mark morgan is with us, customs and border protection acting commissioner. the program. what are those 500 troops actually going to be doing on the border? >> so, stuart, they're going to be helping cbp address this absolute public health crisis that really, the entire globe is facing right now. just a couple of weeks ago we worked with cdc, who recognized that both at our ports of entry and in between the ports of entry, those coming across poses an absolute danger to this country. this is part of a set of reasonable but aggressive containment mitigation strategies. that the cdc has pushed forward. this president has authorized given stability to do just that at both ports of entry and in between the ports of entry, stuart. stuart: will those troops be armed, mark? >> no. it is, what they're going to be doing there, helping is behind the scenes. helping us in our emergency operations centers. helping us with our surveillance capabilities. stuart just like they are right now. we had thousands of troops on the southwest border for a very long time. they will

welcome back to the kaiser report imax keyser time now to go to mark hughes sco of morgan creek capital welcome back mark max thanks for having me always great to be with you this is a once in 100 year event i think and so just walk us through how you handle that your frontline money manager guy so this hits what happens i appreciate the placing us in the front line and i i definitely would would not put us up there with the the angels and saints on the true front lines and in the health care situations but also you know it's the food delivery workers it's the food prep or prepares it's the people who are cleaning up and keep in building safe then and germ free so that other people can do their job so they're the real frontline but but i like the fact that look we do have to keep capital safe and we are at there's a bigger threat 'd to what we do in terms of the asset management business today as any time i've seen in my career in my lifetime we probably have to go all the way back to 1930 to see a similar type threat and sure we'll talk more about that but the real issue today is it's

customs and border protecting acting commissioner mark morgan, great to see you, thank you very much re. mark: you bet. maria: so we should point out some of the exemptions here because the president's executive order does not affect people coming into the united states on nonimmigrant visits including tourists and business travelers, doesn't affect workers such as farm laborers entering the u.s., doctors, healthcare nurses are also exempt. give us your take on what the impact of this will be. >> well, maria, that's a great question. first and foremost. let's keep in mind that the president, one of his major goals and priorities is to protect the american people. it's been since the first day of his administration and big part of that is protecting american jobs and this is a reasonable, common sense first step towards economic recovery that's really been driven by covid-19, and so what it really focuses on the first step is those new immigrants wanting to come here to compete for jobs. that's what it's focused to do. last year in 2019 we had little less than a million immigrants, 450

for this edition of kaiser report with may max kaiser and stacey abbott want to thank our guest mark morgan to create capital if you want to catch us on twitter it's kaiser reported to lifetime. has changed american lives but pharmaceutical companies have a miraculous solution. based drugs to people who are chronic pain patients and believe that their prescription is working for them in the river to the city to the price that they paid closer dependency and addiction to opiates to long to use that really is and scientifically just. now study actually suggest that. the long term effects might not just be absence of benefit but actually that very night because of the long term. decrease judgment. not to damage as you. point your 18 with. the funding the could only come out sooner than another 3 small. insurers to. the north on food because to see smoke on them to do this is just this. little fuzzy. and if you see the needle in the keys see the phone in the keith easy joy he can open if you think this is says he come along then learn to do this little bit longer than just you can assume. you'l

mark morgan. mark is coming up next. and we'll be here to serve you for a hundred more. ♪ it didn't take us long to realize ... ...we weren't in the car business. at lexus, we were in the people business. we needed to be helpful . . . . . . respectful . . . and compassionate. to treat people like guests. it's what we all signed up for. and now when people need this most, we will do what we've always done. take care of people first. the rest will follow. some companies still have hr stuck between employeesentering data.a. changing data. more and more sensitive, personal data. and it doesn't just drag hr down. it drags the entire business down -- with inefficiency, errors and waste. it's ridiculous. so ridiculous. with paycom, employees enter and manage their own data in a single, easy to use software. visit paycom.com, and schedule your demo today. >> the federal government, the justice department specifically has 115,000 peopleho are dedicated to protecting the public safety. including preventing narcotics trafficking. a

