bay declares bankruptcy and that's chesapeake bay chesapeake energy if chesapeake energy won't want it's all good isn't it or hertz for example they also declared bankruptcy the stock ran up hundreds of percentage points it's a form of looting that's going on and we see this looting on main street during black lives matter there's been looting and people are saying oh my gosh the looting well there's looting on wall street right now there's looting on robin hood the robber to a plowing into a dead loser dead certainty of losing 100 percent of the money or like the gold traders we've reported on for many years now they are a fact of li a gang that's manipulating the price and that's unequivocally been proven time and time again that the gold market is a manipulated market and we've had plenty of track record and even regulators admit that it is a manipulated market maybe the robin hood people are saying let's do our own looting let's do our own manipulation we could quickly turn a lot of these gains into big one which i can also buy robin in a strange way warren buffett. poison and k

just for chesapeake. compare that to today with all american oil and gas companies having just 266 in total running right ow i know that they're favorite of day traders. that stock is likely worthless more on this at 7:00 a.m but we're not done here on worldwide exchange let's get back down to the broader markets and the major averages coming off big losses on friday. however two weeks does not a quarter make i am told the picture looks different with all the major averages on track to score their best quarterly performance in at least 8 decades. this as wall street gears for another big and shortened by the way week ahead you got fed chairman powell and the treasury secretary testifying before the house financial services committee tomorrow and you have the minutes for the fed latest meeting and the june jobs report also out later this week the numbers come out thursday for jobs because as the graphic shows, that's a fireworks sound effect markets are closed a day early joining us now is the president at

was already highly indebted even before the corona crisis started in chesapeake this was one of those companies where you're really surprised that you think about oh they haven't filed for bankruptcy protection yet. this is a prime example of a lot of stocks right now the volatility that makes me question why traders think this crisis is over. this is not trading what we're seeing is pure a gambling it's incredible what we've seen in the past couple of weeks and actually 2 months to look at the stock of boeing for example up by about 50 percent in the past 5 trading days only then on tuesday we got word that in may there was another $86.00 and negative orders for the month of may's into the beginning of the year the negative orders at boeing stand at minus 600 so that stock now down by a good 6 percent or if you look at the car rental company and hertz the company declared bankruptcy protection about 2 weeks ago but the stock is higher than when the announcement came out so we see all those crazy swings in the market so as i mentioned this is not trading this is gambling at this point

it's so emblematic of what's going on as you can see, chesapeake is back open for trade. we'll continue to monitor the situation. >>> coming up, we'll talk about shares of tesla barely pausing afr hitting an all-time high we'll hear how high they think tesla will go. >>> the record keepers have spoken we'll speak with the man behind the call ahead stay with us this is decision tech. >> announcer: this is "the exchange" on cnbc. in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. >>> welcome back tesla closed at a fresh record high yesterda

that's what chesapeake was, right? chesapeake was a company when everybody said it's going to be impossible, the world is running out of oil, chesapeake said no, there's another way, right. they used american ingenuity, proved the world wrong so it's a sad day but a happy day. i hope they restructure and come back strong. i think shale will come back strong. not right away but it will come back. cheryl: that would be good for chesapeake but also for the refiners down in louisiana and texas that so depend on what the u.s. actually makes when it comes to energy. pivoting to something else, scott, back to you on this, we are closing out the second quarter. i'm calling it the covid quarter because that's the way it's going to be. all these companies going into this, they started pulling guidance, pulling estimates, can't tell you what the year will look like. they will have to start reporting to wall street soon and tell us what those numbers are. what are you bracing for here? >> i think the last quarter, a lot of compani

chesapeake filing for bankruptcy. we will speak with stephen richardson, plus mark lehmann, president of jmp securities come on tech. and what he things about the third quarter after friday's selloff. deaths from the virus are passing 500,000 worldwide, confirmed cases are 10 million. new clusters around the world indicate the pandemic is far from over. speaking to cnn, alex azar warns the u.s. needs to take action now. >> it is a very different situation, but this is a very serious situation and the window is closing for us to take action and get this under control. now is aning us right doctor from johns hopkins. thank you for joining us. i want to get an understanding, when with see cases rise in the u.s., what side of normal test what sort of normal are what -- what sort of normal what we have when we consider more cases? we have to consider more lockdown? >> you have to look at two measures -- one is the percent positivity of cases rising. we are seeing a number of cases coming back positive, increasing. that tel

