and british choreographer from cowen takes audiences on an emotional journey in his modern retelling of an ancient epic. well it's the exhibition all of the year in the eternal city. known as raphael died in rome in 1520 at just 37 and he was one of the most celebrated and prolific artists not just of his age but of all time all the 3 months show is the biggest ever devoted to him but it begins under a shadow due to the corona virus outbreak currently sweeping italy. it's one of the most eagerly anticipated shows of. this very day.

senior correspondent claudia cowen live in san francisco with the very latest where it may or may notey, claudia. >> reporter: we're still waiting for answers, eric. the grand princess did move a bit closer to shore today so that the coast guard could deliver more medical supplies including face masks and gloves and evacuate a passenger who developed an illness that is not related to covid-19. that evacuation happening earlier this morning. but this ship is still circling some 50 miles off the coast of san francisco with everyone wondering where it will go and where those 19 crew members and two passengers who tested positive will be treated. at some point this weekend the ship will head to a noncommercial port, well away from any other cruise ships or travelers, unclear if everyone will stay quarantined on-board like we saw with the diamond princess in japan or if they'll be taken off the ship. those logistics are being worked out. >> we will be testing everyone on the ship. we will be quarantining as necessary. but with regard to the 1100 member crew, we anticipate that they will be

think we'd be doing this on a continuous basis, and that was a big change, from our standpoint of cowenit's working just fine, actually. we have been doing record volumes in our trading business for most of the month, and everybody's working from home, literally everybody's working from home. we might have, you know, less than a done people globally in the office and that's only because people want to be in the office it's been a remarkable experience testing and implementing these plans and so you know, i think it will be a while before at least in new york people get back to the office, but it won't change the way we're doing business at cowen. we've been doing org meetings for ipos and follow-ons. we'll see a bunch of folks hit the market first in biotech and tools and diagnostics over the next few days if markets continue to hold together here and we're doing all of that activity remotely. >> right >> and zoom has been a huge help here as obviously everybody knows. >> jeff, as the ceo of an organization, do you think once we're through this, will people work differently will you vie

going to start topping out 210-012-0000 let me ask you this will we see a transition at some point big cowen what primarily from a store of value starts to become a medium of exchange right one of the issues that we have in the big point is that people like the hadal they like to they don't like to spend it but at some point if i can buy a house for one because i'm going to do it right so it becomes a medium of exchange as it is on the there you go but it's really you know with a bowl so you see high right and people think we need to get to the slow of volatility before we use it we will spend it because you're going to spin the money that doesn't go up. so i think that you know these this you know if the coin wins and then that becomes a you need of the in what we'll see. it is like you know i feel it currency being the bolus one but like. it's a while away the creaked way to look at it because we know as a story about you need to get big and much bigger you know point one 6th of a trillion dollars you know see it is what 90 trillion real estate is 220 trillion gold is 78 trillion exactly i

regardless of the outcome of this particular instance, that mr cowen touched on, doesn't that show thatne thing, and perhaps there is a need for a clearer definition of roles and responsibilities? i don't think so, because i think... this is clearly a very regrettable incident, i regret philip rutnam's decision to resign and hope that it could have been avoided, and we have to allow that case and indeed the other investigation to take their course. i don't think we should necessarily be trying to write further regulations around relationships that, in the vast majority of cases, are conducted professionally and with — in accordance with both the letter and the spirit of the various codes. there are tensions and difficulties, we deal with those when they arise. in general, i think the mechanisms we have available to us are adequate to the task and our expectation is that professional people — senior and experienced professional people — conduct professional relationships with each other. a former minister said there was no definition of bullying in the ministerial code. 0ne minister's be

we have colby synesael on the phone from cowen & co., llc . many people working from home and using the internet in ways that are little bit more burdensome than they normally would that the infrastructure may not hold up. can you give us a sense of how prepared that infrastructure is for this demand? you for having me. it is different across the world. there is a lot of talk about some parts of the european union asking netflix and other streaming services to reduce which takes from hd five gige makes on a per hour basis and asking them to take it definition.dard in standard definition, that requires much lower data usage. the good news is that in the united states, we have a stronger platform. between the cable companies and telecom operators, they have put in place a network that is able to support demand that we are seeing. the carriers typically build networks in terms of capacity for peak demand. historically we have seen man happening around 7:00 p.m. to 10:00 p.m. at night. what is interesting with covid-19, we are not seeing and incre

