albertsons is a massive supermarket chain with 2,252 stores across 34 states. you may know them as safe way or shaws. they are number one and number two and 68% of 121 metro areas where they operate but albertsons does not have a story history. they had a debt balance sheet taking private by servers capitol in 2006. albertsons is a frankenstein monster of a super market chain. 2014 they took another mountain of debt to acquire the struggling safe way. they tried to take albertson's public a huge wave of ipos in 2015 but they waited too long and had to pull the deal in part because the chinese stock market crashed, in part because the investors were sick and tired of the companies. nobody wanted this big supermarket chain with the horrific balance sheet fast forward to 2018 they go public again via traditional ipo. they might have pulled it off that time but the company immediately changed course and tried to acquire writing that merger fell apart because right aid shareholders were worried about albertsons now since they made real impr e improvemen improvements

we'll be right back with the ceo of albertsons. y-yeah ♪ ♪ yeah ♪ hey, hey to save on auto insurance. there's lots of ways really? yeah. very proud of that. with smartride® from nationwide, they can get discounts for safe driving. does she get one? mrs. carmichael? safest driver in peytonville. takes a lot of work and effort to be the safest driver in peytonville. what about this guy? with nationwide smartmiles®, the less he drives, the less he pays. the list of inspiring stories goes on and on. i bet. i've never seen anyone do more with their retirement... ♪ ...than you. i... concur. ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey >>> let's get to the headquarters group in chicago, with the santelli exchange, rick >> thanks, i would like to welcome jerome schneider, i wish we were in the pits in chicago, but welcome. let's get right into it. i look at a six month at six basis points 18 and 30 basis points respectively right now how does one invest in short-term securities and make some money exactly. low rates for the here seeable future it

what do you expect for albertsons? >> it is so difficult.sed on the long run and we've been preparing for this a long time, strengthening the company so we can go out there, when with companies and value the long term. we have a new set of investors with us with the confidence in us, in this difficult environment. we see, it's a terrible what's happening with covid in the country but from this standpoint, people are you eating at home and buying product from us and we have great product in our store. people are coming back buying produce, meat and seafood, baking goods etc. so they can enjoy their day at home. >> do you have yeast? i swear i can't find yeast in new jersey or new york. [laughter] liz: talk about the supply chain because for a while, you couldn't get certain things. it's tough to get clorox wipes and depending on which store, toilet paper is a big if but how are you making sure the competition is very rough, kroger wants to fill its shells, to you're able to get the supply chain free and moving? >> i'll get yeast for you for s

we came together as albertsons and safeway in 2015.ew years was focused on integration, putting common systems in place and such. then, we switch to transforming the company. transforming the company is all about putting new technologies. one of those is our omni-channel solutions. we give the customer many choices. you can pick it up from the store, we deliver it with her own strikes, deliver it with third parties. we continue to expand it. we think there is plenty of headroom. it is important to recognize it is all in the early. there is so much learning, so much going on. that is one element of strengthening the company. there's also strengthen the company's day-to-day operations with technology to become more efficient. even in the stores where we do a lot of our business. romaine: you mentioned safeway, but under albertsons on rela, you've got a lot of different brands. -- atsons, safeway, acme great grocery store. i'm curious, how seamless is it going to be for customers who want to use an albertson app or some sort of online del

nike earnings and pricing of albertson's ipo. all of the stories that we cover so closely >> i know. and banks already rallying today off that deregulation news earlier on the day they're up 1.6% at the moment. the top of the s&p 500 sector. we have a huge show coming up on "closing bell. on the day, we get the stress test results that sara mentioned. we'll be talking to the ceo of barclay's in a rare exclusive interview. that's just about five to ten minutes away after the close, the -- they will join us this is the sign for the first time in months so let's get the pictures here mike santoli is here for the markets. the moves and valuations he is tracking the surging covid-19 cases across the u.s. mike, first to you. >> we have a pause today in the markets within a pouz. that is similar to a couple weeks ago. we this that big down day number real sustainable follow-through to the down side why is that? it doesn't seem like they're overleveraged in a way that kree auts a liquidation cycle on the down side. there you see that fla

two years ago albertsons pursued a merger with rite aid which would have given albertsons access to theshareholders opposed that deal and it fell apart. this time around the ipo seems to be set with a listing at the nyse, the highest profile company to debut there since the floor was shut down. executives are still expected to ring the opening bell virtually just a few minutes time, guys. >> leslie, we will talk to the company later on this morning. i think on "squawk alley." leslie picker watching albertsons big deal going on today. nike is the other story regarding consumer spending, that big surprise miss as the wholesale model continues to be challenged by store closures around the world really. mike santoli, there's two lines of thought, one that analysts were caught offguard regarding the number and also if nike can't survive a period like that who can? >> maybe we will see a fair bit of this where the analysts essentially opt out of trying to be too fine is figuring out exactly how the quarter went i do think also with this modest decline premarket in the stock it still shows you

