like oh a video game how weird you said today they're like oh a video game cool cool for this activision activision asked paul mccartney if he wanted to collaborate on its game destiny and he said yes exactly and simone zimmer has written entire soundtracks are parts of the music for numerous video games including very successful tracks i'd like crisis to seem similar track that they used to stand task but it's just like if the rest of the is the rest of the soundtrack memorable from that standpoint and i think really there's a lot of main themes of games now that they seem to put everything into the main theme and then the rest of the soundtrack can be a bit mess the inclusion of composers like handsome are they have been done to try and promote video game music make it more recognised because you know a lot of the composers outside of the they aren't very well known within the wider community and they're not very familiar with say user. jeremy's so jake ryan tyler christopher to the kids like there are a lot of different reader game composers who have been very successful and they don't have the

activision, full-year outlook, activision blizzard seeing full-year adjusted revenue of $6.9 billion. it previously anticipated revenue for the full year of $6.73 billion. clearly, a lot of people flocking to its product. let me go back to disney. espn plus subscribers, 7.9 million. total hulu subscribers, 32.1 million, an increase from the previous quarter as well. i don't see a number from disney plus but that is something hopefully we will be getting on the earnings conference call. romaine: we will dive into those numbers a little bit later into the hour. i apologize to our guest, we had to cut her short because of the earnings outlook. we appreciate you being here. that is the senior managing director of state street advisors. that does it for "the closing bell." "what'd you miss?" is up next. this is bloomberg. ♪ ♪ romaine: broadcasting live from new york to our viewers worldwide, i am romaine bostick. this is "what'd you miss?" scarlet: we saw a gain in u.s. stocks overall but we did see indexes pare some of the advance. tensions with china certainly top of mind for investors. economies around the world and around the u.s. are slowly reopening. at the same time, we are getting more results out of companies, anecdotal evidence about how the pandemic is affecting them. let's start with disney. from theme parks to leave dashed movie studios, to espn. missing the consensus estimate of $.86. revenue overall higher-than-expected. disney has quantify the impact on itsd-19 as $1 billion parks business and up to $1.4 billion on continuing operations pretax. pinterest has skipped is full-year forecast even as it reported a jump in revenue and user growth. clearly, a lot more people are engaging with the digital bulletin board. it does not change the fact that companies do not have as much cash to spend and they are pulling back on spending as well. romaine: two videogame companies going in opposite directions. electronic arts down in after hours trading. revenue did come in slightly above estimates. activisioning in the opposite direction, up about 5%. the company raising its full-year outlooks, not only maintaining, but raising it here. tousted revenue up from 6.7 6.79 billion. the main headline, activision is raising its revenue outlook for the year. scarlet: we will continue to keep an eye on all the earnings that cross. i want to go back to one of the themes, the rise in tensions between the u.s. and china. president trump of course taking an aggressive stance toward beijing and promising conclusive evidence on the chinese origins of the coronavirus. lovely,us, very professor of economics at --acuse university it syracuse university. it is great to speak with you. i guess what i want to start with, why now? why are both washington and beijing ratcheting up tensions? orit for domestic audiences is it to send a signal to each other? y: we are seeing a ratcheting up on both sides. the stakes are very high. for china, the rest of the world is worried about the handling of the endemic early.

