it's going to be the highly leveraged companies that are most at risk and jcpenney is one. you've lost 90% of the value already, roughly in the last year and a half. so bankruptcy -- certainly, restructuring is an alternative for -- of some form of the debt or their leases is something jcpenneys has to look at, but so do many other retailers. they're just not alone in this boat >> steve, tyler here what happens to the inventory that these retailers already have >> it's a massive issue. i lived through the recession, the '08/'09 period, and that was when volume was down 25%, and there was enormous amount of discounting. now you're talking about volumes down 75% or some number like that so you're going to have billions of dollars of inventory in the system, there's going to be product for the outlets, for the off-price players, but there's so much product, there are going to be new formats. guild and players like that came out of the last recession. i think you'll creatively say new ways of trying to clear products but this is -- by the way, the amount of product in inventory

macy's, nordstrom, kohl's and jcpenney come up as the hardest hit. so what will the retail landscape look like after the crisis let's bring in retail reporter lauren thomas and jan niffen ceo. it's great to see you both lauren, let's start with you you know, it's dangerous in the media obviously to speculate about bankruptcies but how close are we for some of the household names? >> sure. well, thank you for having me on, kelly. appreciate it. but certainly,the clock is ticking for some of these department store chains faster than others. i think first and foremost neiman-marcus could file for bankruptcy as soon as this week. so the -- less time to spare i guess there and jcpenney, as well, is on top of the list i think both of these companies missed interest payments on debt last week. which was kind of put them into this grave period of 30 days where there's not much time to come up with money or else they could ultly slide into bankruptcy so those top of the list and macy's, trying to come up with cash, as well. i think one department store chain,

, and jcpenney was struggling. was sort of right there on the brink before this crisis hit. so that opens up a little bit of controversy over which companies should be saved. kelly? >> courtney, i think this gets right to the heart of the whole rescue it's either, you can say, look, we're not picking winners and losers there's money for everybody. this was nobody's fault, and that would be one approach, or you could say, oh, we're not going to try to help the weakest of the weak, because it's their own problem. and i understand the government doesn't want blowback for helping people like jcpenney, who are probably going away any ho anyhow, but once they start picking winners and losers, that also seems like it would be hugely problematic >> exactly it's such a sticky situation, kelly. and if you look at companies like macy's, their debt was downgraded about a month ago, so before this outbreak really took on steam and they were given that junk status rating, albeit higher on that scale but they've got more than 100

another start, jcpenney. twenty-four cents right now, it's incredible. this is a sad story.he retail is going for bankruptcy of filing, this is after interest payments of bonds and jcpenney is in a lot of trouble and affects the retail sector in general as we talk about the network as you can see, 24 cents a share on jcpenney. let's look at dow and boeing, this stock is lower on a report that the return about 737 max may be delayed until late summer, early fall, it could be august. another report that they are planning to announce a cut to the production of the reminder. that report, boeing and 737 fax we will have to see what happe happens. stock is down more than 5% right now. moving on, let's talk about intel dragging down the dow, they missed "wall street" expectations for the second quarter after the bath last night. was drawn for your forecast due to the coronavirus pandemic. it talked about the reporter, they just didn't give any comment at all. stock is down recorders of a percent right now. fifty-eight, 59th on intel and this is facebook, this is probably a smart mo

." >>> the coronavirus could be the end of jcpenney. the company is on the brink of financial disaster and the move leaders are planning. >>> giving back. a company based here in the bay area are making sure that people who are working on the front lines have >>> now an abc7 news live desk update. >>> the coronavirus pandemic is about to take down america's iconic retailers. jcpenney is preparing to file for bankruptcy, according to the "wall street journal." in talks with its current debtorsough kr asking for $800 million to $1 billion. the company is in early talks. no word when the filing would actually take place. jcpenney is not the only retailer hurting right now. we know neiman marcus, as well as lord & taylor and several other retailers are preparing to file for bankruptcy in the coming weeks. reggie, i'll send it over to you. >> thanks, jobina. >>> now talking about shopping in a different way. grocery shopping. you'll no longer be charged that 10 cent fee per bag when you need to get a bag at the grocery store because of a new