let's turn to the albertson's ipo.before but they are expected to price after the bell they tried to go public five years ago and failed let's bring in leslie with the latest >> hey, that's right a bit of a deja vu here. if you haven't heard of the grocery store albertson's, you may know the other brands like acme, safeway and randles. tonight after two unsuccessful attempts in recent years, in 2015, albertson's filed all of its paper work but ultimately people balked at the $12 billion debt load. they tried three years later with a merger with rite aid but shareholders opposed that combination. so here we are in june of 2020 in the middle of a pandemic where demand for groceries is higher and the coil's debt load is lower and the private equity owners may finally get on cash out including investors 14 years ago. al betterson's still has about $18 billion in debt and won't be receiving any proceeds from the ipo to help pay that down. >> they won't get any proceeds >> nope. >> only the current investors are getting to s

s&p hovering at or below the 3,000 mark.gmj here is albertson's which waits for years to go public itwer than that tough day. will it have a chilling effect on other companies looking to ipo? power lunch will be right back dow is under 25,000. can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. talk to your financial professional or consultant it's a thirteen-hour flight, tfifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ because the tempur-breeze° transfers heat away from your body. so you feel cool... nig

so albertson's will be interesting. they've been pending for a long time.: yeah. >> we'll see how that comes in -- maria: yeah. we'll see how it does over a long period, we'll see how it does over a long period of time. how are you investing right now, alan? tell me where you're finding growth in this economy. you have found some great ideas and even industries overall that you've bought into at very, the infancy stages. where are you allocating capital today? >> well, we've been, had a limited amount of money, but we've been focusing, i have particularly for the firm, in the podcast area. we've now made six investments including the leading independent company in the field. we've also gone into five different technologies from ad attributions with a company called pod sites, another called chartable, another one specializing in subscription technologies for the podcast industry which is a real hope for the industry called glow, another company which is dealing with the sounds and cataloging and sound base, and another company called stackable which does se

albertson's, i don't like the debt level i'm a little bit suspect of the timing of all of this. so i'm not a big fan of that. >>> coming up, the risks to the reopening. what options traders are saying the delay at disneyland could mean for the stock ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. 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

. >> albertson's will become a publicly traded company. at $16 a share valuing albertsons at about $9.3 billion the private equity firm has been trying to take the company public since 2016. >> black rock has cut fees to match van guard on the etf will now be $3 for every $10,000 vested it was previously $4 black rock holds a third of all global etf assets and van guard around a fifth verizon will pause ads on facebook in july calling out the social media giant for not doing enough to stop hate speech, harassment and misinformation. verizon says it is halting ads until facebook can create an acceptable solution. >> a couple of big names in communication services >>> we are also watching shares of nike down this morning amid pressure from covid-19-related shut downs reporting a loss of 51 cents per share. down 38% from this time a year ago. inventory is piling up the shift on line is squeezing its margins. the stock has been flat since january, the most recent quarter now is at the bottom joining me now, analyst, matthew. good morning the n

we talked about how this was going to be a tough sell albertson's had a lot of debt.rocery business which having a moment right now but is not seen as a permanent phenomenon is this a reflection of the broader market sara, grocery stores overall have -- am i back? transmission difficulty there. grocery chains overall, you know, operate on such thin margins. it's an interesting investment for anybody that wants to play you have a very limited scope of investors that want to come in there. the ipo is clearly been trying to get launched for the last five years from the private equity shop that owned it. that is an upward trending market you never want to launch the ipo on a day you're trading down a couple percent and that's what happened here. that's certainly impacting it. as you point out, grocery chains are having their day in the sun right now because of the pandemic and the shutins that we've been subjected to. very few will be survivors >> crowinger is holding up in today's selloff. mike, two minutes left in the trading day. take us inside the market internals and

