. >>> and j.c. penney making some tough decisions to try to stay in business, and that includes closing a a bay area department store. >>> joe biden eyeing two california i can't bees to be his running mate where they are getting the attention, >>> bankrupt clothing store j.c. penney announced they are closing more stores. 13 more location also be shut downclg e su shopping center in concord. last month the chain announced it was closing about 30% of their locations. some will shut down as soon as july 3rd. >>> kpix 5 proud to be partnering with s.f. pride to celebrate pride 50. generations of hope. earlier we caught up with this year's lifetime achievement grand mar value, photographer, filmmaker and archivist len keller. and we asked her what everyone should know about pride. >> it is all of us. it is all of us, and we can't separate ourselves from each other anymore. we just scant do it. it doesn't work. so i think is that i just would ask people to keep that in mind that we have to embrace everyone as

j.c. penney is the largest retail to file during the coronavirus pandemic. they are closing more than 240 stores and another 600 stores will remain open. >>> a positive day on wall street. the dow was up 131. and the s&p was up 13. >> a wildfire intentionally set in the east bay. what cal fire says it expects this season to be particularly difficult. >>> a camping trip to yosemite might have to wait for another summer. thal pa announced another month of current cancellations. >>> it is hot and it will stay that way. there is fog at the coast. i will have the five day forecast coming up. >>> firefighters in northern california are preparing for what might be a tough fire season and more difficult because of the coronavirus pandemic. rob roth talk to officials about what they are doing to make sure they are prepared. >> reporter: firefighters know who started this fire on tuesday. they did. the fire district is deliberately burning thick brush and vegetation not far from the high school before and out of control while fire gets the chance. >> it has potential

. >>> weeks after filing for bankruptcy, j.c. penney has announced it will close 154 locations nationwide including eight stores in california. none, though, are here in the bay area. all of this comes as the store was starting to reopen its nearly 500 stores that had closed during coronavirus stay-at-home orders. the company says they will now focus on online sales. closures will happen over the next 10 to 16 weeks. >>> getting back to normal off the grid will once again offer delicious food at one of san francisco's most popular areas. starting on monday off the grid will launch the ft. mason center food spot but are starting small. it will start with five food trucks. by the end of june they expect to have similar versions at 20 different locations throughout the bay area. >>> time now to get a check of our weather situation. frances, did you tell me i should take thursday off because it's going to be so nice? >> it's going to be very nice midweek but for now we're dealing with a lot of windy conditions. those winds have cleared the

and may junk bond holdings here include hertz j.c. penney neiman marcus and whiting petroleum because of course they do l o l nothing matters. so you know they basically bought the bag off huge private equity and hedge funds that otherwise would have perhaps closed the gap in the wealth gap between those wealthiest of americans and the poorest but they're both the bags off the likes of you know carl icahn and warren buffett these sort of people the billionaires right i mean the stand out on that list would be hurts so hurts was heading into bankruptcy for a year now and just before they did declare bankruptcy the central bank buys a bunch of her stock and you know to give some backup to carl icahn the private investor a private equity guys this reminds me of the e.c.b. funding for the louie of a tall entrepreneur made a huge purchase recently and that was all funded by the european central bank a private company so the private banks they're buying junk corporations and they're actually buying an e.t.f. with the ticker symbol j and k. which s

that there's this smallest of retail investors pumping up things like insolvent companies such as j.c. penney and hertz that have actually declared bankruptcy filed for chapter 11 and yet investors in general are so convinced that because of the fed's extraordinary actions to contain the outfall of the credit market of the credit bubble bursting that the fed no matter what happens is going to have their back with i mean that's like the fed choosing winners i mean is that really helped me through the economy because it again that's kind of been evolution i mean that's a choice it's not really market forces as we're always told to worship here i find that really quite bewildering and what is the doing if you're buying corporate bonds i mean this is this is it's it's not creating an even playing field how do you explain what the current one. what the fed is doing right now is credit allocation but what the end result is is the likes of price distortion the likes of which we've never seen it is almost impossible whether you're investing in a bond or a stock right now to say what its inherent unde

j.c. penney just announced a round of store closings, as did macy's, none in our malls.alls are safe, not the worst of the malls. but it is really hard. apple decided they are the biggest draw at the mall, which they are, and so they say, you should pay us to be in your mall. but that's not what you modeled. it is hard to value these assets, and it will be a long landscape that reaches equilibrium. >> how much of that is pandemic and how much is amazon? ok?he pandemic is amazon, amazon was a pandemic to retail. that business, where they price the delivery of -- i mean, i ordered a bike to come to my house in florida and they delivered it that afternoon, basically free. it was a $22 bike pump. there is no mom-and-pop sharp on earth that can match that. amazon practices what to me amounts to predatory pricing. they were selling products below the total cost of its goods. in industrial chemicals or steel, you can't do that. it's called predatory pricing. amazon built their whole company on predatory pricing, supported by their cloud business. i feel bad for mom and dad. i h