and the neighboring chesapeake counties. as an enslaved woman, emily challenged both the legal validity of her enslavement and forced mccormick to contend with her testimony against him. the supplemental act passed in the summer of 1862 permitted enslaved women to testify against white men and women for the first time. regarding the actual case, evidence showed mccormick's farm was located along the border dividing the district from maryland, and that one day after the emancipation act became law, he instructed the slaves to reside on the maryland side of his property. according to the records of the board of commissioners, he built a small tenement for them on the maryland side, while his main living quarters remained in washington, along with the cow pen and other buildings on the homestead. while mccormick generally prohibited enslaved people from traveling to the district side of the property, it was proven that alice was "required to drive cattle from the pasture to the cow pen," which was technically located within the

chesapeake is negotiating.according to those close to the matter, it is debating whether to not pay the $9 billion which would give it a great time to talk to lenders. it was a strong company that struggled for more than a decade of staggering debt. back to you. taylor: bloombergs su keenan. a quick check of the latest business flash headlines. oil'snning two/jobs as recent plunge accelerates and moves to slimmed on the transition. it says falling prices and demand, plus the coronavirus have forced a change in the way the company operates. 10,000 jobs are in jeopardy. 14% of the workforce mostly in office space roles. hong kong's reputation as a financial center is rising again has new share sales brought investor money and the second largest online retailer is seeking more than 4 billion u.s. dollars in the secondary and the offer is said to be several times. over it follows the sale and comes with hong kong grappled with the coronavirus, months of protest and a potential downgrade by the u.s.. coming up next,

manus: we've got chesapeake filing for chapter 11. picturing something like an 11% default rate. the conversation i had last hour was we want to own asia high-yield relative to u.s. high-yield because we are getting paid a little more for less potential risk, also around the ccc space. how do you think of that? paul: i think that sort of makes sense. looking at the broader markets, you are going to get the issuer dispersion you want because in the u.s., you got a lot of high-yield energy in the high-yield index, for instance and chesapeake is a good example of that so you want to avoid. we prefer to do from an issuer basis, a bottom-up versus a geographic version. asia does seem to be a place that offers more opportunity, potentially, and slightly better yields over time. manus: ok, paul. paul brain, alphabet investment -- newton investment management head of fixed-income. your first word news this monday morning. donald trump, reports russia paid to have u.s. troops in cash bounties foraid u.s. troops was not credible. "the new york times" reported on saidtory said lighthizer th

went on and on but, then, with companies like hertz or chesapeake -- >> does that yesterday >> 70 bucks share. now, granted the equity value there is not that great, but, again, recovery value on the equity situation -- by the way, jim, the airlines, american airlines added an enormous amount of debt to their balance sheet. enterprise value is what it was pre-covid. >> they're filling the planes at, what, 50%, 55% of what they did last july. who knows what they're charging. i have guys flying for like $99 all over the world this thing is crazy that we look at those numbers david, american airlines, ever corp. was using a dollar price target when it was at 12 no the people have spoken it's like the people's court the people have spoken, da i have had. >> right. >> it's worth more witha lot o debt and fewer passengers. now, you know, we sit here and we look at this thing and we say, okay, hertz, the stock probably is wiped out. they look at it and they say, opportunity. all we do -- and, i mean, i couldn't look at my twitter following this weekend because i actually raised the possibility

been a serious dash for trash playing out in the markets over the past few days take for example chesapeake energy, that stock plunging almost 60% today on reports of an imminent bankruptcy filing. but the stock had rocketed higher over the last few days. this follows names that have recently filed for bankruptcy protection is the bankruptcy bounce a sign of a scary speculation taking over the markets here? tim, you're nodding yes, so what do you think >> well, it is it's certainly a sense of day traders sometimes playing with information they really don't have remember, we always point out that the credit markets are significantly smarter. the drivers for at least the rally for chesapeake was some sense that there could be some either forestalling of bankruptcy this is a capital structure that made no sense before covid-19. it certainly doesn't make sense after it this isn't really a surprise unfortunately the history on this company is one that five years ago this was a $2500 stock. through reverse share splits and all these different dynamics, investors can get some sense if they're not

check out shares of chesapeake energy this is one of the stories we're following closely.filing for chapter 11 bankruptcy protection as it deals with some $10 billion in debt stay tuned e tcngsqwkoxua b" right here on cnbc stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow. >>> news on how much the coronavirus drug recommend des severe will cost meg tirrell joins us with details on that. the latest on the growing number of infections around the country. good morning again, meg. >> reporter: good morning, joe let's take a look at the numbers across the united states they are still near record levels yesterday more than 40,000 new cases reported by states after more than 44,000 i saw one note projecting we will hit 50,000 reported new cases this week in one day you can see the percent positive

