tom: the heritage of evercore forward is on john weinberg and you. mr.erg, that name is magical and always associated with goldman sachs. i would be honored if you would comment on the retail experiment at goldman sachs. can institutions be all things to all people? ralph: do you really want me to comment on that? jonathan: he would love you to. [laughter] shoes,if i were in their it is not the path i would choose. there are two parts of the retail experiment. one is collecting the bottoms. that makes sense because deposits are a much more stable funding source than going to the institutional market. i think that is a very sound thing to do. they are paying for much more stable liabilities or borrowing. the lending side of it, i am not a big fan of. ,t is a very crowded business and coming late to the party in my view. tom: as you know, "bloomberg surveillance" is all about the conversation with experts. we all know your acquisition of ed hyman's services a number of years ago. tell us the intellectual component value of the future of global wall street.

that is sarah bianchi of evercore isi. leader oflk to the one of the most influential hotspot centers in the country, that is the cleveland clinic. that is coming up next on "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. time for first word news. for that we go to karina mitchell. pandemiche coronavirus is preventing some hiv patients from getting the medicines they need. the who says more than 70 countries are in danger of having drug shortages to treat hiv because of the pandemic. already have critically low stock. says -- prime minister joining a white house meeting to celebrate a new regional trade agreement between the nation. president trump and the mexican president are due to meet wednesday. judo has been conducting cabinet meeting on lines instead of in person because of the coronavirus. pack,u prays the new saying it will help north america emerge stronger from the pandemic. tosident trump is preparing issue executive orders on a wide r

evercore did say at the beginning of this year that hard times are ahead.t's stock is taking a hit as well. lisa: as we parse through these results, how reliable are other aspects of the business and supporting profit ability going forward as there is this historic fickleness at a time when people are expecting issuance to cool off a little bit in the following five months? what have you seen initially in terms of the strength of the other businesses? weali: one of the ones haven't talked about yet is the investment and lending business. goldman is trying to build up the merchant bank again, to tom's point earlier. how much is goldman the goldman of the past? goldman should be the main beneficiary of that. the equity investment did still take a hit here. it is not like in the prior quarter, where that was the headline of the day. 19 think some stability in that business will be important as they go out to raise billions of dollars to put to work. jonathan: stock up in premarket by 2.5% right now. just going through the release right now, investment banking

be a lot of infection to test these vaccines on here is a list of hot spots right right now from evercore isi. corpus christi, texas, the area with the fastest case growth seeing cases double every nine days also seeing boise as well as mcallen, texas and lakeland, florida fp dr. anthony fauci was asked about whether the case growth in the country and whether shutdowns might be needed again here is what he said >> i'm really confident we can if we step back. you don't necessarily need to shutdown again pull back a bit and forsee ina prudent way observing the guidelines of going from step to step >> there's been talk that we might need shutdowns in cases seeing the case growth dr. fauci saying maybe not that far but we need to take a step back back to you. >> all right thank you very much. >>> stocks rally on those vaccine hopes that meg just detailed there but worries remain on the strength of the recovery as we enter earnings seasons. joinings now is scott clemons and rachel, vp and portfolio manager at rockland trust. both of you see some concern about the narrowness of the markets rall

that was ralph schlosstein, evercore cochairman and co-ceo.longside tom keene and lisa abramowicz, i'm jonathan ferro. your thursday morning price action, 12 minutes away from jobless claims, shaping up as follows. equity futures up 0.25%. we had some weight to the benchmark for the fifth straight session. euro dollar rose over, now $1.1568. at 20.58% -- 10-year to 58%. tom: i'm sorry, the shade that schlosstein was throwing downtown with something. he really went after goldman sachs. jonathan: we won't characterize it that way. it was interesting for him to say that if i was goldman, i would not be doing this. i'm not sure he was quite going after them. tom: fair. i exaggerate. i am just jealous of his beard. jonathan: you should grow one. i think it would look great. i have seen the vacation beard on you in jamaica. you should go for it. tom: no debate on the success of technology. shannon cross, in tough times for technology, was brave enough to say acquire shares, and someday it will pay off. it has paid off in spades, including microsoft.