blocking the relief package that would have helped small business owners and acting cvp commissioner mark morgan going on at the border. karl rove on the biden trump matchup which is obama trump matchup in general jack keane, what will happen with that captain who was fired. could he be getting back on the job aboard the uss theodore roosevelt? a rumor going around, pun intended, that rice will return to the concert series, fantastic guy with his hat on backwards like rob did on television. he will be here live. even though you don't have to go to work today please get dressed. introducing t-mobile connect. a prepaid plan to help keep america connected. starting at just $15 a month, it gives flexibility for uncertain times. visit t-mobile.com/connect to learn more. you can also manage your account, and make payments online. stay connected with t-mobile connect. jillian: welcome back, foxbusiness alert, donald trump promising relief from the airline industry. rob: here with more on a potential massive payout. >> the president sang at the briefing details are on the way. we may soon find out may b

. >> mark, morgan here on the tv side we're seeing increased ratings because more people are sitting at home, they don't have much to do in terms of events or consumption of sports for example so they're turning on the tv. we're seeing stronger user metrics and engagement from the social media companies as well when we get through the worst of the situation, you see the spigot start to turn back on in terms of the advertising dollars, where do you think they'll go is this something that can propel the acceleration towards digital or do you think it'll continue to play out the way it has been. >> it's going to accelerate the ship towards digital we're seeing 10 years of innovation crammed into four weeks. the way we communicate, work, travel, shop, use financial services, educate our children has been turned on our heads and we're moving quickly towards digital channels so i think the digital media owners and companies will be the winners from this. at the same time i think the traditional stills that advertising organizations like our own and others, understanding consumers, how they

this edition of kaiser report with me max kaiser and stays there but i want to thank our guest mark morgan craig capital if you want to catch us on twitter it's kaiser report until i stopped by off. so small seems wrong why don't we all just don't call. me old yet to shape out just to come out ahead and in games from it because the trail. when so many find themselves worlds apart. just to look for common ground. welcoming our viewers from around the world live from central london this is the u.k. . the chancellor admits the country will face economic hardship it claims that britain will bounce back after the and demi. data from countries across europe shows ever coronavirus fatalities are happening in others it comes as the office for national statistics reveals deaths in britain . when government figures suggest. campaign has called on the home office to suspend the minimum blue come visa requirement to avoid families being ripped apart during a pandemic joined by an immigration lawyer at a later. and broadcasting watchdog called more which is an investigation into comments made on c.b.c.

doing it at the border, crackdowns, zero-tolerance, now commerce to go back and forth, that is mark morgan'stels calculus on when they should come across? >> as i said a minute ago, the border patrol does not have hundreds of thousand illegal immigrants there dealing with everyday especially the family units, and the family units, the border patrol making meals, changing diapers, making hospital rounds but now the president has stopped illegal immigration which is a great move to begin with so now the border patrol can be more vigilant on the borders, the cartels cannot mask the smuggling between the ports of entry because they don't have any groups tying up the border patrol. that's why they are going through cargo which they boys done but a lot of cargo gets intercepted because it stopped at the port of entry or maritime which the president talked about yesterday saying they will start going back to the caribbean and smuggling maritime and the coast guard will get busier but the president made a great move yesterday by putting them on notice, they will not get away with it. steve: you talk

in fact, just right before this i was communicating with my friend, commissioner mark morgan from cvp we need to do some testing, at least a temperature check, people coming into the united states. we don't want to stop trade but, for example, loredo is handling 6,500 truck rers that -- truckers that are coming from mexico every day. there's still people coming in on a limited basis. we need to at least take the temperature of those individuals. in fact, the president yesterday, that was one of the suggestions i sent in and one of the suggestions that -- i mean, one of the things the president said yesterday, that we need to start looking at possibly testing international travelers and i agree with that. we've got to have a movement of trade but we've still got to take some precautions. finally, the other thing that i suggested, one of the other things was we depend a lot on mexico and canada and we've got to make sure that essential businesses in the u.s. are the same over there, because you can't have mexico close some of the businesses that affect the chain supply in the united sta