at nordstrom down 9%, macy's off 7%, dillard's down more than that we're just getting news from jcpenney as a retailer that has been in trouble for some time. they are not going to make a $12 million interest payment due today. they say as a part of this agreement, there is a 30-day grace period and they are electing to tap into the grace period as they look into other strategic alternatives we'll see what that means, but we know that jcpenney is a name last hour we were talking about as one that might be ready to file for bankruptcy. back to you guys >> i'm wondering who else is in trouble and how many weeks or months the retail industry can survive and deal with 50% sales declines in a matter of a few weeks. that's pretty brutal we've seen furloughs at these companies. what are the cash positions like, and are they getting any help with loans? >> that's such a great point, sara we'll drill into this a little more tomorrow, but there are a number of retailers that are not far from jcpenney's financial conditions they were already strained going into this covid crisis so they may have be

it's no surprise what we hear from jcpenney. even in a normal environment we might not have been surprised to see the company preparing perhaps for the likes of bankruptcy it's not alone in this given how difficult it is given how many retail establish the ments are e to do anything since they are closed >> one thing we have to think about with jcpenney is not the stock or bonds but the people who work there what will happen to them there's 43 million people who work in retail restaurants what happens to those people they get unemployment claims su have be you have been a salesperson at jcpenney, what is your next move i don't know when we had a great economy, the answer is you make some calls. you go to craigslist now, i don't know what happens to someone laid off. david, there's a note today about ralph lauren, and whether people have changed tastes almost as if since this virus started that people don't even wear -- they don't wear ties when they go to work ralph lauren ties. >> right >> they're closed? sorry. >> it is friday

market to fully put in an investment bottom not a tradeable bottom i think when you talk about a jcpenney, that means more job losses we may not be over the hump. this is ultimately going to go away i think there's too many hurdles in the short run to get overly excited about what the stock market is doing other than the fact we know the fed is a permanent backstop and may limit some of the losses >> thanks very much. thank you for your time and insiegts today we appreciate it >>> tyler, thanks. let's get a check on today's bond action now. rick is watching things for us over at the cme. rick >> hi, kelly if you look at one week of ten-year note yields, we're unchanged on the day we spent a lot of time many the 60 basis point camp. we scraped along at 54 basis points if you pair it up with kruds oil this week, the june contract, you can definitely see it was paying attention especially on some of the downdrafts if you do year to date, you could clearly see what i'm talking about. we're really running along the bottom of what has been an area of consolidation in the 60s. many think we're s

the thing that worked the best in jcpenney is sephora when you buy makeup, that presumes you're going. maybe you're doing selfies i think ulta is the winner if you're looking for someone to play off of what was the inevitable closing of jcpenney 100,000 people used to work there. remember that day you reported on the bonds, it was like one of the worst deals ever, you said that's just a dangerous piece of paper. you actually made a judgment and i think that paper is worth what >> a lot less. hugely dilutive equity offering. this is a long time ago on jcp, which has been suffering since bill ackman. >> is bill sad is he still sad? >> i don't know. >> he didn't get the check -- he won't get the donald trump signed check >> no. >> he won't go to dollar general. he won't be doing that >> that's true >> dollar general has wipes. >> on the subject of amazon and facebook and google, guys, we did talk about amazon, of course, because of the strength certainly of its overall business aws is seen as more of a jewel as ever before but the advertising part of the business which has been growing d

jcpenney is in consultation about a possible bankruptcy filing. and macy's has furloughed most of its nearly 130,000 employees. >>> canadian officials don't know what set off the country's deadliest shooting rampage. police say a 51-year-old gunman killedat least 16 people, including an officer, starting in a small town in nova scotia. several homes there were also set on fire and the shootings occurred at half a dozen or so locations. officials aren't sure they found all the victims yet. the suspect reportedly was wearing what appeared to be a police uniform and driving a fake police cruiser. >> today is a devastating day for nova scotia, and it will remain etched in the minds of many for years to come. >> the gunman died when the overnight chase ended at a gas station about 50 miles away, just north of halifax. the dead police woman was a 23-year-old veteran of the royal canadian mounted police. >>> now to the tense moments outside dallas. a city bus was hijacked by an armed man. police and the suspect exchanged gunfire before the incident reach

