jc penney is the 4th national retailer to file for bankruptcy just this month. still ahead auto plants across the country are restarting production at their factories. alameda county health officials have given tesla the green light to fully reopen its plant in fremont despite protests over the weekend. the 2 parties were able to reach an agreement allowing all 11,000 tesla employees to return to work during this pandemic last week tesla's ceo elon musk openly defied the county's health orders by asking workers to return during shelter-in-place even daring authorities to arrest him as part of the agreement employees will have to practice physical distancing on the job and tesla is expected to report if any workers test positive for covid-19. across the country thousands of employees at ford general more motors and fiat chrysler also getting back to work. the companies are bringing workers back in waves with anywhere from one 3rd to 80% of their respective workforce is returning today and more set to return in the coming weeks all 3 automakers say they're introdu

>> reporter: well, jc penney is the biggest retailer to file for bankruptcy. for decades. you have seen the headlines, the struggle. what matters is some of the stores will permanently close. you have 800 plus stores of jc penney. then behind the scenes you have 85,000 workers. so the ceo of jc penney saying in a statement, look, it was accelerated by the pandemic. they had to figure out what to do with all of this debt saddling the company for a long time. coming out to the bigger picture, as you know, retail sales are taking a huge hit. last month in april, retail s e sales sank 16%. that is what drives the economy, alex. . >> thanks, jo. two things the president surely does not like, watch dogs and face masks. why he still won't don a mask, next. don a mask, next i have moderate to severe pnow, there's skyrizi. ♪ things are getting clearer, yeah i feel free ♪ ♪ to bare my skin ♪ yeah that's all me. ♪ nothing and me go hand in hand ♪ ♪ nothing on my skin ♪ that's my new plan. ♪ nothing is everything. keep your skin clearer with skyrizi. 3 out of 4 people ach

on your screens, jc penney. i believe it's been halted. news pending. is possible that they will announce bankruptcy as of today. we dmont that for sure but it has been halted. last trade was at 17 cents per share, down 12%. jc penney halted over pending bankruptcy news. okay. >>> we've got 20 seconds to go. we open this market on a friday morning. we are coming off a gain yesterday. the dow is still well above the 23,000 level. look at that number. we are still expecting a loss of about 200 points. we have some retaliation against some american big tech companies. that's dragging the dow down. some dreadful economic news as well. here we go. we are open on this friday and right from the get-go we're down 200 points. that's a little shy of a 1% drop. i can tell you that the vast majority of the dow 30 are in the red. they are down. we've got about 26 -- no, sorry, six up, 24 down. that's the state of play. we are off .9% for the dow. how about the s&p 500? it is down .97%. the nasdaq composite, i think you've got a big drop there. big techs are way down

jc penney now joins the marcus and j crew which also filed for bankruptcy and comes as consumer spending dropped a record, 16.4%. up next a new antibody treatment is being developed from cows learn why scientists believe that these animals could save lives. four plus one is... 16. (laughter) how many pints of iced tea are left in the pitche times... ten... so, wait... (errhhhhh) do you want to show us the continents on the... no. it is not going good. my mom is getting stressed out. (speaks hebrew) momma's tired. i, i'm, like... woooo... (screams) (sighs heavily) so, starting just quickly by breathing in... i never thought i'd say this, but i kind of miss school! the teachers, i mean, y'all are gifted people! i thank you so much for what you're doing. their investment into our children is beyond what we can even imagine. appreciate all that you do. family is all togetherect... and we switched to geico; saved money on our boat insurance. how could it get any better than this? dad, i just caught a goldfish! there's no goldfish in this lake. whoa! it's pure gold. we're gonna be rich... we'r

you'll see jc penney a lot more are comeing down the path the real issue is in restructuring, you're xwoipg to close store, fix the balance sheet, get rid of debt but the real issue is whether or not you have a long-term franchise is the consumer there for a jc penney is the niemann marcus business model sustainable? the reality is that retail is very tough right now for the discretionary items. until consumers feel safe, financially secure, it's going to be hard for them to be in halls and anything that's mall based in an interior setting is going to be difficult. what we're looking at is going to be the off price retailers, outside malls, that's where and b obviously the need based retailers like the home depot, lowe's and targets are going to do well. >> the home depot lines have been quite length ay and targeti doing a good business. i guess my question to you about retail over the next six months to maybe a year is should u investors now be thinking about the catch up trade in other words, over the next few months once i can go back in the mall for example, there's the unicorn d

jc penney now joins neiman marcus and j crew which also filed for bankruptcy in recent weeks. and comes as consumer spending dropped a record 16.4% in april clothing and accessories store saw the biggest hit falling 89.3%. as california leaders prepare to make billions of dollars in budget cuts for the upcoming fiscal year governor newsom is setting aside millions for a new controversial state law. the governor plans to put that money towards enforcement of 85 that's the law that requires a number of independent contractors to be redefined employees our capitol bureau reporter ashley zavala has the story. >>nearly 9 months since its passage, the drama is nowhere near over with california's ab 5 the law redefining many independent contractors as employees is at the center of numerous repeal efforts regardless governor gavin newsome proposing to put more than $20 million toward its enforcement with 17.5 million going to the state department of industrial relations, 3.4 million to the economic development department and 750,000 to the department of justice it's said to be perfect