mark gunn and off. jen morgan, microsoft, sasha, great job. ibm, mark zuckerberg, intel, qualcomm, cisco, advanced micro devices, broadcom. incredible companies, companies that no other country will cat catch. you have to be smart but i've dealt with a lot of different countries and i will say that the respect for silicon valley in our tech companies, there is nobody even close to our tech companies. they can't catch them so they tried to buy them and we put an end to all a lot of that. in sports, we want to get our sports back, so importantly. these will be separate calls. some will be together, by the way, but some will be separate. but we have to get our sports back i'm tired of watching baseball games that are 14 years old, but i haven't had too much time to watch. i would say i watch one batter and then get back to work. the nba, adam silver. the major league baseball. this is baseball season right here. nfl roger caddell, ufc dana white, great dana white. pga jay moynihan, lpga michael one. usda patrick galbraith. major league soccer, wwe

sale force, mark benioff. sap, jan morgan. microsoft, satya, great job he has done. thank you, satya. facebook, mark zuckerberg. ibm. intel. qualcomm. cisco. advanced micro devices. broadcom. incredible companies. companies that no other country will catch, if they're smart, have to be smart. but i've dealt with a lot of different countries and i will say, no, the respect for silicon valley and our tech companies, there is nobody even close to our tech companies. they can't catch them. so they try and buy them. but we sort of put an end to a lot of that. in sports we can't to get our sports back, so importantly. these will be some separate calls. some will be together. by the way and some will be separate. but we have to get our sports back. i'm tired of watching baseball games that are 14 years old. but i haven't actually had too much time to watch. i would say, maybe i watch one batter, i get back to work. the nba. adam silver. the major league baseball. we miss our baseball. this is baseball season right here. rob manfred, thank you very much. nfl, roger goodell, t

morgan reports earnings this morning. global coronavirus cases approach the 2 million mark. france and india extend lockdowns. the u.k. expected to follow suit. good morning, good afternoon, good evening, everyone. this is "bloomberg surveillance," i'm francine lacqua. the news flow is pretty terrific today. the coronavirus, the lockdown, the impact of our economy, and our hearts are always with the families that are rather losing loved ones are actually fighting for their life. this is what i'm looking at the markets. the next couple of weeks may will be rocky because a lot of the focus will be on earnings. so if i'm looking at stocks, they are up today. up. indices, futures also we really don't know what we get from this earnings season after the pandemic upended the global economy. the other story is oil edging up gold, slipping from a seven-year high. we will get to more market analysis shortly. let's get straight to the bloomberg first word news. in new york city is viviana hurtado. viviana: an extension to the bekdown, it is expected to announced later this week. the pm was discharged from the hospital. the uk's

it is a tremendous loss for all of us mark had the great vision for our program and taking us from press additions that we were public publishing with morgan that worked out very well, but mark assured us into the digital age, and we are deeply saddened by his loss we will miss his guiding hand. but in the spirit of what mark wanted, which was for us to be an important place and bringing this history to the united states and encouraging greater transparency in the workings of the government and presidency. we will push on, so we are pleased to be here today. to help us sort out the connections between past and present, nikki hammer, nicole hammer will be our guiding hand today, nikki this perfect for this job she's an assistant professor at the studies she's a member of this program and wonderful kollie she is also the editor and founder of the washington post made by history and podcast past and present. we are deeply grateful to niki for having her over here to moderate the session. thank you mark i'm really looking forward to the panel. so you get to be a fly on the wall at the oval office to bring the 1960s and seventies and the times