department store jcpenney. in advanced talks for bankruptcy financing.ort from the dow jones. we have seen increasing pressure on the u.s. retailers given the shutdown that we are seeing across large parts of the economy. talksey is an advanced with a group of lenders. the troubled retailer is about to succumb to the economic collapse caused by the pandemic. are looking at discussions being held with the likes of wells fargo, bank of america, jp morgan chase for a loan are loos being held with the likes of wells that would keep jcpenney's operations funded during a court supervised bankruptcy. the loan package that we are talking about could total around 800 million dollars to a billion dollars. some of that money potentially including existing debt. that is likely to be syndicated as well. other lenders could get involved. we could be looking at a bankruptcy filing for jcpenney in the next few weeks. the company entered into that 30 day grace period after you losing and interest payment to bondholders. lots more to come. this is bloomberg. ♪ shery: glob

what's in store for jcpenney and other stores. how much longer workers will be kept away from their san francisco offices. coming up in the 8:00 hour, the season finale of the hit show prodigal son airs monday night on ktvu. we'll have a sneak peek at what to expect. even though social distancing is still the new norm, why makers in napa valley are finding ways to reach out to wine lovers everywhere. how you can bring that napa tasting room experience into your very own home. teammates help each other find a way to win, just like covered california helps you find health insurance you can afford. they're the only place you can get financial assistance to help pay for health coverage. plus, this year, the state is providing more help than ever before. and because a new law requires californians to have health coverage or pay a penalty, covered california has made it easier to get financial help, but time's limited. visit coveredca.com or call to enroll today. >>> uc berkeley has a proposal to build student and low income hours amoun

jcpenney is in talks on bankruptcy. a filing could come in the next few weeks. it was one of the most dominant department store chains of the last century. it's been losing money for years. physical stores are now closed and it's unlikely they will reopen anytime soon. >>> instacart plans to hire 250,000 workers over the next two months. the company will focus on areas with the highest demand including california, massachusetts, new york, pennsylvania, d.c. and toronto. instacart is extending sick pay for workers affected by the coronavirus until the pandemic ends. kari hall, back over to you. >>> thank you, frank. as we check out our temperature trend in cupertino, get ready for a warm day. we're starting out with some upper 50s. at 2:00 we're at 80 degrees. we'll talk more about this and a warm weekend ahead coming up next. >>> and friday light is every daylight. we'll talk to you about something early, something late, and something, well, in the middle coming up. as we work to get through these times together, you may not be thinking about blood donation, but

neiman marcus could file for bankruptcy and jcpenney is considering it.h so much of the economy shut down due to the vieries you may need to spend more time thinking about how to mark the holiday. retail me not says 75% of americans plan to buy something for mother's day this year. they also plan to spend about the same, $97, versus $103 last year. flowers are still the top gift followed by gift cards, chocolate and beauty products. kari, back to you. >>> let's look at our first, a slow warm-up for the morning in the south bay. this afternoon a nice one with sunshine. we'll talk about a big warm-up in our forecast coming up in a few minutes. >>> and i've been tracking a crash in oakland. we'll talk about a couple >>> and here we are on this tuesday morning taking a live look out on walnut creek. good morning to you and good morning to you at home as well. the team all here this morning as we get started with "today in the bay." good morning. >> good morning, marcus. how are you? >> i'm doing great. >> hi, kari, mike. >> hello. >> hey, guys. >> getting the

and the last point i want to make is, you know, imagine if jcpenney and macy's go away.s not his base case, he hopes that doesn't happen, but if they do, that puts $35 billion in consumer spending up for grabs. and if you're a long-term investor, you have to think about who's going to be in a position the grab it. the likely candidates are company like target, walmart, amazon, costco, companies that are doing well right now. and once stores are open again, start thinking about the apparel closeout chains like tjx. they're not the strongest online playerses, but they'll be worth a look too. jack: my add vice, use those gift cards now. one thing retail companies is doing is trying to keep their mows afloat until we're back in -- employees afloat. you've been thinking about why that's important to the market at large. >> absolutely. corporations that have been talking about this stakeholder capitalism for years now are really going to have to walk that talk. it's not just thinking about your shareholders, your employees, your suppliers, all of that. so what we're finding is

high-end retailer neiman marcus preparing to file for bankruptcy while macy's, jcpenney and nordstrom are scrambling to avoid the same fate. but walmart looking to hire 50,000 employees on top of the 150,000 they just hired and other stores are adapting to the crisis. some whole foods in new york city and baltimore are now open for only online orders to speed up grocery deliveries and prevent shoppers from packing into the aisles. one industry group claims 85% of customers are not practicing social distancing in the stores. >>> homeowners, renters and small businesses may get some financial relief in richmond. tomorrow, the city council will consider an emergency order to suspend rent and mortgage payments. its supporters say it's not fair to expect people to pay their largest bills while they can't work. the proposed order calls for establishing a city service to assist small businesses and landlords that are filing for government assistance. the city already has a moratorium on coronavirus-related evictions. >>> starting on wednesday, alameda, contra costa and marin will be enforcin