albertsons is kicking off their road show.ll be pricing next thursday this will be one of the biggest ipos of the year remember, that ipo etf at an historic high. zoom videos had a great month. beyond meat, moderna, the market is interesting interested and recently produce how albertson's does this company has been around a long, long, long a group of a number of different companies that are out there. >> safeway and albertson's leveraged buyouts, they're bringing it back warner music has done well since they hit the public market >> yeah, and you would think like the lbos, a little bit of a tougher sell, given all the debt levels that are out there for them but the appetite is really noticeable for ipos. they've been strong across the board, regardless of what kind of ipo you're talking about. >> and some bigger ones coming in the fall as well. a large investment from a japanese ensurer perhaps going to be a direct listing bob, thank you let's take a quick break a lot more "squawk on the street" right after this >> announcer:

i think the rest of the country understands what african americans live with or albertsons or 100 as it relates to up if institution of slavery and we have broken all those changed and what we see now is systemic racism. that of the public now is beginning to understand that we know since the still ahead our florida trooper made an impression a warm hearted moment caught on camera. >>and when we come back the advice that we have been monitoring protests happening tonight in los angeles, you're looking live at the scene. this looks like hancock park different parts of the crowd of been moving all over the city. they have been in downtown los angeles they've been walking along hollywood walk of fame. national guard members and police standing by trying to block of time some of the major streets. this is not far from the mayor's home, but that isn't that particular spot. but interesting that huge crowds gathered outside la mayor eric garcetti's home. he held a news briefing just a short time ago saying that he looks forward to a day when la will not have a curfew but no time frame on th

know as the parent company of albertson's and safeway grocery chains it made some sec filings lookinggs. it looks to price the shares between $18 haand $20 apiece we have names about who is running the book here. you have bank of america, goldman sachs, j.p. morgan and citigroup are acting as the lead joint book runsers an ipo coming up for a very large grocery store chain. in this environment, woo he will see how it goes. for right now that, is the news. i send things back to you. >> this is the time for a grosser to go public everybody is loading up. >> on consumer staples >> yeah. >> dom for us there. coming up next on "closing bell," mike santoli will have a look at whether invest sment a red flag for the market. where will you go first? wherever you make go, lexus will welcome you back with exceptional offers. get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing at your lexus dealer. can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i

we know you're working on albertson's.s it right now versus where we would normally be if we weren't in a pandemic and recession and crisis in. >> there is a strong pipeline of companies coming to market there is the old adage that investors like quality companies allow them to come public in any pashgt plac marketplace. we're continuing to see a robust pipeline through the election. and it had started off as just being special purpose acquisition companies followed by health care companies but we're really seeing more sectors look to tap into the equity markets in the second half of this year. >> john, give us an update of the state of play there on the floor of the exchange. p i'm certainly missing being there. but you back up to full speed now other than the cnbc presence, of course? >> well, we've been very focused on bringing the building back online we shifted to purely electronic trading back in march. and we have been working cloetscloetsely with federal, state, and local officials and put in place a thoughtful pla

well, super market operator albertsons with public offering below expectations.ryl: albertson 50 million shares at $60 a piece, that's below 65 million shares in 120-dollar per share. company going public after strong showing during the pandemic, sales in march and april up 34%. albertsons will begin trading in the new york stock exchange and the ticker is going to be aci. well, federal reserve is imposing new restrictions on u.s. banks following latest stress test, capping the dividends and suspending buybacks. the move aiming at keep system strong. goldman sachs down 3% in premarket. ceo's of major u.s. airlines will meet with vice president pence at the white house today. sources say the heads of united, delta, american southwest and jetblue are going to discuss issues related to covid-19 including economic effects of the pandemic in the industry. the states reopening and face covering, temperature checks, contact tracing and privacy concerns with regards to contact tracing. meanwhile shareholders approved 10 billion-dollar bailout. government will take a 20%

milo albertson. age 2. she likes to get out on the ice and practice every day.t's like he's well on his way to the nhl. he's actually been on skates playing since he was one year old. he has been added for a long time. that's the sporting life at this hour. word to the wise you just have to be careful with everything you say and in fact sometimes it's better to just listen. >>> tonight a 77-year-old woman is fighting for her life after being struck by a hit and run driver. her family is now asking for the public so. >> the family says she has been in the hospital for 10 days without regaining consciousness.>> the family says the situation is made worse by the coronavirus which is keeping them from visiting her bedside. she was in a crosswalk on international boulevard the driver of a pickup truck struck her and just kept going. we spoke to the family who is hoping the public can help find stats driver. >> the victim is being treated here at highland hospital, the family is asking anyone with information to help police identify and arrest the driver. george ferna

albertsons, which opened today, is trading below its ipo price. --was $16 and opened at $15 $15.50.tough take so that makes sense. i feel in this market anyway is feeding into itself. we want to give you an update on what is making headlines outside of the business world. we have the first word news. >> the u.s. has been thrown in reverse. the country has had its biggest ever jump in coronavirus cases. governors hope to hold the plan to get their economies going again. nearly half the new infections came from florida, california, and texas. today, the whitehorse -- the white house will hold its verse briefing in weeks. republicans and democrats are working on the liability shield for police and restrictions on chokehold. it won't be is she -- easy for british companies to get bailouts. to aine lacqua spoke representative and any and interview. -- in an interview. >> it is the taxpayers money. i should not be sitting here trying to pick winners. that is a vast number of companies accessing this in a significant way. it is extraordinarily high and should be extremely rare. it's not an