chesapeake is seen as vulnerable to the ship explosion that has contributed to the global energy glutncent is preparing to make a into american social media, rolling out a live streaming service to miller to amazon's twitch -- similar to amazon's twitch. it has been testing a service since march which is now branded as trovo live. it has tencent's own portfolio of games such as fortnite as well as titles like grand theft auto and destiny 2. the federal aviation administration has approved a test flight for the boeing 737 max after a comprehensive safety assessment of the multiple fixes made. the testing is scheduled to begin monday, more than 50 months after the plane was grounded because of two fatal crashes. the f.a.a. says it is yet to make a decision on the 737 max's potential return to service. let's take a quick check of the markets. we had entered the session in asia with a risk-off mood. that has been slightly pared around the edges. the msci asia pacific index is still down close to 1%. china also down .06%, opening for the first time since the two-day holiday on the stand fr

energy chesapeake energy as one of these big trackers they start in the natural gas fracking business the what you know they were one of the pioneers of this whole space well when news broke on sunday night monday morning that they were going to go bankrupt.

another one which is chesapeake, jim. aubrey mcclendon the man who started it very well you spent a lot of time with him. natural gas being the focus there. one of the pioneers. but mr. mcclendon did also have a tendency to spend a lot of money on things that did not do with natural gas, as you well know, and some of that is coming up now the company will cite that as one of the reasons why they were just unable to get out from the enormous debt pile that they have they are talking about a restructuring support agreement that eliminates $7 million in debt they got their debtor in possession already set and they're talking about a reorganization they point out, by the way, when the new ceo took over, this company had more debt than exxon and chevron. and here's a couple of things that i'm hearing from people close to the situation that mr. mcclendon, that they sort of had a kind of deal with. no budgets i'm also told one of the first bills that came across waller's desk was $110 million for two parking garages that aubrey

where they at chesapeake why don't they stop trading chesapeake >> jim, in your view how long can thatrocess run and what finally brings it to an end other than financial pain? >> the canceling of the stocks that are worthless would certainly help a four-day decline in american air back to where it might be worth being in light of the delta number delta being cut by 90% certainly doesn't bode well for american and a recognition that some of these tanker stocks are worth far less if oil goes down. it does not end well it ends well for the people who get out yesterday, before they started going down and, carl, you know what it really takes, us talking about it saying they may not be worth what they're worth that's what it takes because the government is absent. >> that's what we're trying to do right now, jim. you mentioned airlines certainly jpmorgan has a corresponding view when it comes to jetblue and ual, down grades today. >> ever core had a dollar price target when american was at 12, they had a $10 price target before that and they just said, listen, take a huge amount of debt on.

chesapeake agreed to 11 eight $7 billion in debt. -- eliminate $7 billion in debt.et sale by bp. they have agreed to sell its petrochemical business. the price, $5 billion. bp calls it the next strategic step in focusing its portfolio. of tests for the boeing 737 max will begin as soon as today. they reviewed the safety assessment of the plane. the 737 max has been grounded for more than 15 months after two fatal crashes. a growing list of facebook's advertisers are expected to help spending on social media. among them, starbucks, pepsi and unilever. read bush securities says it will have a significant impact profit.ook's tom: we greatly appreciate it this morning. on facebook, it is interesting. isarly, all of social media making it up as they go. alex webb joins us on the money moving out the door and advertises saying no, we will not participate in the way you do business. alex, what is the distinctive item here? you are young, you are hit. ip.h coca-cola is iconic in branding and marketing and they are running away as fast as they can. what is the distinctive el

watching ising i'm the chesapeake energy potentially filing for chapter 11 bankruptcy.lly significant. a huge nouriel -- oil and natural gas producer, in legendary oil drillers, 37.5 billion dollar company at one point that is now worth $700 million. no matter how quickly the company try to change. a great example of what happens when you have a lot of debt and oil prices fall. i want to break this down a little bit more and then brought it out to the vice-chairman of ihs markets. he had to buy several u.s. administrations on energy issues and is the other of several books and also happens to be one of the nicest people that i know in the entire world. it is always a pleasure. using chesapeake as a window into this, what does the shale patch look like in two years, three years? >> i think what we're going to all,s that first of short-term shut-in production which is different and an important element to help destabilize the market will come back, but we are going to see the impact of the budgets. we were looking at the major 49%, wes, and basically will round off at 50%