names you've been talking about like neiman marcus or jcpenney, but there are others that maybe were could be pushing possible to a bankruptcy now. most of the sales are still generated in physical stores, and the business models just weren't built to sustain closures for this amount of time expenses and fixed costs remain even if the cash flow is zero or near zero. many have e-commerce operations that are still running, some, including dick's sporting goods and american eagle said online sales took off when stores were closed but three quarters of dick's sales are still in stores, about 70% for american eagle so it doesn't quite make up for the store's loss and every retailer is doing what they can to shore up liquidity and calculate how long they can keep going and also wondering if shoppers will come back when stores begin to reopen and what shopping behavior could look like it could mean bankruptcies from retailers that were previously healthier and weren't considered in distress even 30 days ago more than one restructuring or bankruptcy expert i spoke to used the term tsunami to

another major retailer, jcpenney, announced it is furloughing a majority of its 85,000 employees. with most americans staying home, it's bad news for many industries. goldman sachs expects the u.s. economy will shrink by 34%. but there is some good news -- the investment bank expects the economy to bounce back quickly. not soon enough for many americans with bills due tomorrow on april 1st. here's mark strassmann. >> reporter: in lithonia, georgia, stephanie murray dreads tomorrow. she owes $500 in rent but lost her administrative job two weeks ago. can you pay it? >> no. >> reporter: what happens if you lose that apartment? >> we don't have a place to stay. >> reporter: millions of americans living paycheck to paycheck now face bills without one. retail giants hemorrhaged jobs this week. macy's furloughed most of its 125,000 employees. the gap, 80,000 workers. kohl's, 85,000. jobless renters who can't pay have to speak up. >> you should let a landlord know if you owe rent and you can't make your rent. most municipalities are really making it tough for landlords to charge you fees

. >>> breaking overnight, jcpenney has reportedly entered advanced bankruptcy talks.oney for years and suffered another setback because of the coronavirus shutdown. >>> and coming up, the robotic dog helping to protect nurses in the hospital. >>> also ahead, a plan to use drones to check people's temperatures in public hits a new snag. that's why i've got the power of 1, 2, 3 medicines with trelegy. the only fda-approved once-daily 3-in-1 copd treatment. ♪ trelegy ♪ the power of 1,2,3 ♪ trelegy ♪ 1,2,3 ♪ trelegy man: with trelegy and the power of 1, 2, 3, i'm breathing better. trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems

jcpenney is testing whether private credit markets may be a source of funds.that for leverage. they are negotiating for a potential bankruptcy loan. concerned with taking on more exposure. that is your bloomberg business flash. francine: this is what european stocks are doing. they are on the up on earnings. banks a bunch of reporting and also bp and novartis. corporate's are having a tough time right now but it will gradually get better as economies reopen. many more governments are contemplating reopening the economy, giving a little bit of a lift to the market, crude oil pairing, dollar declining. treasuries are pretty much steady. tom: within the optimism of the market today, we just heard that tone from ben laidler, the vix a print of 31 handle, moving from 39 to 47 and down in the range of the last 10 days or so, and breached well under 39 and 38. just seeing a 31 print on the vix. we will drive forward the conversation with russ costa koesterich of blackrock about what the bond market signals and credit market signals over to the stock market. a really

jcpenney is testing whether private credit could be a source of funds.tiations with banks for potentially a bankruptcy loan but banks are concerned about taking on more exposure. that is your bloomberg business flash. francine: bloomberg has a unique partnership with johns hopkins, one of the leading universities trying to understand covid-19, the consequences, but measuring the data and the impact. we have a daily impact from johns hopkins university and joining us is neysa ernst, nurse manager. thank you very much. when you look at some of the concerns people have on the ground, i guess it is testing. are there enough tests in the u.s. and are they being administered correctly? neysa: that is a really good question. myting is not necessarily area of expertise because there are so many different tests. there has been a tremendous response throughout our health system as well as many other health systems to get out and aggressively test the community, and follow some of the ideas we have learned from other areas of the world that have been tackling coron