and then in the retail space, another retailere st jc penney is plannin for bankruptcy eminently they these bankruptcy filings over the weekend, negotiations between the retailer and its lenders, but in bankruptcy we could be looking at up to 200 store closures out of nearly 850 for jc penney. so this retailer certainly struggling with the pandemic >> along with so many other businesses as well thank you. >>> up nooex heext,ilwi he bl r forecast >> and a preview of the most adorable event you'll see this weekend. brushes to clean all your floors. and with patented dirt detect technology, roomba finds dirt throughout your home. if it's not from irobot, it's not a roomba. her skin could actually soak up wetness that her diaper doesn't. that's why i use pampers pampers traps and locks wetness away keeping baby's skin drier and healthier the health of your baby's skin starts with the pampers they're in. laso you can enjoy it even ifst you're sensitive. se. yet some say it isn't real milk. i guess those cows must actually be big dogs. sit! i said sit! that's why i take osteo bi-flex, to ke

jc penney is the 4th national retailer now filed for bankruptcy just this month. is reopening more of its stores with new requirements, apple will require temperature checks at the door and face coverings for all of its customers and employees it will also limit the number of people inside some locations will only allow curbside drop-off and pickup options as well. >>i'm trevor shirley in washington with the fcc is doling out hundreds of millions of dollars to expand telemedicine i've got that story coming up. and here's a quick live look outside a shot of the golden gate bridge this morning with a few water droplets on the lands but as john said after today, it's going to get dried and pretty hot in the long term we'll have more on that forec and we're back time now is for 24. >>the coronavirus pandemic has changed the health care industry. we have hospitals and medical centers now embracing tele medicine more which is expanding access to care for millions of americans trevor shirley has more. >>so far the fcc is given out nearly $33 million to almost a 100 healt

there is a jc penney possibly bankruptcy right now. been winners as well, target and kroger and amazon and walmart, people are buying their necessities online and with curbside pick-up so there are places in retails that have done well. this shows you the extent of the pandemic on american economy, john. >> christine romans, thank you. >>> the house of representatives will vote on today, the legislation would never make it to the white house, the white house is issuing a veto threat saying it does not like the legislation. democrats say this bill would give crucial to economic relief for families that are hardest hit. cnn's manu raju is live with us. >> there are a handful of democrats who say they are voting no. democrats carried back in 2016, democrats from oklahoma says she will vote against it and joe cunningham of south carolina says he'll vote against it. she's concerned of things in the bill that were not in the bill. she's deciding which way to go. there are others of trump business who plans to support it. i talked to max rose

. >>> jc penney no resistiÓ mÁs. solicitÓ la bancarrota. nos. se une a otras cadenas que han solicitado la quiebra en esta pandemia. el golpe a los negocios ha sido muy fuerte. esta grafica muestra cÓmo han sufrido los supermercados, las tiendas minoristas, vemos la historia de las venta s en las localidades, suben y bajan dependiendo los meses. no se habÍa visto una caida tan precipitada como de abril que acaba de pasar.16. 4%. en marzo la caÍda fue menor. estaba alrededor del 10% s abril es el fondo y el lado positivo de esto, es que probablemente en mayo la caÍda sea menor. como quieran estamos reabriendo la economÍa. lo que no se vetan positivo es el panorama para los pequeÑos negocios. con una encuesta de la oficina del centros, el 64% de los pequeÑos negocios vieron caerse ser sus ingresos. afectado los estudiantes, los graduados de este aÑo se quedaron sin la celebraciÓn tradicional. pero muchos disfrutan de un regalo especial de la fundaciÓn lebron james. serÁ un evento televisado por n b c y por otras cadena de televisiÓn. en Él hab

jc penney is the 4th national retailer to file for bankruptcy this month along with j crew neiman marcus and stage stores next today, encouraging results in the hunt for a covid-19 vaccine, a biotech company going 8 for 8 in anybody testing. >>what that means says company plans to ramp up trials still ahead in sports governor newsome hints at plans for the return of pro sports when that could happen >>as the country begins to reemerge from life in lockdown one thing is crucial to combating the coronavirus crisis that's fighting an effective vaccine tonight one other company says it may be a step closer to protecting people from the virus karin caifa reports. >>as the world works to find a safe and effective covid-19 vaccine manufacturer modern us as it is seen promising results in human trials these are really good news for us and everybody that's been watching for this day, the biotech company in partnership with the national institutes of health measured antibodies in 8 people in vaccinated and all 8 developed neutralizing antibodies these antibodies were proven to be able to block the

jc penney is the 4th national retailer to file for bankruptcy just this month. >>thermometers could become almost impossible to find in stores number of medical suppliers say they can't make enough thermometer manufacturers and distributors say the devices were already in high demand earlier this year when health care providers started ordering more to scan covid-19 patients. but now companies who will require temperature checks are also buying the devices in mass bundles for american diagnostic corporation, one of the nation's largest thermometer manufacturers. demand is up 900% for non-contact thermometers. >>it's been sort of documentation of the people. at their homes when they just when they can't do anything and go anywhere. >>one east bay couple helping their neighbors document their lives at home. the powerful story and messages they hope to capture with every snap plus a green light has been given to retail shops for reopening, but many are still trying to adjust next we take a look at fillmore street and san francisco. and the unofficial beginning of s

