and and anybody paying a sales taxes and income tax. what happens after the war is these things all clustered together and during reconstruction what happens is southern democrats who loathe the idea of black or does the patient society. slavery is completely disintegrated during the war but they might want it acts that it's clear it's long gone but you could never untangle everything happens civil war. what happens is during the summer of 65 is african-americans tried to enter the society and work for their survival and they get cheate

they have been the county that rescued this from union pacific in 1991. they are owed a great debt of gratitude. but as this railroad has expanded, as it will continue to take cars off the road, it is time to have shared governance, it is time to have more equity in transportation. it is time to have more transparency. and the way to do that is with real regional governance and the time to do it is when the sales tax is on the ballot. i really, really want to thank and appreciate supervisor and j.p.b. member walton as well as his counterpart in santa clara county, supervisor chavez, and mayor lomay licardo for being rl leaders on this. i know that it's an unpleasant conversation, but there's never a good time to have this conversation. but as we said this is not the time to kick that can down the track. thank you. >> president yee: supervisor haney. >> supervisor haney: thank you, president yee, and thank you especially to supervisors walton and peskin for all of your work. and the shuttle diplomacy. this is a very unusual measure that we have to get agre

csx and union pacific. we'll get transports microsoft in the mix, ibm, tesla, chipolte.ext week is when it gets interesting. >> i love next week. it's just so much fun. i mean, you can't sleep. i usually don't sleep. i do an all-nighter between tuesday and wednesday but i'm going to wear a tie because i like to look respectable on tv it's what i do this, by the way, is a brioni david. >> thank you for that. i appreciate that. your suit alone is well -- for a man with 17 houses now, 17 houses and counting? >> yeah. >> the stock you sign, she's like oh, i bought a house, oops. oops, i bought a house that's what happens with docu-sign, but she rented it >> when the 30-year is 2.98, i think a lot of people are looking to buy a house >> oh, yes >> i'm going to miss you over the weekend. if you want a show on saturday, i'm game >> mad money at 6:00 p.m. eastern time jim, we'll see you later good friday morning. welcome to "squawk on the street." we are live from strat locations. interesting market day as we look for a third week higher on the s&p and getting confidence data fr

i have been adding on the industrials like union pacific i think that should not be down. i thought that quarter was fine. they're doing a great job internally on operations and execution. the so there are pockets earnings always give you looks they always give you chances and that's when i sold facebook i didn't necessarily buy anything i mean in a big form because i want to have some dry powder so that when you see the overreactions on earnings, you can be buying. >> watch some consumer stocks today. on the move, on the back of earnings we're watching names like kimberly clark which is hitting an all time high the company which owns brands like hugies diapers and kleenex and scotts toilet paper, reissued full year guidance after suspending it back in april, raising it from the previous range the company also says it will resume its share buyback program. >> shares of unilever is up. sales in north america in particular were very strong for the company. the stock up almost 7% hershey another consumer staple and another winner today the candy company says they're bracing f

allies so-called allies and so union were forced to being allies china it isn't representing a direct military threat to europe but it does present military challenges in the pacific it is the soviet union although there were economic ties with it it was pretty much a you know separate east west systems we are totally interwoven with china economically a technological usually important point that's a very very different point we're not we can't have although mr trump is trying at this decoupling it's more of a realignment of our interests to understand what the competition is about in a deeply integrated world it's just a very different setting that will have to engage and so the cold war i think distracts us from think about what the real challenges are ok. you continue troubled and troubling times for china hong kong what if you will sort of reflections on impressions being in the last several weeks and months. actually nothing's been changed much because so many people don't even know what's going on. like we have because look at what. people in china but on the other hand. have changed just one day a cat and the cup so they stuck to chatting and the cup driver

pacific. it was a union of land speculators and southern slaveholders. john quincy adams elected to congress 1830 after the one term presidency ended. it was an unusual move never to be repeated. remained in the house until his death in 1848. parties ruled. it was quite design military was sanctimonious calls with southern democrats to purchase auxiliary support from the men of the north. jackson, head of the democratic party jefferson small government party now with executive power. and john quincy adams as a princely air comfortable with titles and rituals and long serve as a diplomat. somehow like his father before him with a secret promoter of monarchy. the cult of personality and often voters didn't care. but a slaveholding oligarchy took hold of the presidency along with the illusion of what textbooks call jacksonian democracy. >> he was the architect of the constitution, the architect of the bill of rights, he was crucial to the establishment of the government under the constitution. he was president during the first war under the constitution. an