bank stocks mark their first negative session in five as jp morgan kicks off earnings season with investors anxious to find out exactly how these banks have been impacted by coronavirus. >> this is a look at european stock markets are trading. don't forget they've been closed for the long easter weekend. we saw the look out of china export and import numbers. expecting a plunge of 14% only down 6.6%. still a steel fall but much better than anticipated. that's been paused for the reopening of european markets. talk about when we'll start to see the easing of lockdowns. europe starting to layout plans. that is really starting to help out. we are still witnessing a little red ink at this stage. the other big catalyst is landmark and the production cut of oil it has been a slight increase this morning it certainly didn't move the needle on the spot as anticipated. these markets are a little more anticipated as a result of the lack of movement on the energy price. what we've got now as we switch over the charts. those boards are negatively impacted with err down 21 points translating to the red

larry ellison safir katz sales force marc benioff s. a piece hap gen morgan microsoft's such a great job he's done thank you. facebook mark zuckerberg i.b.m. intel come cisco advanced micro devices broadcom incredible companies companies that no other country will catch if this market have to be smart but i've dealt with a lot of different countries and i will say that no respect for silicon valley or our tech companies there's nobody even close to our tech companies they can't catch him so they try and buy him but we sort of put an end to a lot of that in sports we want to get our sports back so importantly these will be some separate calls some will be together by the way lists and some will be separate but we have to get our sports back i'm tired of watching baseball games that are 14 years old but i haven't actually had too much time to watch i would say maybe i watch one batter and then i get back to work the n.b.a. adam silver the major league baseball. i'm can get al you are wanting al jazeera live from doha of course that is us president donald trump who's been holding a press conference in the white house rose ga

morgan. >> reporter: craig, it certainly is. yesterday marked the highest spike of deaths that louisiana has seen since the pandemic took hold. governor john del edwards saying the 70 deaths that reported yesterday may have been the results coming in over several days. while it is alarming, he did kind of hedge that number with that bit of knowledge there. in the meantime, we're standing on an empty canal street. the shelter-in-place orders taking hold. that's where we might be starting to see the first glimmer of hope where there's a flattening of the curve in new orleans. over all the streets would be covered up. some of the hotels have been turned into make hit hospitals. the convention center has 1,000 beds at the ready, up to 2,000 by the end of april. the important thing to note here, craig, is people apparently are keeping those shelter-in-place orders and we're not seeing that continued rise in numbers that we've seen in past days, specifically with patients needing ventilators. that number has declined for the past three days. so much s

morgan. microsoft, satya, great job he's done. facebook, mark zuckerberg. ibm, intel, sysco, qualcomm, advanced micro devices -- >> i want to continue to monitor this. i want to bring in daniel dale. the president just said something pretty stark. he said i will be speaking to the governors -- let me play the clip for you. listen to this. then he suggested he's the boss of the governors. listen to this. >> and i will then be authorizing each individual governor of each individual state to implement a reopening in a powerful reopening plan of their state at a time and in a manner as most appropriate. the day will be very close. >> daniel, earlier -- yesterday he said he had total authorities over what the governors could do, could not do. now he's saying he will authorize the governors to make some decisions as if he's their boss. >> right, wolf. this is nonsense. this is the president's way out of his false claim yesterday about his supposed total authority. what he's claiming now is he's benevolently gifting the governors power they already have. it's not

cost. ,he big question is more credit which is outside of the main concern for morgan stanley, although we do have some markshere. the costs or something they control, so understanding how they are thinking about that, for the lenders who want to know their revision assumptions. that is a smaller issue for morgan stanley. a lot of the risk really just relates to capital markets and asset prices, which they don't have control over. are therequestion is opportunities and some of the business isassets where they can raise money and take advantage of the price declines, and see some growth with that? sulla -- right, thank thanks a lot. tuning later this morning. we will be speaking to james gorman, morgan stanley ceo. any charts we use throughout the show, go to gtv under terminal. browse the features, check it out. gtv . this is bloomberg. ♪ alix: just to recap morgan stanley earnings, adjusted earnings coming in at $0.99 per share. the wealth margin business, $4 billion, a little bit like. that is what the market seems to be focusing on. no doubt a question for james gorman as we interview him at the