chesapeake files for chapter 11 bankruptcy as it collapses under the weight of its debts and crash. >> it's been a morning session for european markets and continue on at the start of this session. we were approached lower at the start. then we moved higher across on the markets and then moving south. it's trying to get out a small game and it's been 22% in the last quarter the french market trades lower and you have gains on italian stocks to the tune of a third of a percent so signals for the european boards as they look to wrap up the month of june. let's take you to the u.s. markets. we also have a lot of activity the boards have even some of this and has given back some territory as we countdown to the session and this is a second wave of infections so markets a little bit tainted you can see this morning trying to move higher but it's a very cautious start anticipated the asian markets have been weak across the trading day and japanese stocks down 2.3%. and also the chinese markets and more modest terms of that selling but still a weaker session playing out across the board. let

what do you make of some of these moves at chesapeake and retail stocks. what exactly is going on in the market internals right now >> hey, brian. good to see you. even early it is a reflection on market structure. how the markets work today so there are around $47 million retail accounts if you add up the big five and robin hood is part of that now you have schwab, e trade, fidelity and robin hood. there aren't sports to watch, so day trading has become the new sport. all of these firms sell their order flow to high-speed traders. this is a key reason for how some of these stocks have behaved that you would think have very little to back them to support the equity valuations you can see today. i can explain how that works >> that's an incredibly important point. the order flow you and i have been talking about this since october last year when you were on this show as well. on robin hood, they are not putting the orders through the new york stock exchange, they are putting it through the citedel. do you believe the high frequency traders are getting ahead

bankruptcy rumors have swirled around chesapeake for years.es made the country difficult to repay its debt. the coronavirus crisis has made the challenge worse. oil prices have fallen sharply because of excess supply and the sharp drop in demand as millions stay home. 18 oil and gas companies have defaulted on their debt this year compared to 20 of all of last year. boeing has green lit the test lights of the 737 max jet as soon as today. the jet has been grounded since march last year after two crashes killed 346 people. boeing restarted production of the plane in may but airlines have canceled or delayed delivery of the jets because of the coronavirus pandemic. on sunday the faa said it does not have a date yet for when the grounding will be lifted. the plane cannot return to service until it receives final approval from the faa. >>> well, now you can eat a slice of pizza fit for shaq. "usa today" reports papa johns and shaq have launched shaq-a-roni. he came up with the idea of 16 inch extra large pizza. they will donate $1 to the papa john

we also had chesapeake filing for bankruptcy in the u.s., one of the biggest victims of that collapsen energy prices. let's see how things are shaping up for the asian markets. it is another top peak week of trading for asian markets. futures point to a soft start. opening lower to the downside. bonds ared gaining ground. we wait to learn the details of a national security bill ahead of hong kong's handover anniversary. also, they are to report trading data. ahead of japanese retail sales for may, the yen is gaining ground after capping its first weekly advance in three commodities, though there remains pressure. gold trading near an eight year high with more gains largely expected after a 17% rally in the first half. jumping into the terminal, copper continuing to be supported by supply risk,, with prices to backwardation with a gap near four dollars a ton, compared to $20 the week before. this is the world's top copper producer has halted smelting activities at a chilean mine. disruptions overshadowing concerns around demand. these global virus totals have hit new, grim milestones.

chesapeake energy filed for bankruptcy over the weekend.gas giant was a success story of the u.s. shale boom, also a victim of that success, contributing to the oversupply that her pricing, and worsened by the economic shutdown. for a broader look at the state of energy amid the pandemic, let's turn to the senior commodity strategist. us.ys great having you with is this just the start of more consolidation in the industry? >> >> when you look at u.s. shale over that. , certainly has consolidated a lot. certainly on better footing these days with a lot of stronger, bigger balance sheet. clearly, a strong levelry, still not to a where it will. was highly leveraged. struggle under the current environment. particularly, when the demand outlook is still very so-so. anchor: as we continue to see these headlines with surging coronavirus cases, texas right now seeing the positive test ofe soaring to any record 14.3 percent according to state data. this background of rising coronavirus cases that could really dent demand, can we expect more upside f