. >> jim albertsons, which is also going to -- >> third time might be a charm they have cut back debtstantially. >> it's a great time to be a grocer that would seem to be a case. >> we profiled it last night look, we are not in the high quality phase, that deal has failed twice -- one time they pulled it back i would say this, that if they price is between $24 and $25 it's going to be okay. >> albertsons, yeah. >> yeah. >> that's a big offering >> oh, it's gigantic. >> one of the biggest we've seen. >> carl, i'm worried here. peloton is down. that will not stand. >> yeah, we've been talking about it all week about this time, it was stevel first, then it was cowan, today it's ray jay. initiate outperform. they are looking at 65, but they are at that you can being not just the market accelerating because of covid but lower acquisition costs and lower churn as people maybe get it into their head that the go i'm is not going to open anytime soon you saw new york delaying the opening of gyms and movie theaters. >> fly squeal trade. what people keep saying to me about peloton is, jim, it's

. >>> the grocery chain albertson's will start trading on the new york stock exchange today.nchanged, of course, because this will be the first day. markets gained thursday despite all the evidence the pandemic is now entirely out of control in some states. the federal reserve has run the nation's banks back through one of the street tests and told them, look, you had better set some money aside in case things get worse with the recession and the pandemic. that means that banks will have to cut back on the dividends that they give to shareholders and means they cannot buy back shares as they try to increase their balance sheet in case it gets worse. >>> vice president pence will meet with airline executives today. they will ask the federal government to be more in charge of safety, things like mandatory temperature checks. so it's not just the airlines. we'll also see our first coronavirus task force press conference in more than visas, live and work in the united states to highly skilled individuals, doctors, engineers, scientists. this sunday morning on "press: here" we'll

albertson's going to go public that will be a big one for the year banks still not doing much this isr territory j.p. morgan is down 2% banks are facing a low net interest margin and high defaults and the stress tests next week. my vote for the stock of the week i'm going with netflix up 8%. i don't know if it's recessionproof or not. we're right back near the historic highs after a couple months where it's a little bit in doubt whether thats wh was gg to be a big leader have a good weekend. >> you too anastasia, why don't we dive in on netflix clearly beneficiary of recent trends but also incredibly expensive. >> yeah, i think that might be the case with a lot of the larger tech names that we're looking at i think the top and bottom line is going to benefit as we work from home and entertain from home when i think about big tech names, i think there is a little bit of susceptibility to them going into the second half if you think about it, they have been the halves in this economy. now there say lot of regulatory pressure focusing on parts of big tech i think that is a risk to watch

. >>> finally leave you with this, albertson's ending coronavirus appreciate shun pay day for workersas a two dollar hourly bonus to in-store employees. the officials are not happy about end of this. the company is planning a reward payment. that reward will be squall to $4 per hour for average hours worked per week from march 15th, to june 13th a nice little bonus check. a few things we're watching including the end of the world. a pleasure working with you, knowing you, charles. you know, enjoy the week. charles: i think everyone should just leave sunday empty just in case. don't put anything on the calendar. cheryl, see you soon. all right. hey, coming up folks, the fed just now interjecting new life into the session. the markets happy they announced they will buy individual corporate bonds. we'll have more details on that as we watch the rebound. at 2:45 florida congressman matt gaetz on new calls for a lockdown after his state sees an uptick in cases. we'll be right back. ♪ y-yeah ♪ ♪ yeah ♪ hey, hey and still going for my best. even though i live with a higher risk of stroke due

albertson's reportedly gearing up to go public. cheryl casone has the details. cheryl. cheryl: that's right, dagen, according to wall street journal albertton's kicked ipo road show for market for new offering heats up following coronavirus pandemic and grocery store sales that took off during the pandemic. albertton's are looking 18 to $20 a share valuing the company and more than 10 billion, albertsons is the second largest u.s. grocer base on number of stores. facebook stepping up battle against posting ads of president trump. company has removed trump campaign ads from the site for violating its policy against organized paid. the bottom of the ad showing arrow pointing down which is symbol of hate. the trump campaign says it's used by antifa. let's look at the triangle once again. we will be talking about this a little bit later on in the show. but this is really the nazi symbol, not the first time the social media site has taken down content earlier in the year they took campaign ad that referred to census violating company policy. japan is the largest foreign hold