>>well for your money this morning jc penney is working out million loan as it considers bankruptcy and the government has seen a surge in complaints about air travel jane king is live in new york with those stories and more good morning jane. hi robin good morning chris lot of people frustrated with their travel. the airlines having all kinds of problems financially as well so the department of transportation said it's received thousands more complaints than normal about air travel so it issued a warning to the carrier's telling them. >>look at your customer service policies try to be flexible have a some consideration as to the needs of the passengers as well now the department says it usually receives about 1500 air travel complaints in a typical month, but has gotten 25,000 in april and so far may well boyce assistance may play a big role and help people shop after the pandemic retail consultant janet been told cnbc the technology to make it happen exists and retailers can implement it soon for example, he said that shoppers could drive into a parking lot park, the car and then work

>>several retailers including jc penney and neiman marcus have filed for bankruptcy during this pandemic but another company is now taking a step further. pier want is asking the bankruptcy court to cease its retail operations quote, as soon as reasonably possible. the company says it tried to find ways to remain in business, but liquidation was the best option. pier one currently has more than 500 stores, including several in the bay area. it plans to sell its remaining inventory website of intellectual property orders placed on its website will continue to be felt. the starting line for the triple crown will be outside of new york this year. officials say the belmont stakes will officially kick off the traditional horse racing series for the first time ever the race which is usually the final leg of the triple crown has now been set for june 20 s on long island. there will be no spectators and of course will be cut down the course will be cut down to a mile and an 8th, as for the other 2 races, the kentucky derby is scheduled for september 5th and the preakness stakes is slated for oct

jc penney will launch a growing out of business sale in total 242 stores will be shut permanently leavingls like if you can pick up a bargain that is the thing to do to help the company trying to emerge from chapter 11 >> up next, bill karins is tracking the weather and a nascar cup series victory and we'll tell you who took the win next on "early today." propellants. that's why febreze works differently. plus, it eliminates odors with a water-based formula and no dyes. for freshness you'll enjoy. you try to stay ahead of the mess. but scrubbing still takes time. now there's new powerwash dish spray. it's the faster way to clean as you go. just spray, wipe and rinse. it cleans grease five times faster. new dawn powerwash. spray, wipe, rinse. try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. is now more important than ever. at sprint, we understand saving money for your family that's why we're offering our best unlimited deal. switch and get four l

crew, jc penney is shutting down one third of its stores.ric brands, a licensing company, also filing for bankruptcy. this is job destruction. these are jobs that will disappear forever, potentially. and what does that mean for the broader economy? because where are these individuals who work in the stores, where are they going to go? >> when you're thinking about the broader economy and where the jobs are going, take a look at what's happening with fulfillment, take a look at the operations that companies are needing for personalization and data. that's where you'll have some of the jobs go. overall, keep in mind that when you're thinking about these retailers that filed bankruptcy, they were doing poorly for quite a long time. it's no surprise that jc penney or niemann marcus with the debt they had filed bankruptcy. we need to have sales increases in order to keep some of these employees being able to have good wages, earn jobs and contribute back into the economy. so when you think about what's growing, it's going to be some of the techno

. >>> jc penney has become the latest retail casualty of the coronavirus pandemic and today filing for chapter 11 bankruptcy. it will announce soon which of its 860 remaining stores wil cod online sales. retail sales plunged an unprecedented 16.4% in april, nearly double the march decline. >>> after hours of debate, the house passed a massive $3 trillion relief bill tonight, but it's expected to be shut down in the republican-led senate. the package is designed to put more money in american's pockets, ease student debt and help with health care during the coronavirus pandemic. the measure was introduced by house speaker nancy pelosi but the white house has already said it's, quote, dead on arrival. >> a $3 trillion liberal wish list is not a serious proposal. >> this't wish list. if it's a wish list, it's for the working class people. >> it's unclear when the senate will vote on the bill but that likely won't happen until next month. the head of the cdc says coronavirus deaths in the u.s. could sur pass 100,000 by june 1st. today the president doubled down on his promise to have a vacc

amazon reportedly in talks with the now bankrupt jc penney. no details at this point.uyout of some sort could be out there. we don't really know. we will ask our top retail guy, gerald storch. he's coming up shortly. amazon is up seven bucks. >>> now, delta airlines, interesting development there. lauren, what are they doing about social distancing on planes? lauren: okay. so the ceo is making a bet. he says that to feel safe, passengers will pay more. they will pay a premium. what they are doing on their planes at least through july, maybe longer, is that no plane will have more than 60% capacity. the recommendation is for a little bit more than that, but delta is saying look, we got to get people to fly, they will pay for it if they feel safe. they are using coronavirus as an opportunity to really serve their customers. we will see if it works because as you know, very few people are flying right now and that trend is not expected to reverse soon. stuart: it's a gamble. very interesting. not sure which way i would go on that one but we'll see when i fly. all right. >