chesapeake energy filed for chapter 11 bankruptcy.hey were bankrupt by the coronavirus shutting down the economy. just because will wipe out debt for restriction plan will operate as normal. this is a fracking pioneer that helped curb the energy barrios. my companies are pulling hands from facebook and other social media. a wide west stop to violent content raises content. the stop a vibrato campaign is sponsored by google, they said they'll start labeling posts from politicians that violate policy, but remove them because they're important. next on cbs money watch, i'm diane king kong. >>> national monument is expected to reopen this morning, the part will only be welcoming visitors at 50 percent capacity. you need to have reservations for parking. face coverings are modest. >>> many of us itching for a change, the trend is going for travel. nancy chen has one. >>> the family escaped a we have new jersey for fresh air and great outdoors. 50 minutes from home. >> it's less than an hour away. ha ha the so funny once the pandemic hits t

there's good parts of chesapeake chesapeake couldn't get the funding it needed.t's not going to impact anile companies. it's not like it was any part of a big pipeline business that it's going to hurt the pipelines further than they've been. but there are people that want to buy chesapeake. they've got those assets and those probably don't belong. there's so much detriment, david. >> and that's another name we'll keep an eye on again, the market value very strong a likely bankruptcy. you hear the opening bells there. taking a look at the big board cnbc celebrating -- that's us -- disrupter 50 list. those are companies whose businesses are revolutionizing businesses thank you for that and the ipo, a very large one, by the way, jim, you and i are speaking to the company's ceo shortly as well that appears to be a successful offering >> yeah, real company. very successful. g.a. is one of the people behind it they tend to be very successful deals. so, we'll talk about that. by the way, the disrupter list, carlson went from type in "squawk," a $30 billion valuation for

that's a mistake to play around with hertz or chesapeake the odds are you'll be wiped out. if you need action, buy a good semi conductor company, amd or micron which just reported great numbers this evening and i've got the ceo tomorrow of micron on "squawk on the street." i get the appeal to the sing digit stocks i'm a big believer and the only one on tv that is but that's not what we're seeing. investors are taking $1200 and gambled it with the stock market because the casinos are closed and there are no games to bet on it's about day trading pick the right stock and get someone to take you out and you're a hero. they traded with the best for years. i liked day trading but i always knew the companies very well and i don't talk about day trading on this show i hate to see uninformed speculation and that's what we're seeing now the buyers have to abandon things that don't work instead, move to higher quality business that is much more legitimate prospects i don't see that p hahappening time soon. how is the company doing how much money does it lose? what's its track record?

shery: in the meantime, the chesapeake story continues the wild ride.ergy conference will take place virtually. it is a brave new world when it comes to energy players now. >> yeah, we really have to look at the chesapeake trading. many have called it and send volatility. it was one of the few stocks that rose in the thursday session after plunging on a bloomberg report that it was preparing an imminent bankruptcy filing and then rising again. there are many market observers saying a lot of this has to do with a whole range of new, small investors on this robin hood platform, thousands of small buyers, for some reason, piling into the chesapeake stock, which was once one of the biggest energy players, with exxon, now saddled with debt. traders are no longer being held in singapore in september, it will be virtual. there are many traders that will really look forward to this ability to either celebrate or commiserate with their colleagues on what is going to be the 36th annual event, one of the biggest for the -- biggest of the year for many traders. the

. >>> chesapeake energy has officially filed for bankruptcy. we've been reporting on this time and again, whether they were going to or not it follows a financial mess at the company with sources telling our david faber there were no budgets, a massive wine collection, a nine-figure bill for parking garages so the drop in oil and gas prices adding to that pain. the company is $7 billion in debt will be wiped out through this restructuring chesapeake energy shares are halted entirely and not trading right now. but this had been one of the biggest stock movers of the year as investors tried to figure out whether that official filing was coming. >>> here's a surprising twist on consumer spending of the credit card usage is rising even in places where covid is spreading rapidly. jpmorgan tracked spending habits of its 30 million credit and debit card holders and said spending overall is rebounding it's down less than 10% from this time last year. joining me more is jesse edgerton from are jpmorgan jesse, it's good to have you back are you seeing ov

training, because my father first, he never owned a motor, when we went out fishing, we rowed in the chesapeake caught the fish, we rowed into the bay. that was, i was ten years old. i started rowing a boat at ten. so rowing this is just a reflection of my childhood. >> as a re-enactor, with george washington for nine years now and it is a tremendous opportunity. as you look around here, and you see hundreds and hundreds of visitors that come to this park to see this one event. it is an iconic event. and it is something that is not only regionally important but nationally important. ba because without this victimry, the army would have collapsed. >> how do you get into this thing and how do you do? >> i have been doing revolutionary re-enacting for 26 years, and over the years when you wok your way up from a private to a sergeant to an officer, you look at your predecessors and you say i think i could do a better job, or i could do something different, and i have taken on the roll for the last nine years, and had many successful crossings, and i actually like the fact that he would not only edu