what's going on with activision blizzard? >> yeah, so activisionthis is a fascinating story there. strong earnings, earnings in the quarter up i think 21%. its latest iteration of "call of duty," a famous video game that it has, has blown away. it's outsold every other version of "call of duty." you can see the stock is up there right now. so, you can see the stay-at-home factor appears to be beneficial for some parts of the economy, at least. >> yeah, most definitely. christine romans covered a lot of ground there. many thanks, as always. >>> all right, let's look at how this virus is impacting the u.s. food supply chain. the president of a food workers union says there's plenty of food, but the industry has an efficiency issue due to lack of equipment and testing. take a listen. >> the failure that we had was not necessarily because the processors weren't willing to do something earlier. the failure we had was because we couldn't get the personal protection equipment and the testing that we needed on the front side to get ahead of this. that's th

activision higher. let's get to josh lipton with the details. >> activision ceo was just on cnbc saying all franchises have seen an increase in users and engagement and saying it's hard to know, he says, how much of that is from the work from home trend versus that content appealing to gamers. will there be a delay in new releases because of work from home content planned to be released this year is still on track like the next premium release of call of duty. as for esports it isn't being played in front of live audiences, but they have moved competitions online and he says there is more interest in those coverage tigzs and ea, a different story and the ceo andrew wilson on the call saying they did see rising usage and engagement in live services and in-game transactions and subscription services and he called them the legends growing strongly and that's the ea's answer to fortnite i caught up with michael pacter at web bush and he said ea is growing by what they said it would. investors were simply expecting stronger growth because of that work from home trend and especially what they just heard from act vigdz and they didn't get it from this report. melissa, back to you >> we should point out that ea went into this earnings session up 5.6% on the week. tim, as the senior video game correspondent having gone to many games and competed yourself, for sure >> yes, i have >> what do you make of these quarters >> they have more of a reliance on the apex franchise with no new battlefield with 2021 into '22. i think the live services are an interesting story and interactive gaming is part of the media complex and interesting to note. if disney's numbers were better and i want to get back to the last block and people were saying they should be buying something like this, whereas activisionk has got a stronger franchise and a stronger pipeline and i think on valuation is a little bit more sense. i think both of these names have come back dramatically and offered relative value to where they were obviously a couple of years ago. 23 to 25 times, i think these are the right name to the own and i wouldn't be running away from either one. >> you're stuck at home and can't go out you play videos games and you play with your friends and i'm sure that's all that you're doing, playing video games with each other. >> my sons are constantly on these and it's always the battle royale games and i would go with activision in a head to head between these two, but this is just another reason to buy microsoft, as well those pipes are continuously flooded and it's just another -- it's not an overwhelming revenue producer, but all across the board it's a win-win for cloud and gaming and what you want to stay away from is take two take two has not performed because they don't have the same

activision merge with vivendi's blizzard entertainment? the answer, 2008 in july of 2013 activision blizzard announced the purchase of 429 million shares from vivendi making it a completely independent company. >>> still to come on "squawk box," quarterly results from general motors, the focus will be on the automaker's liquidity. the state of demand. production and some of its big investments. numbers and instant analysis is next plus understanding how covid-19 impacts the immune system. adapted by a tech teamed up with microsoft and amgen to make better tests and therapeutics. the ceo will join us stay tuned boston light, america's oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more. >>> goorpg everybody welcome back to box. futures are looking brighter two days of gains alreadier and building on those gains this morning with the dow futures indicated up by 180 points general motors quarterly results are hitting the tape right now let's get straight over to phil lebeau >> reporter: this is a beat on the top and bottom line. with all companies reporting these q1 numbers because of the impact of covid-19 i think a lot of people will look at this, okay, how much do we look at this and extrapolate into the second and third quarter 62 cents a share is how much general motors earned in the first quarter. the estimate was for 30 cents a share so more than double what analysts were expecting. revenue coming in stronger than expected street was expected just over $31 billion. the stock moving higher pre-market what people will be focused on one liquidity. two is there a capital rate. we haven't steen full release. we'll be looking at that coming up next hour we'll have a first on cnbc with the cfo of general motors, and one of the main topics is going to be this fortress balance sheet 0 go back to when they came out of bankruptcy the government backed bankruptcy in 2009 and 2010 so if in the future if there was a sudden dropoff in sales, deep recession this could ride it out. they get high marks from wall street for having the liquidity on hand but as they are burning through cash and not able to bring in the revenue because a, production has been shut down so they are not selling vehicles to dealers at the same right and a lot of dealerships are not buying vehicles because the retail sales are down as a result they are burning through cash so the focus will be where is the liquidity coming out of q1 into q2 and q3 and remember they announced they are taking a number of cost savings initiatives, if you will in terms of cash compensation deferral for executives and making sure that they have the money on hand to ride out. what will be terrible second quarter we know given the fact we saw april sales 8.6 million as a pace of sales in the united states, and consider that less than half of what