the deal jcpenney -- in the deal. jcpenney has started preparing for potential bankruptcy filing.d keep it operating during a chapter 11 restructuring. intel.end with shares of they are lower. the are withdrawing full-year sales forecast, citing significant uncertainty. in the first court revenue, a 23% jump, but second quarter profit outlook falling short of estimates. that is your bloomberg business flash. alix: thanks so much. it is main street versus wall street. big banks and big companies are facing backlash over funds meant for small businesses. both shake shack and ruth's chris steakhouse are among those who will be returning loans after catching some flak. joining is neil barofsky, jenner and block partner, plus former tarp inspector general. really great to chat with you. my biggest question is, these bigger companies accessing small business funds, is that the fault of the small business loan program and execution, or just companies trying to be up opportunistic? neil: it is a little bit of both, but the way this program was set up, it really intensifies the banks makin

but its big box and department store retailers, stores like neiman marcus, jcpenney, bed bath & beyondnd macy is facing more debt and less confidence than ever. so why are they in such big trouble? the former ceo of toys 'r' us says there's just too many of them. >> there are far too many retailers for the world before the coronavirus. there are two to three times the retail square footage per capita in the united states that was required before the coronavirus hit. so much of this has to be rationalized. >> that's the retail side of things. but bankruptcy filings among small businesses and individuals, they are expected to spike as well. the american bankruptcy institute says if you think it's bad now, buckle up. the first quarter filings represent the calm before the storm. and, already more than 5,700 this year. the peak of bankruptcies hit two years later when they soared to 1.6 million and we are no more e near that now. they raised that limits for small businesses to file, and the good news for individuals is that u.s. banks are better capitalized and back in 2008. they may be mo

jcpenney in advanced talks for bankruptcy. the company needs a billion dollars to keep going. it can go as far as september. san francisco based bird scooter laid off 400 of its staff. did it in a scripted two-minute zoom meeting according to employees who talked to the verge. one said it felt like a black mirror episode. the poster child how not to conduct layoffs. mark zuckerberg will have tools how to work at home. he says they're excited to show the world. the stock market has been hiccupping as investors realize for all the plans of reopening we're not reopening anytime soon and getting back to normal may take years. shares in the bay area's gilead fell after a report was accidentally released showing a drug they make was not effective against covid-19. this comes a day after a separate study and hydroxychloroquine disappointed as well. more funding for small business skips states and counties, something the democrats failed to get. a closer look coming up in checks and balances in about 30 minutes. 6:18 for you right now and free flight, it sounds good, right? people who

jcpenney up 10% today. retail banks, airlines. big winners, on the reopening hopes. also the russell 2000. index of small cap stocks that shows you optimism out there. that had a good couple days up one .25% today. look how the coronavirus stunt the overall economic growth at the start of the year. fed also wrapping the two-day meeting. quickly i want to show you boeing. they report earnings as well tomorrow. the stock up 2% today, despite a "wall street journal" report about a new criminal and civil inquiry into the production of the 737 max. guys, back to you. melissa: lauren, let me ask you a question about alphabet quickly. i know that is obviously the big one we're all watching today. what is the other buzz on earnings this week? what are the big bellwethers you hear traders are most focused on if you had to pick one? >> here is the thing, so odd to see earnings season where earnings don't matter. no one has a way to beige the future looks likes because we're in a pandemic. i can tell you alphabet has been a bright spot. so has apple, this week. they reported th

jcpenney, macy's, nordstrom also in danger of closing for good. the biggest concern from coronavirus obvious lib our health. but your financial health is also a major worry. here is nbc's chris clackum. >>> with so many buzzes closed because of covid-19, consumer spending has taken a nosedive. >> even people that are still working and in a position spend are reluctant to do so, simply because they really don't know what's around the corner. >> greg mcbride at bankrate says they survey 2500 americans about spending and investing during the crisis, and found over half dialing back on spending, but surprisingly, staying the course on investing. >> despite a 30% drop in the stock market, about two-thirds of those that have investment accounts did not do anything with their stocks-based investments. >> reporter: many still worry, however, what all this economic upheaval is doing to their credit rating. no need for that, though, according to rod griffin at ex-peerian. >> don't have to worry about unemployment affecting your credit history or credit scor