and the retail icon jc penney, filing for bankruptcy protection. now, the white house coronavirus task force is adding five new members. interesting because they include agriculture and labor secretaries and they are clearly a clue that the group is going to be focusing on the economy going forward. but the most pressing issue and the biggest challenge to safely reopening businesses again is of course developing a vaccine. kaitlan collins reports. >> reporter: unveiling his vaccine effort in the rose garden today, president trump said the country would return to normal with, or without, one. >> i just want to make something clear. it's very important. vaccine or no vaccine, we're back. and we're starting the process. >> asked what he meant by that, the president offered this explanation. >> we think we're going to have a vaccine, in the pretty-near future and, if we do, we're going to really be a big step ahead. and, if we don't, we're going to be like so many other cases where you had a problem come in. it'll go away at some point. it'll go away.

we remain committed to working together to drive sustainable profitable growth and sephora inside jc penneystination that sers million customers. >> what a mess i thought u it was interesting that what kind of first j crew was consolidation of the made well ipo.st the kind of effect where even if a company was closed, it was the fact that couldn't ipo that and they counted on it to keep the rest of business going. you've made the point many times it's hard to go through bankruptcy because liquidation is you recall usually important in distributing remaining cash what's j. crew's strategy for that >> absolutely. they don't have as many stores as a j.c. penny, but it still has many, many stores and in order to pay off these lenders, you do so often buy selling the merchandise in stores you're going to close or maybe it's a consolidation of the merchandise you're going to have we don't know the plan right now, which in some ways was a surprise for them to file at this point with the stores still largely closed >> yeah. exactly. courtney, thanks very much with the latest. on how retail is suffe

and áthat is helping the tech sector. á jc penney could file for bankruptcy protection as early as thisted snowfall á accumulation up to ten inches. a álow pressure system off of new áengland helped pull cold á air down from the north causing the ácold air and snowfall over the weekend. >>> we will talk áabout our á weather at home in a second. first áwe have to look at the roads. á as sal castaneda reports, some ápeople are returning back to átheir daily routine. >> yes, gasia and mike. it has been gradual but if you ádrive anywhere you might be able to tell that more people are áon the roads. áand right now we're going to á take a look at some of these commutes. á in fact, if you are driving on áinterstate 880 traffic here isá moving along okay. there áare no problems on the ánimitz fry or the bay bridge á toll plaza this morning. we have traffic that has been á okay with no major issues. i ádo want to mention that we had áa problem in napa county o áhighway 29 near deer park whic is just north of st. helena avoid the áarea if you can á because of a crash that has á closed state route

jc penney filing for bankruptcy amid the coronavirus pandemic after similar announcements by nieman marcus and j crew. stores across the u.s. are facing major financial hurdles amid lockdowns and social distancing restrictions. from march to april, u.s. retail sales tumbled by a record 16.4%. this as some states continue working on phased plans to reopen stores. >>> and at american airports the transportation security administration is reportedly planning to check the temperatures of passengers as they pass through security. according to the "wall street journal," this will take place at about a dozen unidentified u.s. airports and could begin as early as next week. some lawmakers says this plan puts tsa workers at risk. as of friday 500 employees of the agency had tested positive for coronavirus and six had died. >>> 6.5 magnitude earthquake shaking nevada today, it cracked a portion of i-95 thankfully in a remote area. no injuries reported. it is the largest quake to strike western nevada in 65 years. >>> some other headlines from around the globe. eastern european countries appear to ha

several major retail companies have also filed for bankruptcy in the past couple of months, including jc penney j crew and neiman marcus to name a few other big names filing for bankruptcy clothing brand true religion apparel gourmet foods retailer dean and deluca and gold's gym while filing for bankruptcy doesn't necessarily mean the business will shut down it does mean each one has a long road ahead financially for today's consumer watch i'm mandy gaither by the way the largest decline in spending was on vacation and travel with only around. >>12% of those responded reporting such spending over the past 4 months. that's according to a quarterly survey by the federal reserve bank of new york. >>disney world is set to begin a phased reopening on july the 11th floor, it's magic kingdom and animal kingdom parks that will be followed 4 days later by epcot and hollywood studios, but there will be changes workers and guests are all required to wear face coverings and undergo temperature screenings before they enter the parks. disney will reduce capacity at the parks and will temporarily suspend thos

jc penney which filed for bankruptcy during the lockdown will open 500 stores by june 3rd and i don't know, is it capri? parent of michael kors and coach will open most of its locations by july. so is ugly data in the rear view mirror and the promise of better news just over and around the next bend? what's the investment play in the space in between? let's get to our floor show and we have our traders, sarge guilfoyle is on the phone and phil flynn via skype. sarge, what do you think? on the phone: lets l's look at t data. initial jobless claims were pretty bad, but more than four million people went back to work which means there was a net increase last week. so for the first time we actually have that ball rolling the right direction. we go to the initial durable goods orders, capital goods orders were a lot better than expected. there is some positive. to give you three names that haven't rebounded yet that might just rebound, okay, the first is pfizer. they are testing four different variations of a covid-19 vaccine. they expect to deliver in the millions the best variation by oc