the population in the country, that fifth lived in the south, working in the tobacco fields of chesapeake or the rice swamps of south carolina and georgia. these southern states were different from those in the north. in 1776, john adams worried the south was to aristocratic for he kind of governance advocated in his pamphlet. he was surprised to learn they would adopt the mixed government he suggested and he expressed relief in seeing the pride of the haughty brought down by the revolution. of course, what adams was referring to was a slaveholding society dominated by plantar-aristocrats that contrasted with the mora gala terry in small farm societies of the north, especially in the states of new england. a slave was not inconsequential in the north, as you perhaps know. but our slaves made up 7% of the population of new jersey and 14% of the population of new york city. nearly 12% of rhode island's population was composed of slaves. it was not just the southern revolutionary leaders, washington, jefferson, madison, so on that own slaves stop so did many other leaders. livingston,, rober

era where hurts remarkably bankrupt companies trying to float a $1000000000.00 worth of stock and chesapeake energy and other bankrupt company is becoming braced by day traders on various stock trading apps and the mainstream media and think is are when it comes to hurts this is obviously a fraudulent move on the part of hurts i worked on wall street for many years this is fraud they're selling bogus worthless paper hoping to go directly into the pockets of the creditors but at the same time you know this is coming at the tail end of the 2017 period where we saw in the so-called crypto space they floatation a lot of i.c.'s that were patently worthless but there was a serious multibillion dollar market for them it's almost as if wall street looked at the i.c.l. market and said hey i.c.l. all the fraud taking place on your market hold my beer you know we're going to commit even more fraud you know how how much longer can this go on. particularly i mean is that all coins face the man you have 27 tame is dead now finally great question i worry that there might be another way a long term i think

this week jp morgan is hosting its own renewable power conference when companies like chesapeake company and gas diamond off shore are nearing or have entered into bankruptcy brian sullivan caught up with the head of jp morgan renewable investment banking >> it is a challenging time for a group of temperatures in the energy patch there is no question about it. these companies are trying to transition to a new day of increased efficiency and operating costs and what is a challenging environment. >> do you think these companies could tap into the markets for now. i think the strongest companies have definitely shuttered the abilities the ones that are struggling may not be able to go forward. >> do you think the energy space needs to go forward? >> you have 1.5 million that don't have electricity the modern life requires electricity. oil and gas companies are very focused on capital efficiency working towards a more sustainable, future while relying on affordable future. >> you think there will be an oil and gas industry in 15 years? you don't see investors giving it much of a long-term li

the: chesapeake energy, archetype of america's extraordinary shale gas fortunes, has become one of theictims of the collapse in energy demand. it has filed for bankruptcy and is entering a deal to eliminate about $7 billion in debt. meanwhile, crude is extending its drop after its second weekly loss since april. that is as coronavirus infections and fatalities surpassed grim milestones. in a reminder, the outbreak is far from under control, threatening demand for oil. credit suisse international wealth management ceo, is still with us. what do you make of the wild ride in oil -- the wild oil that has left it in a fairly low place? we are looking at nymex crude trading. clearly there is not a lot of demand in terms of driving and flying yet. do you expect to see a big rebound? certainly thought of the oil price having from the wherend the crazy state for a short while where negative prices on the wti. we had foreseen a sharp and rapid normalization. but this has now taken place, and the oil market is a market balancing as a function of demand, and always with a little bit of a lag. righ

chesapeake up 800%. peer 1 up 500%. whiting up 470%.he point a lot of people are getting into this market late and they want to catch up and this is just a game of musical chairs. someone will left holding the bag. i want to stick with you, alicia. earnings season. believe it or not we had an earnings season. guess what, it did not sink the market. almost everyone of my guests it would stomach belt market, maybe do worse. here's the thing first time we'll not see positive numbers on revenue or earnings until the first quarter of next year. so alicia, i start with you. how does this inform how we approach the market, how our portfolios should be structured? >> charles, to put fresh call at that to work today you really have a sense where you think 2021 earnings are. as you point out the second quarter is expected to be down 42% for the quarter. right. >> you have to -- charles: assume we'll be higher. where do we want to be positioned ourselves looking to first quarter, second quarter, 2021? >> so you probably want to go with the cyclica