i think for us, when we're investing in that industry, we're investing in macy's or jcpenney we're looking at the collateral value and saying if things take longer, we're covered on the collateral if you had to have a liquid dags, that will be fine. we're investing two to three times where it was pre-covid today, let's assume a company if making $100 million, we're investing in that company at 200 million by buying the debt where do you think ebitda comes back it's four times where we created the company. for us, we're pretty comfortable where we're investing because we know if things don't work out, we'll be able to liquid date at our costs or a bit higher. >> are we going to have a season there seems to be development conflict talke reopening facilities. there seems to be chatter suggesting we should cancel. what do you think? >> we will end up having a season we'll have the playoffs. that's going to be a whiles away the question is that in july or is that in august. i think we've got to get back to everything being open. a number of facilities will open may 8th. i think for somebody lik

jcpenney now exploring bankruptcy. best buy furloughing 51,000 workers even as online sales and curbside pickup surge there. amazon up 1%, hitting another record high. this is a sign of the times. shoppers continue to get what they need from the comfort of their couches. also wanted to show you guys oil prices. they hit an 18-year low. people around the world stay home. they're not driving. oil inventories rising by the most ever last week. take a look at this. march industrial production fell the most since 1946. measure of factory activity in the epicenter of coronavirus in the new york area, fell the most ever in april. meaning a deep hole is being dug right now for the second quarter. earnings are starting to give another reality check to this picture. the five big banks reporting so far have set aside an additional $20 billion to cover bad loans for credit cards and mortgages. bank of america says customers deposits increased by a record $12 billion in the first quarter. meaning people are not spending money. and

i'm not going to buy jcpenney debt you have widen the wealth gap in this country it will take a lot longer to recover from i'll buy lulu. ais i'll buy target. am i going to go down the food chain and the answer is no i'm not. that will be with us for a long time it's tragic what's happened. it's not affecting the market. >> pete, those are -- you're going to continue to be super selective in the kinds of stocks you buy. are you going to start buying industrials any time soon, pete? >> probably not at this point in time i think there are some names that i am watching boeings of the world and so forts. right now, i see better opportunities in other places. i'll give you one example of something i haddadded last week. sheldon adelson talked about how different the markets are and how different it is in the asian markets versus the u.s. markets. as they have slowly gone through their process and gone through things far different than everybody, than so many parts of the world that these guys have almost gotten used to this because of that, he was saying that they will be able to get up and get

jcpenney, nieman marcus joined the ranks are macy's, coles, gaps in announcing they'll be furloughingrs. the 350,000 employees furloughed today and yesterday, just a small fraction of what could be massive unemployment numbers yet to come. let's discuss. seth harris is here, a former acting labor secretary under president barack obama. he oversaw the rollout of the 2009 stimulus package. i'm so glad you could join us, mr. secretary. appreciate it. we learned last week over 3.2 million americans filed for unemployment. we're bracing for the jobs report this friday. just how bad do you think the economic situation is going to get? >> it's bad and it's getting worse. we'll fanind out about last wees new unemployment claims thursday morning. i fear that that number will be even higher than the 3.2 number you just cited, don. the unemployment report we'll get on friday is not going to give us a very good picture because the data that was collected for that report was collected before sort of the big shutdown kicked in. so don't pay too much attention to friday's report. thursday's report,

plus we keep hearing about macy's and jcpenney and kohl's' in trouble the bond market, you can make a lot of money off it. don't miss my sit-down with market access. so stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets. send jim an email to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $12 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. ♪ ♪ >>> we're always searching for companies that directly benefit from the current crisis. once you circle the wagons around them, the market is going to get hammered again and you need

best buy, meanwhile, announcing it will furlough more than 50,000 workers and jcpenney exploring bankruptcy the company now worth only about $70 million. at its peak, it was worth just under $20 billion. plus, small business owner alan rosen of

and the last point i want to make is, you know, imagine if jcpenney and macy's go away.e hopes that doesn't happen, but if they do, that puts $35 billion in consumer spending up for grabs. and if you're a long-term investor, you have to think about who's going to be in a position the grab it. the likely candidates are company like target, walmart, amazon, costco, companies that are doing well right now. and once stores are open again, start thinking about the apparel closeout chains like tjx. they're not the strongest online playerses, but they'll be worth a look too. jack: my add vice, use those gift cards now. one thing retail companies is doing is trying to keep their mows afloat until we're back in -- employees afloat. you've been thinking about why that's important to the market at large. >> absolutely. corporations that have been talking about this stakeholder capitalism for years now are really going to have to walk that talk. it's not just thinking about your shareholders, your employees, your suppliers, all of that. so what we're finding is a number of companies