jc penney just filing bankruptcy on friday.we are going to continue to see this for awhile, but we will see the long end continuing to do well. maybe the short end start to lighten up. liz: that's called the clix, c-l-i-x. what i also think is interesting is what's happening with gold. everything is up today. gold is down. we do have gold moving lower by about $25 at the moment. you like the bottom one here, the comex gold trust i-shares. it's had a lovely year. does that continue? >> yeah, gold hit a new seven-year high on friday. we are seeing a little profit taking today. we came in today with such good news. you have a vaccine for covid-19 that had very good results in phase one trials. after $2.6 billion in quantitative easing over the past two months, bringing the fed balance sheet up to $7 trillion, we had jay powell on "60 minutes" yesterday saying there's really no end to what we can do for the economy, and in terms of their tools that they have at their disposal. so we came in today, the stocks took off and never look

and, also, the retail icon jc penney, well, it's filed for bankruptcy. >>> the white house coronavirus task force, meanwhile, is adding five new members, including america's agriculture and labor secretaries. and that is a clue to where -- where the group will be putting its focus, the economy. but the most pressing issue, of course, and the biggest challenge to safely opening up businesses again is developing that vaccine. here's kaitlan collins. >> reporter: unveiling his vaccine effort in the rose garden today, president trump said the country would return to normal, with or without one. >> i just want to make something clear. it's very important. vaccine or no vaccine, we're back. and we're starting the process. >> asked what he meant by that, the president offered this explanation. >> we think we're going to have a vaccine, in the pretty-near future. and, if we do, we're going to really be a big step ahead. and, if we don't, we're going to be, like, so many other cases where you had a problem come in. it'll go away. at some point, it'll go away. >> the president was formally annou

cause sales to plunge by as much as 45% the pandemic also pushed already struggling chains like jc penney and neiman marcus into bankruptcy. meanwhile panic shopping lifted. some other big box chains like walmart target and lowe's that were deemed essential during the pandemic and were allowed to stay open. here's something you don't see every day. but then again it's not every day of a pandemic right at dancing unicorn this one bringing smiles to the faces of a lot of family stuck inside because of the shelter in place. she's moving and grooving all over the city of pleasanton and today kron four's michelle kingston tractor down. >>well they didn't take me very long to find a pleasant hint unicorn she says she's spreading joy and not germs downtown. >>sometimes she dances alone. but on thursday a dinosaur bone on main street. >>i have about 12 or 14 signs night i to say different things some of them might spread joy. and be the light. smiles are contagious to my favorite one is strangest vacation ever the pleasanton unicorn is been waving to cars dancing on street corners and even pushin

the pandemic has claimed yet another retailer jc penney has filed for bankruptcy the department storeas become the 4th major retailer to file for chapter 11 bankruptcy. >>the 118 year-old company currently has 850 stores, including a few in the bay area. it also has nearly 90,000 employees. neiman marcus j crew and stage stores also have filed for bankruptcy reorganization all because of the fallout from the pandemic us stocks are up just a hair heading into the weekend the 3 major indices closed less than a percentage point higher today that is following losses earlier in the day in a week than average on the downside. next week will be the last time the new york stock exchange trades exclusively through electronic means. >>which it has been doing so for a during this pandemic. >>they have some fun for minority owned businesses across the nation not saying the same support as their peers from the federal government how oakland's african american chamber of commerce is stepping up to help. plus preparing for the pandemic took a toll on local hospitals revenue, i'm noelle bellow coming

>>amazon and jc penney may be talking about some kind of deal and we are 2 months into the pandemic and some people still have not got job benefits yet. those are some of the things that are big stories on wall street this morning and we're keeping our eye on those as we know they've been projections that unemployment could reach 25 or even 30% of americans something that is way worse than the even it was during the great depression and already we've pumped in more into this economy than we did in the new deal to try to help. so that's a little bit of news for your money this morning we're waiting for congress to approve even more help that could be on the way. time now is 7.20 and other news that we're following th >>7.22 is the time more and more parts of the state are reopening and offering at least curbside pickup services but that doesn't work for all businesses and as megan meier reports store owners are just trying to make it work is best they can. >>life is slowly returning to central coast streets and in carmel by the sea people are out and walking we love the fact that the sto

>>heidari a good morning as jc penney may be preparing to file for bankruptcy as early as this week. that's according to reuters and some other news outlets as well so filing for bankruptcy would close a chapter. slow decline which has accelerated in recent years for the department store chain which has been in business since 19 '02 will social-distancing regulations on planes could drastically. jack up the price of tickets when air travel starts again that's going to the international air transport association players could see anywhere between a 4354 per cent fare increase when compared to rates last year at the airlines are required to keep middle seats empty disneyland shanghai reopened today tickets sold out in 3 minutes. >>there are safety precautions, including temperature checks upon arrival also but he's got to wear a mask and the park is only allowed to be a 3rd hole and apple will reopen stores in some states this week with her passions in place to protect employees are going to be you know what we've se before temperature checks face mask social-distancing apple is reopen