the industry sales pace was in all of last year we'll look further into this report and, remember, you don't want to miss that interview coming up one hour from now we'll be talking about the results as well as the balance sheet. guys, back to you. >>> phil, we'll talk a lot more about that one of the questions i had for you real quick, and we mentioned with mark fields i believe just yesterday is this idea of not simply what happens to the balance sheet at general motors but i'm thinking a little bit about the dealerships which are small businesses that often don't have nearly the kind of balance sheet that a gm would have and what kind of programs either gm or others will have to put in place or what kind of other stimulus measures the government may have to put in place to try to keep them going during these challenging times >> a lot of thoof those dealerss have laid off a good chunk of their help many service departments are open and that helps because obviously as a dealer you make more in the servicing of the vehicle than you do in the sale of a new vehicle but having said that i talked to a number of dealers who said look we cutback to a bare minimum staff if at all possible with the exception of technician servicing vehicles in the back you're right this is a focus for the auto industry especially as you see a number of states, not all states, but a number of states where the shelter-in-place orders or the re-opening of the economy is going much slower than people originally anticipated so now you're getting into the may and june and then potentially summer sales season how much volume your going to see there? that's going to be a real focus for not just general motors but all automakers >> okay. we're looking forward to that interview at 8:30 and we appreciate you bringing these numbers to us right now. we'll see you in a little bit. i want to talk more about earnings this morning and what this soeceason of earnings can mean we're joined by alliance chief economic adviser mohamed el-erian great to see you want to talk through these earnings including the gm number that just crossed. we also heard from disney last night. what are we to make of they numbers? >> so i think you make three things one, as phil said, this is not a throw away quarter there's a lot of information about both companies and the economy. the focus is on balance sheet. most of phil's interpretation was all about balance sheet, liquidity, cash burn, capital raise, so that's the critical focus. second, you are seeing massive winners and losers, not just physical versus virtual, but within physical and within virtual. and then thirdly, you're not having much visibility these three things, andrew, not just form the bottom up positioning but tell us what's ahead for the economy. >> well, tell us then what's ahead for the economy because, you know, depending on your outlook and, again, there's a big bet you have to make on testing and how quickly people come back and what demand looks like you look at a disney at these kind of prices and you say if you believe a year from now everybody is back at disneyworld, these look like great prices if you don't believe that, it's a much more complicated picture. >> so, the top down bet, and the market is being still driven in terms of overall levels by top down but we're seeing massive differentiation. it's the high quality names i've been talking about that have outperformed significantly both on the way up and down the top down theme has evolved it used to be about policy support. now it is positive bet on re-openings. we have 40 states re-opening and the market has embraced the notion that these re-openings will be healthy in the sense that they will be sustainable. we got to learn a lot about the health aspects but also about the consumer behavior and business behavior. in terms of what it tells bus the economy, i think three things are coming out very strongly do winners in general are low employment intensity so jobs may not come back as quickly as we all want them to come back. secondly, productivity is going be very different. among the losers, you know what's the word you they are most is no longer resizing, it's wide sizing business rewiring different supply lines. so we're going hear a lot about that then debt and balance sheets are important. so, these are really important -- it's informative earning season >> the other question i ask is you've been very cautious throughout this pandemic about the markets and which way things are going to go in part because we all don't know what the health implications will be and how quickly we'll get back and whether there's re-infection in the future and whatnot clearly the market is looking through a lot of those issues already and joe has talked to you about this i talked to you a little bit about this as well what are you looking for as the next, i don't want to say shoe to drop but next signal is what i would say both on the good side and the bad side. as we're re-opening. that would give you the all clear. by the time you get the all clear, will you have missed the all clear, meanwhile, obviously, there's the negative as well >> so, for the last few weeks whether it's with you, becky or joe i've been stressing up in quality. up in quality in stocks means strong balance sheet, positive cash flow generation, good management team and on the sunny side of what comes after the crisis those are the names that have outperformed those are the names that have driven the index as mike santoli said earlier it really has been a few names driving the index. the question now comes do you save these names and go into the others some of which are 40% as mike said below their all time highs and that depends, honestly, on your call on the economy. there are two clear sort of views out there. there is the market view this will be a very smooth recovery and if it's not it shouldn't matter because we got to get the backstop of policies then the health view out there this will be a stop go process we'll re-open, we're going to learn a lot. we may actually have to shutdown selectively but the good news is that we're going to learn to live with the virus. we just don't know how long that's going to take and hopefully it doesn't need to take that long because we're going to get community immunity through a vaccine. so we have these two distinct views. you as an investor if you go into the names that have continued to underperform which is where the massive upside is, if we get a global recovery of betting that the health experts and the economists are too cautious that's the bet you need make if you want to go all out, lower in quality >> okay. mohamed