below the expected range albertsons worth about $9 billion.ity firm had been trying to take that company public since about 2015. joe? >> barn. missed the barn. shares of virgin right? that's very cosmo. >> i miss it too a beautiful barn it takes a long time to get from the barn back to the studio. that's the hardest time. the commute. >> get yourself a golf cart. >> green acres >> from one side of the estate to the another >> now you are back at the city sky line >> you played along in that thing. if it wasn't friday, would you have played along? >> you know what it is, joe. my readiness number this morning is down to a 77. i could just be going with the flow >> you are vulnerable. >> the thing you had a 9 # -- 92 on was a 77? >> as the week progresses, i get worse. it is a sleep issue. >> i look forward to sleeping tomorrow but i might have some red wine or something or a margarita and then i don't sleep well i'm trying to figure out shall you got any solutions to that? don't drink. i can't do that on a weekend >> just start earlier in the d

lot of those were leveraged buyouts, but the sponsors like the predictable cash flows we may see albertsonsk on the market in some fashion speaking of retail, as states begin to reopen and americans slowly start to leave their homes, where and what consumers are buying and stocking up on has shifted a bit. courtney reagan will look at it in our american at home or america at -- not american, america at home series courtney >> americans are home in america, both works. in some cases the covid-19 crisis compressed growth in some areas of retail that might have happened over several years. instead it happened over several months online sales have been growing by double digits annually. they surged during the pandemic. and have stayed elevated and some of that surge is actually from first-time online shoppers yes, there are many of them out there. 43% of u.s. consumers said they never or rarely shopped online before march since then, 90% say they've bought something online. this is according to adobe we get interesting looks at who the buyers might be. they did an analysis of online receipts an

albertson's store as coronavirus appreciation pay for grocery workers and instead plans reward paymentsual to about $4 per hour. and how hotels are gearing up for summer travel, stepping up hygiene efforts, limiting the amount of people allowed in spaces and moving to in-room dining and cocktail experiences. those are some of the headlines we're following in the newsroom. back to you. dagen: thank you so much. countdown to 2020, the sweepstakes to become joe biden's running mate heating up with the democratic national convention two months away, several prominent candidates are said to be under consideration including at least four black women. among them, former presidential candidate, kamala harris, former obama national security advisor, susan rice, congresswoman and former orlando police chief, val demings and atlanta mayor keisha lance bottoms. joining me now, mercury partner, brian lanza and democratic strategist and rock solutions senior advisor, kristin hohn. good to see both of you. kristin, to you first. do you have a sense of who this could come down to? for biden. >> i'm hea

. >>> albertson's, the restaurant -- sorry, the grocery store chain, they did an ipo today, went public and they have gone to $16.15. that's what you've got. so when they started trading they went up, what, ten cents on the stock. >>> now this. really interested in this. fireworks sales, just ahead of this year's july fourth, absolutely spiking. that's interesting. let's bring in one of the biggest firework retailers there is. his name is bruce zoldan, the phantom fireworks ceo thereof. welcome to the program. good to see you. >> thank you for having me, stuart. honor to be here. stuart: why this year are you experiencing this just extraordinary surge in retail fireworks sales? why this year? >> well, i think there are several reasons. certainly being penned up, most americans, for three months or several months with home isolation, looking to go outside and have some type of entertainment and unfortunately, people aren't traveling now, they're not going to theme parks, they're not going to see big fireworks shows, parks are closed, so they are having backyard parties and the only enter

the grocery albertson's will start trading on the new york stock exchange today. have it there on the board unchanged, of course, because it'll be the first day of trading. markets gained thursday despite all the evidence the pandemic is now entirely out of control at least in some states. the federal reserve has run the nation's banks through another one of those stress tests and told them, look, you'd better have money on hand in case things get a lot worse with the pandemic and the recession. that means that banks will have to cut back on the dividends as they pay out to shareholders and slow down the repurchase of their own shares. just so that their balance sheets are strong as we face so many unknowns. >>> vice president pence will meet with airline executives today to ask the federal government to be more in charge of safety, things like mandatory temperature checks, so it's not just airline by airline. we will also see our first coronavirus task force press confer trump has suspended issuance of h-1b visas, given to highly skilled individuals, doctors and