. >> all right as we head to break, take a look at the 10-year chart of jc penney the company announcingcheduled interest payment and it will continue to evaluate certain strategic alternatives keep in mind we are talking about penny stock as well. ayitus bk.ightac st wh >>> in less than two yeare concentration of tech stocks in the s&p 500 has gone from 20% to about 27% today. a bulk of that market power is concentrated in a few big tech names like apple and amazon. joining us to discuss what this means for the overall market is alex matturri ceo of s&p dow jones indices. alex, good morning. >> good morning. thank you for having us today. >> great to have you as i look at this and it's kind of staggering, i believe microsoft, apple, amazon, alphabet and facebook are about 20% of the s&p's market cap. on the one hand, there are risks there but it seems like those companies overall are pretty stable are they stabilizing the index as well? >> well, it's really a function of they are the market, right. you look at those companies and index, number one, represents the marketplace and the mar

jc penney surging on news that it may line up a $450 million loan ahead of a bankruptcy filing. but the container store is plunging, 19% as it predicts more than just a drop in the bucket in quarterly sales. stay tuned. we have the ceo of actually one of the surprise big winners in retail. e-commerce superstar overstock. jonathan johnson, he took over last year, he's going to join us later in the show. wait until you see the numbers that overstock is posting in just the month of april. big moves for the dot-com company. >>> all right. the markets are off the session lows right now. i guess i blanked but we were down about 619 points, now we are down 566 which is actually not much better, but their initial drop was sparked by fed chair jerome powell. he basically warned that he was concerned of a quote, prolonged recession due to the coronavirus, yet there is one tool in the fed toolkit he says he will not consider, and none of the people on the federal open market committee will either and that is negative rates. he says forget it, they're not interested. listen. >> the evidence

jc penney could file as early as today, although the company is not commenting on that.ty is grave and you have a lot of people who are furloughed who may be out of work permanently. this retail sales number is one number, but it says a whole lot about where we are, craig. >> we talk about all these department stores and big box retailers going out of business. we don't always talk about the folks who work there who will suffer as a result. jo, thanks so much for that. the entertainment industry taking a huge hit right now. many of us wish we could see our favorite singers, favorite performance do it live. the pandemic is also costing a lot of people in that industry their jobs, the people who keep those shows running. i talked to country music star john rich from big & rich about that part of the story. >> how do you socially distance 20 though people. it's not just big & rich. talking bus drivers, light guys, sound guys, band members, caters, promoters. there's thousands of people sometimes that work on some of these big festivals that normally would be going on right

but you were showing some classic ones, the likes of niemann markus, jc penney. huge debt levels.lucky ones. as much as we've seen with covid-19 accelerates the likelihood of bankruptcy, but go in bankruptcy, you pay off some of your debts, you come out slimmer and meaner. for some of these names, just finding that money, they can't even sell off goods because the stores aren't open. so you can't prove what your business is going to look like in the future or raise money in the short-term. we're probably going to see more bankruptcies, but they could take a while in coming. part of the challenge at this moment in time. it's unprecedented. >> it really is. as we look at this, too, it's easy to understand why retail businesses have been hit so hard. it's not just being able to access them as a consumer going into a store, it's the fact that this is not what you're spending your money on right now. >> absolutely. i mean, look, and i think that how we shop going forward is really going to change. macy's is opening some stores this week. simon properties is opening up some malls this w

niemann marcus, jc penney, j crew. at what point do you think we will start to see healthy companies filing for bankruptcy? >> well, one of the things that happens in crises like this is pre-existing trends get hyper accelerated. so many in the retail sector were struggling as they tried to figure out how to compete with e-commerce and other 21st century versions of retail. so you enter a crisis and then that trend hyper accelerates. the question is businesses that -- like the airline industry, this is an industry that was doing just fine and because they sort of got the legs cut out from underneath them they're struggling right now. so really is a matter of getting the opportunity for customers to engage with those businesses, back open again. i do think though that this trend of bankruptcies is going to be here for a while because that's the only alternative for debt-heavy businesses that just don't have the revenue to -- in the door to service the debt. kristin: you know, the fed and congress have already done a lot

measure of requiring its employees to wear facial protection while they are at screening checkpoints jc penney will be closing some of its stores for good. the department store chain has become the 4th major retailer to file for. >>chapter 11 bankruptcy because of the pandemic the 118 year-old company currently has about 850 stores, including a few in the bay area also has almost 90,000 employees. neiman marcus j crew and stage stores also filed for bankruptcy reorganization because of this pandemic autopsy reports are out for nba legend kobe bryant his daughter and 7 others killed in january's helicopter crashed. >>what we're learning about their deaths and the training for an uncertain future. what is ahead for the bay area athletics programs designed to train a large group of children the team's courts. almost summer like around the bay area today, but it is back >>the tremendous loss and revenue that is how more in health is describing the financial impact of preparing for the pandemic in fact it has forced hospitals all across the bay area to make some really tough decisions. those includ