el-erian, it's always a pleasure to spend time with. thank you for joining us i hope we'll see you very, very soon joe? >> ceo of adaptive biotech will join us to discuss the battle against the coronavirus. great when you see a biotech company team up with microsoft first as we head to break, check out the shares of beyond meat. trading higher now quarterly results popped estimates in the latest quarter. many end y's need to ramp things up the company benefiting from higher demand for its plant based products at grocery stores amid the lockdown. jie company's ceo will join m cramer on "mad money" tonight. we're coming right back. right now, there's over a million walmart associates doing their best to keep our nation going, while keeping us safe. we've given masks to all our people and we're helping our customers practice social distancing in stores. we've implemented shorter hours, so we can sanitize our stores from top to bottom while also restocking our products. but if anything, these days have reminded us why we do what we do. because despite everything that's changed, one thing hasn't, and that's our devotion to you and our communities. we're working together, in-store and online, through pickup and delivery, to make sure you can still get the essentials you need. and as we move forward, know that our first priority will always be to keep you and our associates safe. ♪ but when allergies and congestion strike, take allegra-d... a non-drowsy antihistamine plus a powerful decongestant. so you can always say "yes" to putting your true colors on display. say "yes" to allegra-d. game is on the rise. electronic arts and activisionporting results ea saw an increase in digital and physical games it got a lift from esports with fifa >> i think it's fifa >> i don't know. >> european stuff. >> european soccer >> fifa. >> okay. large crowd. ea shares are down -- >> i'm messing with you. >> ea shares are down this morning. >> full year guidance like estimates but activision shares are trading up momentum picked up in april and raising its view for the -- i do love soccer, i got to admit. because of the way those guys -- >> finally >> because the way they fall down >> score >> the way they fall down. he'll never play again career ending injury then two minutes later he's back running around that's my favorite thing that's a skill in and of itself, becky. >> it's skill. it is. when we come back, the adaptive biotech ceo on the company's efforts to try to understand covid-19 in order to improve tests and treatments as joe mentioned they are working with microsoft and this does hold some pretty huge promise he's in seattl

activision, electronic art, beyond meat, mattel and virgin galactic set to report results in the next few minutes and we'll ask the ceo of activision blizzard of how sells are impacting with so many people staying at home right after those results hit. plus, we'll discuss a path forward for sports when we're joined by ufc president, dana white. hard to think of a sport that has such close contact joining us to talk about the market today, barbara is still with us. first to you mike on just the continued resilience i didn't see a major catalyst for the market though people still continue to point to new headlines around states and countries reopening like california. like new york. like negermany and hong kong. >> right just really the focus on the incremental movement toward reopening that seems like it can buoy the market on a given day but no real hard news on when it's going to happen so i don't think you had a great explanation. if you view it to consolidate that big rally in april, it makes more sense to see this >> we've got earnings out. electronic arts. let's go to josh for those numbers. josh >> not clear if that's comparable to the 98 cents the street was looking for bookings coming at 1.21 billion. the street's estimate was 1.19 billion. looking at the q1 forecast, 93 cents. again, made it clear whether that's comparable to the 36 cents. bookings, the forecast is 1 billion for q1 for the year calling for eps of 335. we're not clear whether that's going to be comparable to 496, but the bookings estimate, 5.55 billion. the street was at 5.37 billion digital net revenue, 1.22 billion. that would include live services so that's in game transaction subscription services as well as mobile and digital down loads. packaged goods at 168 million. i checked in with oppenheimer, i asked andrew what are some of the big trends he wants to hear about. one thing, as traditional live sporting events get canceled, what kind of impact does that have on ea's bread and butter on the sports f s franchises we'll be on that call at 5:00 p.m. earn. back to you. >> josh thank you. shares down b about few percentage points here after hours. it looks like a strong quarter cheerily people clearly people e are gaming and streaming was this just a case of the set up it was stropg into earnings? >> probably. it was at a new post crash high. it has been on a decent run. also it's acknowledged they have tail winds here during this phase aingd one nd i think one s things is people's willingness to bet on the exception to the rules, the right place at the right time >> barbara, do you know these types of stocks stay at home is the theme, they've run up a lot? >> yes, i still do because i do think have to have a viewpoint about how quickly an economy will open and i think it's going to take a while longer it's not evenly shaped the consumer will spend less save more. some jobs won't come back so you'll things like this have more traction than normally. there's profit taking after hours. the same thing will probably happen to activisionhink after the company does its update one thing you want to hear about is their vstrategy for keeping these players. we want to know how many new ones my guess, too, is on the sports franchise you'll get more traction there because people will want to see their teams but i think these are names you can stay in. profit taking is normal. but you don't need to sell here. >> ea's down about 2% or so after hours. activision blizzard numbers are just crossing. looks like a decent beat here so perhaps better ea numbers. rev nigh came in at 1 .5 billion eps, decent beat there adjusted, 76 cents per share forecast was for about 38 cents per share. also getting guidance going forward, the q2 guide strong as well the forecast was, expectation was 1.3 and ep is s zero 64 per share where as the expectation was 039 and full year guide better than expected although perhaps not as strong for the full year guide as it was for the q2 guide and q1 numbers. activision, up 1.8% compared to ea down a coupl