j.c. penney. energy, a lots in of the u.s.-backed stocks have failed.ought, and ought, andd -- mis-b they failed. is this a signal of something else? i don't know. guy: he generally knows what he is doing. the guy can add up and that has been demonstrated, so we will see ultimately what he is doing. it feels like it is in process. i guess he has the flexibility to wait and get the timing right in terms of how to position the business. we will continue focusing on the markets. we have a bunch of competing things coming into play today, the fed a massive focus, and the downbeat story economically coming through from jay powell last night. then we have fears of a second wave building up over the last 24 hours or the first wave continuing. julia coronado will be joining us, looking forward to talking to her to get her perspective on the fed and what is happening in this market, and the incredible rally in risk assets certainly a focus. next andpean close" is this is bloomberg. ♪ ♪ alix: live from new york, i am alix steel joined by guy johnson in london it

j.c. penney, which declared bankruptcy, up 196%. nicola tradesed at a $20 million market cap. reference to tesla. they make electric trucks but don't have anything for sale yet. one of the craziest days. the degree to which people are fully embracing risk. today was one of the most quintessential days i have seen of that trade that i can november. taylor: -- that i can remember. taylor: i have not heard that term before. i want to talk about the airlines. their was known for balance sheet. how big of a boost have we seen with airlines? just because it has been so beaten up? joe: everything that has been extremely beaten up is doing extremely well. another 8%. a course, things are opening little bit better than expected. look at brazilian stocks. here is a country and market that has gotten incredibly hard by the market. up 5.6%.brazil etf, caroline: i love your tweet, saying basically it feels like a five-year market cycle compressed into two months. who is doing the buying? do we get a sense it is retail, etf's? joe: is kind of a mix. there is a story of the robin hood trader

or j.c. penney, chesapeake, bank companies seeing the shares rise.nk it is are different ways of measuring that. you had one week of equity and in the next trillion dollars went into money market funds. it is not a super bullish market. i think there is a bit of support there. we have talked about the fear of missing out. let's not lose sight of fundamentals. are beginning to look -- we're beginning to look back here and it is almost bulletproof. outlier. everything else looks a lot more reasonable. then, fantastic to catch up with you and your research. the market views are positive and a more optimistic outlook for this equity outlook. lisa, can you imagine a company going through bankruptcy and looking to raise $1 billion in a share sale? noting how peculiar things are at the moment. this is not just hypothetically. this is something that we might actually experience. lisa: this is one of the best stories of 2020, basically. it highlights 2020. people are willing to buy shares, so why not raise money from the equity markets? and betterer financing

a brand is teaming up with simon property to buy j.c. penney.dea being mall operators saying they need to preserve that space and that store. what is the calculation? how much more staying power does the traditional brick-and-mortar department store have going forward? gerald: there is no doubt they are getting hammered. they have been for a long time. it will not get better. shifted theiras purchasing habits away from the mall and away from department stores towards retailers and the internet. even worse for department stores, they have shifted their habits away from apparel and towards other forms of spending. what we are seeing is not just department stores, apparel stores getting killed as well. the mall owners have no choice. if they let some of the bait anchors go out, then they will be stuck with a significant reduction in the rent they receive from the other tenants. there will be massive renegotiations taking place. they have to face some of the guys. you see smarter developers, and simon is the best of the best, they are being very tho

j.c. penney and pier 1 imports are the first to file for bankruptcy. that number could reach as hyatt 25,000 retail stores by the end of 2020. >>> up next, are you ready for outdoor dining? when you will be able to sit down and eat in san francisco. >> plus the addressing diversity where there's little. a sharks player drops the hockey stick and picks up the megaphone to take on racial injustice. >> tracking the heat for tomorrow. we will update you on the state resevoirs is, you may like what we have coming our way. that is coming up in about eight minutes. >>> well a long awaited taste of what is to come, san francisco's mayor announcing that restaurants in the city can begin seating guests outdoors as early as friday. that is way ahead of the previous time line. the today's surprise had foodies cheering and restaurants prepping. >> reporter: i'm here in north beach where they have outdoor seating and they are excited to once again seat tables. the owner of this restaurant hopes in a few days customers will be sitting under the umbrellas, enjoying di

, back down to $22 the company on intelligent bankruptcy and i want hasnt hasd it may hertz and j.c. penney, booming many stocks of bankrupt companies are trading or were trading above where they were before the bankruptcy. now i don't need to remind our intelligent office that often the bankruptcy process de-equity goes to zero or at least close to it because equity holders are the very bottom of that credit tore chain what's going on? is it retail investors it's partly. we all know and talked about robin hood but it's market structure, guys. it's how the order flow may be processed. i know it's early. i don't want to be too wonky even earlier on "worldwide exchange," they track order flow and market moments and he reminded us of one very important point. robin hood sells its order flow to the high frequency trading firms. listen to how that works >> in all of these firms sell their order flow to high-speed traders. and this is a key reason for how some of these stocks have behaved that you would think have very little to back them, that would support the equity valuations that you see tod