morgan reports earnings this morning. and global coronavirus cases approach the 2 million mark. france and india extend lockdowns. the u.k. is expected to follow suit. well, good morning, good afternoon, good evening, everyone. this is "bloomberg surveillance." i am reunited with tom keene. lacqua in london, tom is in new york as always. the earnings season is unprecedented. and then as i am back on my feet come you give me a good laugh last week because even my father-in-law was testing me saying i hope you are enjoying your holiday. it was not a holiday. but i'm good and i'm back. tom: we are thrilled that you are back, and this illness is something, whether it is the flu or covid or whatever. betsy grace at morgan stanley yesterday, and she said she is focused on the original moment we had in earnings yesterday. we will see that with j.p. morgan and wells fargo. as you mention in your opening, the major thrust here, country to country come is on lockdown, and if and when anybody can really wish -- country to country, is on lockdown, and if anybody can relinquish the quarantine on society. francine: we will hav

morgan reports earnings this morning. global coronavirus cases approach the 2 million mark. france and india extend lockdowns. the u.k.. good morning, good

mark crumpton. this is bloomberg. >> live from toronto. i'm amanda lag -- lang. shery: i'm shery ahn. here are the top floors -- stories we are following. j.p. morgan and wells fargo releasing results and confirming fears. both banks importing massive declines in profits. u.s.oronavirus brings the economy to a standstill. italy reporting the fewest confirmed cases in months in new york governor andrew cuomo saying the changes in hospitalization has turned negative for the first time since the onset of the crisis. amanda: want to get in to a check of the markets. gains across the board. that is despite the fact that we had dire predictions from the imf. -- tech iswth down leading the way across these markets. big tech names gaining. bloomberg -- consumer discretionary doing well in the s&p 500. energy and financials, look at the biggest names in the reporting earnings for part of the reason. we are getting daily updates on the pace of this illness. italy with the fewest new acacias -- new cases in the month. a mixed bag out there. we did hear from j.p. morgan and wells fargo today. the set aside for loan loss provisions is really the most significan

morgan had a week. i think you want to be in some of these banks, jpmorgan specifically i heard what mark is saying aboutf i were trading the stock, i think you absolutely have to take some money off the table into earnings which i believe are on thursday he's probably right in the long term, there's some chance to take some profits in the short term >> what areas? he mentioned rates and different sorts of rates and so on >> well, it sounds like he's fired up on cloud and automation and achltd i the other side of what he said, it sounds like a lot of people are going to be out of work. businesses are not going to be hiring back where they were. walmart has been so defensive, and they're the biggest shop for consuming in this country. they have the most composure to the consumer, and i think to have rallied to all time multiples is scary to me that is one, i'll take the opposite of what he said, and say negative for walmart >> shares of disney on mr. toad's wild ride today what are the analysts saying, and do our traders agree >>> the white house is holding a briefing on the coronavirus right now. we're g

much worse could things get here joining me, mark zandi is chief economist at moody's analytics and brian weinstein is head of global fixed income at morgan stanley fixed asset management it is shocking the kind of spike that we're seeing right now. how do you -- what's your best advice right now >> kelly, our economy clearly was moving along nicely, and if you think about it in a car, we hit a tree we've never seen an economy really stop like this. and 10 million claims is what we saw the last couple of years, just about it's truly unprecedented but really, i think it's naive to think what got us into a lot of this trouble? some of the action in the bond market and then in the oil markets. that's where the volatility started, before it got to the stock market we think you need some type of bottom in the oil markets. and today's news is really -- was really a quote/unquote good thing that happened. we can get some type of low and calm in the oil markets, maybe that can work its way to the bond markets into the stock market this has been an historically volatile year. we get it. this volatility is not going to go anywhere. but maybe one po