weston expansion drove politics, slaveholders wanted slavery to expand to the pacific, behind the screen was a union of speculators and slaveholders. john quincy adams was elected to congress in 1830, after his one term presidency ended. it was an unusual move, never to be repeated. remained until he died at his desk in 1948. parties ruled. the art of party drilling, was military. party membership became writers, sanctimonious called to liberties, allowing southern democrats to purchase auxiliary support slavery from friedman of the north. what could be a greater irony? jackson, head of the democratic party, jefferson supposedly small government party was now a party of unchecked executive power. election hearing, frederick john quincy adams, a man comfortable with rituals of the european court, he served as a diplomat. like his father before him, he was a secret promoter of monarchy. the truth is, they can twist the truth and voters often didn't care. for john quincy adams, a slaveholding oligarchy had taken hold of the presidency, along with the illusion of what textbooks call jacksonian democracy

technologically in the asia pacific region and beyond has presented the united states with a potential rival on the world stage for the 1st time since the fall of the soviet union a growing information divide is just one sign of a new cold war unfolding journalists have been caught in the crossfire chinese out hits in the united states have been made to register as agents of their government while american reporters in china have been expelled but perhaps most significant is the growing schism between ordinary chinese and americans. surveyed taken in april found that 77 percent of americans believe in china for the pandemic and more than half think beaching should be reparations as the headlines get more strident in the country or the media commentary more aggressive and as politicians on both sides see increasingly useful enemies in one another the risk of a confrontation between 2 nuclear heavyweights grows. it's extremely dangerous to reason one mr drum. do of them have been. ramping up their rhetoric and i think it's very dangerous on the one side secondly the united states is brought in enormous amount of military hardware into the region and this just in

pacific from heritage to horizon. [drumming] the conflictr, between the people's republic of korea and the republic of korea reached proportions in 1950, when north korea supplied by the soviet unionth. theunited nations with united states as a principal participant joined the war on the side of the south korea and that people's republic came to aid. air warfare was a large factor in korea, it was the first jet war. piston engine aircraft were still used in a great weight during the korean conflict, and as we see that b-29 flying off to the sides, in a moment we will see an airplane known as the a 26 invader, initially designed to replace three other twin engine world war ii airplanes. it was so good it serves ably in world war ii, korea and vietnam. ♪ it flew the first and last combat missions in the korean conflict, and as a light bomber and attack aircraft, invaders tivoli bond convoys and trains but also engaged make fighters. the 218 cylinder pratt & whitney radial engines with 2000 horsepower each gave the invader the capability of carrying munitions at 350 mile-per-hour. we built what was then the fastest single engine aircraft ever built, the f4u corsair, the batwing bird

hayward and union city, 59 degrees. 59 and dublin, 58 and martinez. 56 and 58 degrees in sacramento. 80 degrees in palm springs. what we are looking at now is a system, in the pacific northwest, it has budged the high out of there. it is still there, so we will get near normal temperatures. some will be near 80. it is a quiet pattern. fog and son, it is nice temperatures. temperatures are where they should be. i don't see much change going forward. if anything, temperatures look to be stuck. day today subtle changes. >>> today is tax day. the irs backlog will complicate returns, coming up, the options for people who need more time. >>> safety protocols at san quentin, after his bike and coronavirus cases. motorcycle riders love the open road. and geico loves helping riders get to where they're going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. and because we're committed for the long haul, the credit lasts your full policy term. the geico giveback. helping riders focus on the road ahead. the geico giveback. it's a beautiful thing. superfast internet with an xfinity fl

pacific from heir heritage to horizons. korea wan conflict between the republic of korea and republic of korea south korea reached international proportions in june of 1950 when north korea supplied advised by soviet unionr on the side of the south koreans and the people's republic of china came to north korea's aid. aerial warfare was a large factor in korea. it was the first jet war. however, piston engine aircraft were still used in a great way during the korean conflict as we see that b29 flying off to the side, in just a moment, we will be seeing airplane known as a26 invader. initially designed to replace three other twin engine world war ii airplanes, it was so good that it served in world war ii, korea, and everyone in vietnam. it first flew the first and last combat missions in the korean conflict, and as a light bomber attack aircraft invaders typically bomb convoy and trains but also engaged mig fighters of the two 18 cylinder engine developed 2,000 horsepower each giving the invader capability to carry 11,000 pounds of ammunitions at a speed of more than 350 miles per hour. and in 1940, chance bock corporation built what was then a fastest single-engine aircraft ever built. the f4u, the bent