. >> jcpenney announced it's furloughing most [ closing bell ] a rough day on wall street with the dowut its worst first quarter ever. the dow ended the day down 410 points at 21,917, while the nasdaq shed 74 points. the s&p had its worst quarter in more than a decade, losing 42 points today. here is a look at what's been a tumultuous month for wall street. the dow is now down 23% for the quarter. you can see that big hit it took right as the coronavirus pandemic began and the massive dive at the end of this month. >>> the $2 trillion government stimulus package known as the care act promises quick money for most americans, and hefty unemployment benefits as well. it is also generating a lot of questions. it's complicated. 7 on your side's michael finney has been looking into it closely for us. he is reporting live from his home tonight. michael? >> i got to tell you, people are interested in this. i'm receiving a bunch of questions, a bunch of really interesting questions. here is a look at a couple of them. kayla writes i had my baby in 2020 after our last tax filing will i get the e

talking about virgin atlantic, jcpenney as well. new york governor saying one in four new yorkers are infected. way more people may have antibodies and immunity. we're hearing out of india, governor, india, serum institute, biggest maker of vaccines in the world talking about moving forward before the fall with a vaccine developed by oxford university. good news on that front. your quick take on that? >> dozens of vaccines in testing phases. normally takes year, year-and-a-half, to mass produce, develop a safe vaccine. i hope we do it more quickly. you have companies racing against the clock to get it done. obviously once we have a vaccine we can get back to our normal lives. we certainly can't wait for the vaccine. there is great hope and optimism. we gradually need to reopen the economy. we need to be smart. even if the economy reopens we can't go back to the prepractice social distancing, be aware of surroundings. i'm a big believer in competition. big believer in public/private competition. the progress we've seen last few weeks

we'll take some green on a friday retailers struggling amid the pandemic, jcpenney is in advanced talksbankruptcy funding with lenders including wells fargo and jpmorgan we have more on retail coming up at 7:30 a.m. eastern this is just one of the names we've heard about like neiman marcus and others because of stores shutting down everywhere. >> when we say anything about the unemployed ranks, it is like, yeah, we know what we are doing. indoors not doing anything if you don't have online, that's it >> that's it >> it is the burrow bangle bounce >> the bangles are begging you to shut up and get off their bandwagon. >> i'm not on the bandwagon. it is a tip of the hat a nod. they have a new coach. we saw the inside of his house like us, we are looking going, the player guy, saw the inside of his house in cincinnati i'm just easing back to following. carson palmer was a cincinnati guy too. can you imagine brady and gronkowski we have to have a season coming up, we'll talk to peter kraus. we have draft kings and the poker stuff. next, we'll have kraus equities up 75 we'll be right back. si

jcpenney, nordstrom's, i'll talk to people about bankruptcy.nd i is joshua younger, head of jp morgan u.s. interest rate strategies and derivatives. i mentioned we will get a lot of supply coming online today. what is the appetite despite the data for investors to keep buying u.s. treasuries? ua: it is one of these big a nose. there is clearly an appetite to buy treasury, the question is how much. the cbo forecast showed a federal deficit of $3.7 trillion. we have not done that since the second quarter. it is a question of how bad that deficit gets because these are always projections and their uncertain. keep in mind we are talking about receipts and payables. we know how government wants to spend and how much they would get in in taxes. the second is how the treasury will fund that since the data has been in the short term insurance and treasury bills, but ultimately that will have to get turned out into longer maturity securities and that is where the questions live. they are introducing new maturity to try to diversify that demand based. th

hearing that potentially this week we'll get two big chains filing for bankruptcy, neiman marcus and jcpenneyr side, we know there will be aar on online sales, obviously, amazon and walmart and target, doing a bumper business. dollar general, as well. i think that's going to be interesting is how we open. the largest retailers are writing together to the governments of all -- governors of all of the states trying to say we need a uniform way to come back into business because we've got operations everywhere. it's very difficult for a retailer to have a patchwork set of rules and procedures coming in this transition process and in that transformation process. >> jill, the last time i left the house was march 31st. it was to go to cvs to pick up a prescription. if you would have told me that it would have made sense to me to stand six feet away, to lean through a plastic screen, to throw in a credit card and grab my stuff and get out, i would have thought that's impossible. here we are. so what can consumers expect? what changes can we expect as consumers moving forward? >> you know, someone sa