stanleyn and morgan agree that stocks have seen low points, but oak street, power mark, and other say worst is yet to come. joining us now to discuss all of this is research affiliates cio chris brightman. i suppose part of the difficulty for investors is the first thing -- and i want to throughout this bloomberg chart, we have been looking at this a lot the past few weeks, how enticing it must be to buy into these rallies. we do know, and this goes back to 2008, bear markets produced some really enticing rallies. how much cash would you be holding on the sidelines and how much harder is this crisis to navigate versus a true credit crisis? -- chris: well, from an investment strategist advice, i would not try to trade such a market. if you have cash in your savings bills, itr upcoming does not along anywhere near risky markets at this point. on the other hand, if you are nearing retirement as an investor and you are starting to feel like you have more risk in your portfolio than you are comfortable, i would say come up with a lower risk portfolio an average into that over the coming mo

virginia senator mark warner is one of many lawmaks who nt to see hazard pay made avlable to health care rkers battling the coronavirus we ne to morgan applaud need to find a way to or coensation a plan being discussed wou give up to $25,000. not only the health care workers. but the other essential employees i also thk there you can make a case that the person o's checking you t of the grocery store or you're picking up your drugs from pharmacy or the sanitation worker could be viewed as a front-line workers. wellthis plan also own as thheroes fund could be part of the next coronirus relief bill being prepared inboth e senate and the house the more exposure you get to the wyers though the more secure you're going to >>these are folks that are unr all d long virginia representative don beyer is calling for quick action. however, virginia representatesbobby scot and abigail spanberger want to keep focus producing risks by supplying more protective uipment. the reason. >>there's a discussion of hazard pay is because e ed to be ensuring that every personal protective equipment, they need d the solution of that ought not be hasn't been t

morgan in a ranger company. he must have known him from washington's various dealings in the valley. whatever he knew about him, he marked him down as a man worthy of command. in fact, he gave him a double command. he gave him command of both the 11th virginia regiment and a corps of riflemen, hunters and woodsmen taken from the continental army. i should say that washington was deeply disappointed with the riflemen he had gotten in the summer of 1775. he wrote his brother jack and his brother charles. he said, most of them are irishmen immigrated who know more of a rifle than my horse. this time -- well, also the 8th virginia had been outfitted with rifles and had proven a disappointment when they went to defend charleston. what morgan ends up doing is collecting men who are actually shoot from throughout the army and outfitting them with other people's guns, trying to see if these people, in fact, actually know how to use a rifle. this is the corps of riflemen. it's a temporary collection of these men. by june 1777, he established them into a somewhat cohesive unit. he has officers for them. and they are skirmishing al

mark is not there yet. every day, we do reports about the spread of the coronavirus, peaking in some places and not so much others. a new report out of michael morganey. michael zezas is with us to talk about what they presented. a fascinating report. one of the things that struck me is your projection that it may be different in different regions come as we talk about coming back to work, the coast may be ahead of the center of the country. michael: i think that's exactly right. will largely govern the reopening process, it will be dynamic, it will be in stages. there will probably be feedback loops where the data and testing will dictate how quickly some state will open. some states will test boundaries more than others, and of course there could be some backsliding. ultimately, the policy of sickness, testing, whether hospitals have capacity determines who opens quickly and who doesn't. if you broaden that out for the economy, that means we are looking at more of a u-shaped recovery, one that will take a bit longer. that is morgan stanley's economics forecast right now. david: the president has come out with his guidelines, these three phases. y