crew to neiman marcus to jc penney most recently. do you foresee more?ere's no doubt about it, when businesses have been forced to close, they have no revenue coming in the door, they have expenses that they can't completely defer, and therefore, it challenges their budgets. but these businesses are thinking through the long term. they are planning for the long term. in some cases, these bankruptcies and other financial maneuvers they're making are with an eye towards how they can come out of this stronger and recover and serve their customers well in the long term. the important thing to recognize in all of this, we operate in an economy that is two-thirds driven by the consumer so there's no replacing a functioning economy. so what these businesses need most is the ability to get back to some semblance of normalcy which we are starting to, so they are focused on the public health, contributing to the public health focus area so we can make sure we are eliminating the transmission of the virus, and then getting the economy back open again. so as you see

jc penney has filed for bankruptcy, joining niemann marcus and j crew which took that step earlier thisfore the coronavirus pandemic hit. jc penney had been struggling to turn around its financial fortune as shoppers bought more of what they needed online. the company has secured $900 million in financing from creditors. the retailer employs roughly 90,000 full and part-time workers as of february. well, kroger is giving $130 million to its employees to say thank you for working during the coronavirus pandemic. full-time employees are going to receive an extra $400, part-time employees will get $200. company says the thank you pay is to acknowledge its employees' dedication during this unprecedented time. they handed out hero bonuses by the way during april and parts of may. taking a look at kroger, the stock is up more than half a percent right now. and here's a look at what is trending this morning on foxbusiness.com. costco rolls back two shopper limit except in kentucky and puerto rico. they were only allowing two shoppers for membership cause. dream cruises begins a roller coaster

after 118 years, the department store icon jc penney has announced it's filing for bankruptcy. sign of the times. they are not the only ones suffering. early numbers from the census bureau show retail sales dropped more than 16% from last month. that's the largest job ever recorded since the government started tracking these numbers. we know why. the question is what to do about it. katherine rampell, perfect guest for this. haven't seen you in a minute. hope your head and heart are well. thank you for joining me. >> of course. yeah. no complaints, so far. all things considered. >> i'm not going to let you slap me around with the false choice of reopen or not. you know it's about how. on the economic side, how real is the pain when people are talking about their own personal economy at home? and what it means to business in general? >> look. the numbers are just mind boggling at this point. if -- whether you're looking at the tens of millions of people who are officially out of work. the additional people who are not officially out of work but have had their hours cut, or they'

so you have niemann marcus, jc penney, now j. crew. i'm making a bet here. some stores will be able to survive without the actual store, online only. they got great stuff. i buy so much of my kids' clothes from j. crew online only. they deliver really fast. stuart: i've got a question for jerry storch, who is next. i will deal with amazon first but the question will be there is all these bankruptcies in retail. could they just take that time to go reorganize and then come back again? it's not as if they're gone for good. i will ask him that. and jerry storch is with us right now. let's start with amazon, jerry. blowout first quarter, $75 billion in revenue. jerry, it seems to me, see what you think about this, seems to me they are becoming a different kind of company. they are going to spend $4 billion pumped into the company to deal with the virus, taking care of their people. they are changing course a little bit, aren't they? >> well, i wouldn't say that. i have been watching them for 25 years, since they were founded, and it may be may day but it feels l

retire better stuart: jc penney officially filed for bankruptcy friday.irus killed any hope of a turnaround for them. meanwhile, we are going to hear from several big name retailers this week, walmart, target. ashley, what have we got on them? ashley: we got a whole slew of them, stu. let's take a look. tuesday, walmart, home depot, kohl's, urban outfitters. then on wednesday, we will be hearing from target, l brands and william sonoma. on thursday, best buy, tj maxx, the gap, ross stores and then rounding out the week, alibaba, foot locker and the buckle. very interesting to see what these folks have to say about retail and how this pandemic has really really hurt their ability to do anything because the stores have been closed. stuart: they will be looking backwards. they are not looking forwards. the call may look forward but the results will be backward-looking. ashley: yes. stuart: the guidance, that's what that's all about. i will be very interested in that because they will say how they think things are going to pan out bearing in mind a lot of sto

jc penney, j.man marcus, stage doors, they do operate some department stores, true religion, aldo group, john varvatos. the list continues to grow. bottom line is where are we going to shop when all is said and done? you can't do everything by looking at something on a screen on your phone or computer. you do need to go to the store. what stores are going to be left? stuart: that's a fair point but the ones on your screen, out. very interesting. now, i think this is the most important story of the morning for the market, that is. facebook, look at that, up 5.05%. give me the story, susan. susan: well, facebook is launching facebook shops. they are competing and getting into battle for e-commerce. this is a big deal because don't forget, 2 billion visitors on facebook's platform and instagram's platform each and every day and now with facebook shops, virtually every business profile on facebook and instagram is now a virtual storefront shop. they can buy and sell on those pages instantly directly as

late friday, jc penney became the latest major retailer to file for bankruptcy amid the pandemic, following nieman marcus, and j. crew. all three have massive amounts of debts coming into this nationwide shutdown but they may still be able to avoid going out of business altogether and as states start to reopen we will also likely start to see the full impact this shutdown has had on small businesses. there's a lot of concern that many of these small business owners may not be able to keep their doors open after this. neil? neil: garrett thank you very much, my friend, garrett tenney on all of that and as we indicated here 45 states have either started or continued reopening plans right now. missouri was among the earlier ones the process has been going on for the better part of two weeks that states governor is with us right now, missouri republican governor. very good to have you back how are things going there today? >> they're going good, neil. we've been out traveling a lot through the state kind of seeing how business is reopening and the safety precautions taking for the customers. pr