joining us is the co-head of internet research with evercore isi. what is behind the gain?e's been across the internet advertising landscape an appreciation of the fact that digital and revenue is far less cyclical than many investors feared so what we're seeing now is basically the stock is repricing to that reality. when we think through what we see with facebook and google and snap is they benefited from strong e-commerce. twitter hasn't done that it lagged some what. we think heading into this week's earnings, they're able to tell a story around the fact that as we'reheading into july demand from their advertising base which is largely the big brand advertisers is demonstrating some improvement and by way of that we think it will be the outperformer of the group this earnings season >> so we should note, second quarter results before the opening bell on thursday you're also looking for pretty nice increase in user growth talk about that. how important is that versus some of the more financial metrics. >> right if we think about long term oriented investors, what they're

amit daryanani of evercore isi. tom keene, 100,000 employees at apple.se,nted press 175,000 new jobs since march. get your head around the growth of that company. tom: i cannot. they went out and said the percentage of that 175,000 that would become full-time employees which i think means fully benefit employees. no, i do not have a handle on the size of jp morgan at 260,000. certainly not the size of walmart. and this amazon juggernaut, i don't know how to handle it. jonathan: 125,000 full-time jobs coming from the company. it is unbelievable. lisa: they have more than one million workers. they are the second biggest employer in the u.s. behind walmart. thank about what this means in terms of the political ramifications. how significant it will be if they do or don't raise salaries. it is compelling heading into the election season. jonathan: i don't think a stock split is going to help them on that front. globalup, the principal investors she strategies -- strategist -- chief strategist on this market. truly unprecedented what the biggest companies in

a buy rating from evercore isi gilead said on friday this co d covid-19 treatment showed a reduction in mortality over standard treatment both companies maintaining their dividend last month. industrial names, catcat caterpillar and conoco phillips. these stocks are not on the everycore isi list but with a dividend over 3.5% for more, go to the cnbc prosection ov of our website. back over the you. >>> thank you very much. let's trade that what is your dividend pick for our viewers. >> i've got a couple of them i like pepsi it's a safe name it's performed well. the snack food business is executed well. $190 billion in market cap the new ceo doing a good job 3% dividend, you've got a .6% of a yields you make 3% while you own pepsi. i like raytheon, too it's been a more controversial name pepsi is trading high in its historic scale raytheon, the merger is still working through. 15 times earnings. 3.2% dividend. that industry is not dead. i think both of those make good sense. >> all right pete, what say you >> well, i go to the pharmaceuticals which i have owned for a long time. i like

that state today you can see texas and california there also among the states reporting the most evercore isi spoinpoints out th5 of the population lives in states seeing growth in cases, and 69% live in states seeing growth in hospitalizations so this is a situation that's bad and getting worse, wilf. >> meg, as always, thank you for that how should investors prepare for an earnings season without guidance as the country continues to face a covid spike? gina sanchez and cnbc contribut contributor. very good afternoon to you both. gina, i'll start with you. clearly markets are able to shrug off possibly very big declines in earnings and spikes in cases can you find a legitimate justification for that >> i think the market is really pinning this on hope, hope that by the time we get to the fall that we will have some kind of control over this in some form, whether it's effective convalescent therapy and/or a vaccine. i'm not sure that is necessarily possible i know that there are a lot of drugs being fast-tracked, but if you look historically, that seems to take a long time to develop, eve

suisse downgrading to neutral from outperforming lowering the price toorarget to $525 analysts at evercoreing the earnings are adding to the results were not good enough relative to exuberant expectations heading into the print which drove netflix shares to all time highs. that's back at the $570 earlier this year. >>> meantime, jeffries encouraged reporters to use the stock and say we will use any near term weakness as an opportunity to accumulate shares as we set down 7%. sara, i was just discussing in the break a little bit that 7% off the back of 63% year to gate gains isn't that big but just in the scale of 2020 for any stock isn't as big as it used to be i think in past quarters in 2018 and 2019 with netflix, if we seen them sliding 7% to 10% after an earnings report it would have been bigger news than i think it is today. as the share price shows over the last couple years, it's been here before where it's tanked after earnings and then over the next month or so rallied past that level. >> right >> i don't think that analysts are convinced this is a change in the narrative or the st

here is the list of evercore's isi.g case doubling numbers jacksonville is the fastest in the country. seeing cases double every eight days charleston, south carolina, san antonio, orlando, tampa rounding out the top five the orange states the largest slowdowns. northeast kentucky and virginia seeing larger slowdowns as well. so, guys, these trends just continue in the south and the west meanwhile, of course, andrew, as you mentioned, we got that news from regeneron this morning. starting phase 3 trials. presumably they'll be running some of them in these areas with this large infection rate as we expect the vaccine companies to do as well guys >> thanks. i'll take it thank you for this update, and of course the regeneron news earlier this morning that you briefed us on. right now let's talk about that race for the vaccine and the most realistic time line we might be under in terms of when we'll get that vaccine joining us to do that is brent saunders the former chairman and ceo of allergen who just recently left about