shery: dan morgan, senior portfolio manager at synovus trust. spoke to bloomberg after the earnings call. we explained why it is difficult to force -- to forecast ad revenue after 20% spike in march. two time frames in the march quarter. one was where we were off to a good start, especially in the united states. and lots of great things were happening around the world for us. and for march 11-march 31, we saw ad revenue down 27%. remember, our business really benefits from events, both our customers' events when they launch a new product or service, and events that bring people to twitter, where advertisers connect to customers around those topics and events. so as events were pushed out and canceled, that had some impact on us. the second issue we saw is, we are very brand focused in our advertising. brand advertising tends to be harder to measure and sometimes is less resilient during a more constrained economic environment like the one in which we find ourselves. this is a reminder of how directnt our work around response advertising is and w

joining us to break it down is dan morgan. you own all of those names in your portfolio. side and outperformed on the downside. what is the risk as we head into earnings season? dan: good morning. look at the overflow we have seen so far in the tech sector. we had a great number out of netflix last week, also intel came in with great numbers. we had snap in with good numbers. we were concerned about their advertising business. as we go into the faang stocks, we start to get the bigger numbers this week, facebook and so forth and all of these names we follow closely, microsoft, i would not be surprised if we do better than what people are expecting. we have gotten so much negativity about this upcoming cycle. no one wants to put guidance out , but if we look at what we've got on the table so far, the numbers look like they're going a lot better than expected. that is one of the reasons that tech has held up a little bit better than some of these other sectors that have been hurt so bad. alix: break it down. which company -- google, microsoft, facebook, apple, amazon. what h

it was as a wagoner he was struck across the face by a british officer and being dan morgan struck him back and was sentenced to 500 lashes. this is not a death sentence. don hagist has told me that he has discovered one british soldier who received the sentence of 500 lashes twice in the same year and survived and was chosen as an exemplar soldier. one has to wonder. but it was done. he took his lashes. he dined out on the story for the rest of his life. the drum major miscounted. in the end he only got 499. the king, he said, owed him one more and he mustn't be allowed to collect the bill. that was a story which showed what a hell of a fellow he was. he had remained conscious the entire time. not only conscious, he had been able to count. i think that most of us would find that hard work. nest vignette, april 1756. followi ining morgan's whippinge frontier of virginia is open to attack from the ohio valley. morgan miraculously goes from being flogged to being in the virginia rangers. a curious unit that exited 100 years. a halfway house between the virginia militia and the permanent

joining us now is portfolio manager dan morgan. dan, good to see you.on to the earnings that we've seen? let's start with twitter. >> well, from what i can tell so far, maria, looks like it was a relatively good number. we were looking for a loss of three cents. we knew they were going to have a quarter to quarter dropoff in terms of their advertising revenues. i was looking for about 658 million, so anything north of that would be a positive. but i think it's -- the theory i think behind twitter probably most likely is that things weren't as bad as what everybody expected and we're also looking for daily average users and monthly average users to grow like we had seen with facebook last night. so maybe the good news is it wasn't as bad as what everybody expected. maria: yeah, and also some of these companies i guess do well in a shutdown, where people are home doing things on facebook, et cetera. let's bring ryan payne in. go ahead, ryan. >> hey, dan. i get a little concern. the big five is reporting this week, 20% of the s&p, microsoft shalapple, amaz

dan, this is morgan, to dig into that a little bit more, that is my question for you, who is going to pay for all of this, whether it is in new york or whether it is in some of these other hard-hit cities and i do ask that because we'll just take new york as an example, we already saw budgetary constraints and the state poised for a multibillion dollar revenue shortfall even before the pandemic hit and obviously those numbers have continued to balloon since then how does that play out and how does new york then become a case study for some of the other states >> well, i think first of all it will be hard to treat new york differently than other cities and probably states as well. but the federal government is going to have to design a specific program for cities to enable their recovery. just as it did for new york after 9/11 that will obviously be part of a much broader recovery program. you've heard about care for and care five and huge infrastructure programs. i think it's a little too soon to know exactly what we will need, but there's going to have to be a national program to hel

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days on the sharp move up, that falls right into historical patterns and dan, i want to play with sound bite of the ceo of morgannley in the last hour. he said the dividends need to be saved because people need the income let's listen to this, and then dan, i want you to comment. >> the recipient of the dividends are many times small individuals who own these very large bank stocks all over the country, to lose that income at this time i happen to think would be a very poor thing to do >> yeah, dan, do you agree with that >> keep the dividend. >> believe there are more important things to do than pay the dividend obviously, this is a very important part of investing in financial companies and capital return it was one of the things that held them back for years and years after the financial crisis, but again we need to hear those confidence things from the companies because the worst-case scenario would be a lack of confidence and then investors start selling ahead of it >> i tell you what, brian. >> guy adami -- >> sorry dan was bringing up a good point about the banks here ultimately, you don't have -- hi, fin