cowen talked about how there should be very strong demand for the product because of the status as theoint of care test. vonnie: dave, more broadly, we're seeing a little bit of a selloff today, but the fed has unleashed the second wave of stimulus before markets open. i'm curious as to what the market is broadly trading on right now and what levels you are looking at. dave: there is so much back and forth at this point. on the one hand there is movement in monetary policy with fed's latest actions. on the other hand, husel still have the process playing out in congress in terms of the rescue or whatevertrillion it would be. it is a matter of watching where we are at one level that is gotten people's attention. we saw apple fall below that threshold in early trading today, leaving microsoft as the only company to be valued at a trillion dollars or more. well,on the precipice as having come down as much as it has the past several weeks. it really becomes a matter of when do things kind of hit bottom. you can talk about levels are you want, but at this point it is all about when do thing

claudia cowen is live in san francisco where they're trying to figure out where the grand princess willventually dock. hey, claudia. >> reporter: hey, eric. the grand princess is expected to dock somewhere here in the bay area this weekend but we still don't know when or where. although we do know it will not be here at pier 27 where this cruise ship was scheduled to drop anchor this morning on its return from a cruise to hawaii. we do understand that the ship is moving closer to san francisco, now about 20 miles offshore, making it easier to deliver medical supplies to the vessel and to allow the coast guard to evacuate a passenger who is reportedly very ill. that happened a short time ago. eventually, the plan is to dock the ship at a noncommercial port, far from any other cruise ships or travelers, while those who are sick get treated and everyone else gets tested. there are more than 3500 people on-board, some reportedly upset that they heard about the 21 positive test results not from the ship's captain but from vice president mike pence who revealed the news at a white house press

the group is down about 15% from its recent highs oliver chen is managing director at cowen, what would you say about the shortages and throngs of people at places like costco. what impact will that have >> we're looking at one to two points of traffic, as we think about the situation, stocks that we like for the long term include walmart, including kostka, and planet fitness on the pull back. so there's great franchises. as customers prepared and then with this -- people are stocking up on essentials, food, health care items >> just yesterday my neighbors went to the mall just to go to bath & body works. anecdotally you can't get baby wipes anywhere, planet fitness you think would benefit? wouldn't people stay away from a gym? >> it's pulled back over 20% that is being said, this is an evolving situation that will not necessarily persist for a long time planet fitness has a long global growth opportunity, high-value proposition being a gym membership around $10. we like the business model as it is it's a different idea, but we're trying to give investors advice and great franchises tha

joining me on the phone is helane becker, cowen senior research director. like 2001 for the airlines? helane: yes, in a word. alix: is it worse? helane: it has the potential to be. i am trying not to panic for clients. it is first and foremost. we are doing a lot of work that shows this is the same type of after 9/11 happened, were we don't know what happened, you foru.s. airspace shut down days, and really no travel until the holidays. there was a 38% decline in traffic in september, and that october was down 21%, november down 18%, december down 14%. that peoplee subtly, butome back then you had a consolidation phase, a bankruptcy phase. you had a lot of stuff happen to the industry after 9/11 that may not happen this time. i am certainly concerned about some euro area airlines. american airlines, it could .epend so these are the -- so give us these are the if you once, these are the ones in trouble. helane: we think southwest can handle it. a lot of people have pulled down spirit airlines, but they have cash and uncovered assets. we think they can handle

cowens council. president trump did not have those experts around him in the white house. you heard him talk today about the ban on travel from china. that took place at the end of january. there were many weeks between the time that disease broke out and the time of travel that the disease had time to spread around the globe. travelers around the country were bringing it to the united states. that's part of the mismanagement and missed opportunitiesed other issue is the lack of widespreads testing. it can't all be blamed on president trump, but there was a lack of urgency. we have no idea in the united states to what extent this virus has spread. then lastly president trump himself has been a fount of misinformation. at one point he said anyone who wants a test can get a test. that's not true. he as been down playing the severity of it. today he seems to be taking a different tack. that's good news, but it's still our responsibility to look at how we got here and what opportunities were missed. >> so, ken, essential what you're saying is that the white house lack of staff