jcpenney missing a loan payment, considering bankruptcy.isney furloughing 43,000 workers this weekend. all this while small businesses scramble for loans from the paycheck protection program. in trouble as congress has yet to agree on more funding. grappling with the worst unemployment crisis in history, the pain is piling on. oil jobs are drying up, airlines cancel flights. she lost her job at halliburton after 20 years. now she's getting unemployment. >> we cut back. we have to. we can work with the mortgage company and push some payments back. >> reporter: in michigan, over a million filed for unemployment. 25% of the work force out of a job. the worst in the country, driven in part by layoffs in manufacturing and the auto industry. >> we shifted staff from other departments. we contracted with third party call centers, hired new staff ourselves. we're throwing everything we can at processing claims. >> reporter: in nevada, tourism ground to a halt leaving caesars cocktail server debra jeffries without a paycheck. >> it is even worse emo

if you look at jcpenney, matt boss with a piece out today talking about how many malls are dark, twoig stores if penny starts closing stores malls are hurting, experiential hurting, amazon not hurting. amazon and shopify not hurting you have two winners and hundreds of losers hundreds of losers >> carl, e-commerce, to your point, it's been fittenefited. amazon up again today. you pointed this out many times, it will only cement its dominant position, the question is what the landscape will look like after this in terms of other potential competitors for it you're right e-commerce overall, depending on where you are, has been a great place to be if you have a really robust business there. >> yeah. look, i leave it out for 24 hours, that's what we try to do. i go get it. the things i ordered by amazon are -- i know that my daughter is not happy i use a huge amount of waste but anything -- if there's -- if there's one thing that i need supplements, somebody says get zinc, i click and i get zinc, it comes here the idea of going to the local walgreens, i don't want to do that carl talked

the coronavirus sales were truly struggling there as well as at other retailers like macy's and jcpenney. amy, we know at least 1 million retail workers filed for unemployment benefits just last week alone. >> those are some big names in retail business. but what are small businesses that are also struggling to survive right now? >> reporter: we know that small businesses received $350 billion through that ppp program, but the money ran out. and now congress and the white house are working together to appoint an additional $300 billion which secretary mnuchin says could come as early as today. 1.7 million businesses have received those loans, and at least one, shake shack, says that they will return their $10 million in loans after a major outcry from people saying that this money should go to small businesses. amy? >> all eyes on washington today. rebecca jarvis, thank you. michael? >> thank you, amy. >>> and now, an inspiring story to start your week. that incredible "one world together at home" concert raising a whopping $128 million for covid-19 research, charity and first responders

jcpenney started preparing for a potential bankruptcy falling. it operating during a chapter 11 restructuring. the coronavirus forcing it to close its doors. apple is rejecting claims by a cybersecurity forum, finding no evidence hackers exported -- ,xploited a flaw in the mac iphone, and ipad. that is your bloomberg business flash. much --nk you so francine: thank you so much. let's talk about gilead and the trials for a drug that fights covid-19 and maybe vaccines longer-term. we are thrilled to be joined by sam cavalli. always great to have an update. there was so much hope gilead had a drug that could fight covid-19 and there was a leak saying the trial in china did not go to plan. is this a setback or does it mean it does not work? sam: any trial is a set back, but you have a whole variety of trials that get conducted, especially in a setting like covid-19 where the disease is not that well understood. it is only a few months old, so it takes time and the drug has to be tested at different stages of the evolution of the disease. we can still

potential bankruptcy filings from even a nieman marcus and then we talked about lord&taylor and jcpenney, we are looking at jobs that will be destroyed forever potentially and i think that retail was kind of an obvious point of concern, but you will need to watch industries around -- across the country, even oil of how many of those jobs will go away because that's the difference between a lot of short-term pain but something much longer and more protracted economic crisis. maria: just this week we saw all of those companies go bankruptcy in retail. now we are looking at others as well. american express to take loss year over year and if you look at retailers like nigh -- nieman marcus and macy's, it's touch a go. you saw the names we are waiting this morning in terms of earnings, steve. [inaudible] steve: they have been losing in the last 25 years. amazon -- the stronger retailers, yeah, some of them -- maria: okay. >> i think the market overall, that becomes -- [inaudible] >> just of now and i think that next week is going to be earnings coming out. drug companies, pfizer, amazon. mari