>> dan, for many small business owners or break whether their doors can stay open. those eager to apply, banking with jp morganhase are struggling to do so: >> it was really a decision of do we want to keep our doors open? >> small business owner josh kisler tearing up as he comes to terms with the difficult decision, whose hours on his staff will have to be cut. >> it's incredibly difficult to cut people's livelihood. >> a tough reality facing thousands of small business owners like kisler who are struggling to make ends meet. >> it was definitely one of the hardest decisions and the hardest decisions that i made in a matter of minutes. >> like anyone in his position right now, he wants help. but as he was trying to apply for a loan he is eligible for, he received this e-mail from j.p. morgan chase stating financial institutions like ours are still awaiting guidance from the sba and u.s. treasury. as a result, chase will most likely not able to start accepting applications on friday, april 3rd as we had hoped. the delays also affecting customers banking with wells fargo. the company posting this update on the

dan. i also have a great guest for you, michael kolanovic, j.p. morgan, he thinks the bottom is in and he'll be here to explain why and we'll talk about what he's seeing and why he's studying coronavirus trends around the world to try to understand the stock market, netflix made a new high. bed, bath and beyond, that stock is up a little bit after hours and it's down about 80% over the past year. we got a triple whammy we have to start with the market bad data on retail and oil falling to 20-year lows and the banks continue to drop on their earnings concern guy adami, of those three because i would argue and i didn't think data mattered at all, of those three which one matters the most to you? >> i think the fact that oil can't get out of its own way out of those three the way that banks have traded, we can talk about that, but the way the data we knew would be miserable and maybe it's worse than a lot of people thought and the bloviating and the noise, it can't get out of its own way and the rally lasted a couple of days it's somehow concerning and give

and apparently, i'm told that we're just moving so quickly, dan nathan, we do have time to get to that third "c" and that is cloud computing morgan day talking about upgrading the software playbook and the flight to quality work day, and a part of that. are you a buyer of that call >> i'm a buyer of the call i don't think you have to buy the stock here it broke down at that 180 and 175 level, and it really got hurt and it made its way back up there and it's an important stock and a company doing some really good things and there have been management changes over the last year when the dust settled this is the sort of company that you want to buy for that next wave of just the next wave in the economy. this secular shift is real it's going to continue and these guys are well positioned it's an expensive stock and we're going to need to see really what the earnings hit looks like for 2020 and what the pickup looks like for 2021 to gets your arms around it and to me, i like the call because it's a sentiment play at this point and i like the secular area where these guys play. a buyer of the call, dan nathan, thank you very much. >>

morgan chase saying they being see a 7 million jobless claim week next week which would take us to 17 million unemployed in just 21 days. truly insane dant's stick with small caps monday night, i think it was you said if you kind of want to know the direction of the economy look at the small caps, but a long week for everybody and i don't want to pile on, but if the small caps are telling the story of the economy, that's not good >> no. guy and tim, and i heard the term silver linings and when you think about it, and i don't want to talk about the health crisis and that's something that scares the hell out of all of us right now, but when i think about the economy and the stock market, and i think of the stock market as a lens for how it's viewing all of these things and in particular you bring up the small caps and there are no silver linings if you're looking for when's the bottom it's not happening in april 2020, it might not happen in 2020, and i just can't -- i would love to be more optimistic about the economy and i would love to be more optimistic about the stock market the stock market is fairly insignificant in the grand scheme

morgan. maria: thank you, sir. we will see you soon. coming you, u.s. energy secretary danwith me, weighing in on the state of the energy market as saudi, russia tensions flair. -- flare. that's after this, back in a moment. every step is clear, there's nothing to stop you from moving forward. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. once weekly trulicity is for type 2 diabetes. it's not insulin. it starts acting from the first dose. and it lowers risk of heart attack, stroke, or death in people with known heart disease or multiple risk factors. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. serious side ef

upper 50's as well for burling dan and low 60's for san mateo foster city and san carlos mounta you 62 degrees and in the south bay whites promotes mid 60's, derrick morganill and san jose morming up into the mid 60's wind speeds light and breezy around 20 miles per hour less 63 degrees for livermore t hayward and for most the east bay shoreline warming up in the low 60's for your tuesday afternoon highs and 62 degrees for those of you in napa an also santa rosa 65 degrees in just 2 degrees below average there we do have dangerous rip currents and saker waves starting tomorrow morning through wednesday morning so just keep that in mind but overall warmerand drier weather for the next 10 at 10 outlook and you're in luck stargazersand mondays are is because we do have a super mo now will light up the bay area night sky tomorrow night, the biggest and brightest supermoon of the ar also knownas the moon ring the month of april granted to get back to you. >>president trump is calling it a game changer andanti malaria drug calle hydroxy-chloroquine that he's been pushing as a treatment for covid-19 at's despite many medical experts warning the drug needs more