crew will file for bankruptcy this weekend, joining niemann marcus, lord & taylor, jc penney also exploringir options. times are tough right now. green street advisers says more than half of mall department stores will close by 2022. it's painful out there. there is a dash for cash. we have seen that with so many companies. let's take a look at amazon, though. you wouldn't know it but they have been a coronavirus winner. folks are stocking up on what they need from amazon but the coronavirus is also expensive and they are spending a lot of money on shipping and testing. stock is down almost 8% today. ceo bezos has been called to testify before the house. did he lie about amazon's business practices with regard to data from third party sellers. that's adding to the selloff for amazon today. i was talking about saving money. did you know the savings rate for americans is the highest it's been since 1981, and companies are also trying to save cash. these are just a few names that have suspended their dividends. general motors being the largest there. other companies are tightening credit. well

you know some big ones, jc penn penney, ravenair.teresting to see how he answers these questions. stu? stuart: we don't know exactly what he's going to say but there's a level of anxiety on the market in case he says something that's going to hurt the market. check it out for us, edward. we will be back with you for anything he's got to say. i want to bring in bob doll, chief equity strategist at nuveen. we don't know what the chairman is going to say, but we do know president trump's going to make an announcement at some point today about what he's going to do with china. i consider that a negative for the market. are you with me on that? >> you know, probably so many uncertainties, just like the uncertainty with powell, is not a positive for the market but i'm not sure he's going to do anything that's market-hurting. my guess is going to be around visas and tough talk. i don't think he's going to impose anything significant that's new related to tariffs or the trade deal. if he does, then it is market-moving and a negative but the

stores and areas that are in trouble but as we talk through headlines about the possibility of a jc penneycus has filed, how will that impact your business as well going forward >> thank you for having me here today. so vf and our brands are in a strong position. the u.s. wholesale business is less than 25% of our total revenue and our exposure to the department store mid tier channel is less than 4% of our total revenue. we've been taking, you know, a lot of actions over the last three years to reshape our portfolio and put ourselves in a position to be able to connect more directly with consumers in a time like this, those moves are proving to be extremely successful a great example of our engagement would be our vans business today which continues to sell at great strength, great connectivity, but we've taken an approach about less of driving revenue and more engagement and building affinity. great example, if you were to go on our websites today you would see the vans shoebox challenge which is about really, you know, motivating people, consumers, to take their vans shoebox, something

crew reportedly preparing to file for bankruptcy following in the foot steps of niemann marcus, jc penneythese companies will not be able to make it out of this, ken. but what's your take on retail being able to bounce back and this opening, reopening that we're seeing from half of our states this weekend? >> we have to be disciplined and we have to be deliberate. if you're going to let people into your store, you've got to make sure that there's a policing of space between your customers, you have to ask yourself a question, how many customers can i let in at one time and for example at home depot they have a strict limit on the number of people that can be in the store at one time and they have indicators how far apart you should be on the floor to people understand, you're in this space, the other guy's in that space and you wait your turn to go up and down the aisle. we're right now -- we have to be extremely careful and extremely deliberate and i think if we do that, we can gradually come out of this thing and of course as the numbers work, as the hospitals are able to handle the inc

i imagine, like gold's gym which is now i believe filed for bankruptcy, you know, jc penney filed forfor bankruptcy. we know that this is not our fault. we know that it's almost impossible to stop, but why are you making the pain worse by not allowing people to at least fight back? we shelter at home and wash the businesses and guys like elon musk who has the power and the microphone to say excuse me, not me and he's doing a lot of the hard work for other businesses who don't have this type of power and money. steve: well he's a very big business but we've got that small business down there in bel mawr, new jersey where we're watching defying governor murphy's order he opened the doors 12 minutes ago so if anything happens there we will take you back immediately. in the meantime, immediately, we go to our world headquarters and jillian joins us with the headlines. jillian: good morning today president trump is set to meet with top restaurant executives unsafely getting back to business. then will hold a video conference with state governors over the covid-19 response. it comes as 15 s

. >> reporter: meantime, jc penney now the biggest retailer to file for bankruptcy since the pandemicthe department store chain says it will have to shutter some of its stores. niemann marcus, j crew have also gone bankrupt. travel is going to change. whenever you decide to get on a plane again, tsa prepared to check temperatures as soon as next week. a senior trump official says the initial rollout will cost less than $20 million and passengers will not be charged additional fees for that. no word on which airports are included in the initial rollout. the details are still being worked out. leland: so much to figure out about that. aishah, thanks so much. kristin, it's interesting, i was talking to a senior homeland security source who was telling me is the issue is the difference between security and security theater to effectively check temperatures is incredibly difficult, if for no other reason you have to get close to somebody to do it and they're not sure they can train the tsa agents in the next week to be properly protected to be able to walk up to somebody who is potentially