. >> it is not as bad for morgan stanley and the banking industry as the 2008 financial crisis. what about the broader economy western markployment for the first time this past week, 22 million since this began. how do you fathom or model the dislocation? >> the shock to the global economic system is something we have not seen since the great depression. it is far more dramatic than the financial crisis. in addition we have this massive health crisis which is working its way around the world with devastating consequences. you cannot model this. what you have to do is preserve capital, make sure you are will positioned to deal with the risks, understand the risks, and manage your way through that with the whole team working together. we have daily committee calls, the whole team is organized around how do we ensure we are doing our job for our clients, and that morgan stanley remain stable during incredible dislocation. stanley'smorgan 80,000 employees are working from home, a staggering figure, one we have seen repeated across the industry and many industries. it is amazing it has come with no major loss of capability. wh

mark cap of 34 billion now when there's so many competitors there. >> let me bring in mike santolli you can take stock of the week and weigh in on this morgan stanley thing too and how you believer that shapes your own view on where you think we may be going it took the index to where it was three years early. that's the other thing to keep in mind. we're talking about last year's level of activity. we're at a stock market that's at 2017 levels i think we have to get away from this idea that the markets collectively are trying to sniff out some objective reality that sits out in time it's going be impatient. it's going to price from a dire one, the next day. the reason it matters so much is that's when the clock is ticking on the solvency of large parts of the economy the erosion of the credit worthiness and the rise and default rates and things like that in large parts of the economy. that's why i think the stock market has traded right along with credit this week. i don't want to get into who is leading, which is lagging, which market is smarter and which is not. that is relevant in the moment we don't have a critical mass of crisis relevant data

mark rossano. he calls me crazy all of the time. that does it for us. coming up, matt hornbach, morgan will be joining him. happy tuesday. this is bloomberg. ♪ ♪ jonathan: from new york city for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes away from the opening bell with equity futures at session lows. -- 56now we are down 56% point and down 2%. risk aversion bleeding through the market. yields lower, much lower. in the fx market, the commodity currency underperforming. in the commodity market, crude lower. the may contract is yesterday's news. it is about june and the volume going through it, sending crude down $14.84. the story right now is this bleeds through the crude curve out from may into june and goes international as well as the brent contract gets sucked lower as well. that is your top story. the story that has played ou

morgan brennan and jon fortt. markets have been well off the highs. dow was up 937, trying to hang on to about 400 points on the dow right now. let's bring in mark mahaney of rbc, david lovevitz of jpmorgan. we knew 2700, 2750 would be a bit of a battleground and it's turning out to be exactly that >> yes, exactly. one of the things that's occurred here over the past couple days really over the course of the past weekend is you finally saw consensus earnings system begin to come down and the narrative that had been in the market equities are looking cheap, the question we were always asking was cheap relative to what earnings? when you use the new estimates that are around 145 a share, you know what you're seeing is stocks are looking fairly valued not outright cheap and i think that's a big part of why we're seeing things run into resistance at these levels >> mark, it's a great opportunity, david's answer, to ask you how in the world analysts are coming up with any kind of estimates given the lack of guidance and anecdotal signposts from a small number of companies. what do you plug in to your models right now when you're trying to calculate e

mark cabana of bank of america. ge is saying they are withdrawing their guidance for this year citing the coronavirus. theiree cash flow near guidance of -$2 billion. morgansays he has recovered from the coronavirus. he tested positive last month and now he tells the staff he has fully recovered. coming up, more with the banks. we speak to betsy grayson of morgan stanley. any charts we used throughout the show, check them out at gtv . this is bloomberg. ♪ alix: this is "bloomberg daybreak." i'm alix steel. you're looking at the principal room. coming up later, tom finke. earnings.wing its watch out for that stock. the bed throwing more kitchen sinks -- the fed throwing more kitchen sinks, $2.3 trillion lending facility. they will continue buying some junk bonds for those companies that have recently been downgraded to junk and they will be dipping their toe in buying etf. there also protecting their paycheck protection plan. betsy grayson covers -- betsy k covers -- betsy grasec banks for morgan stanley. it seems like banks will be taking on 5% of the wrist and the fed 95%. you think that is enough for banks to be willing to lend in this crisis? betsy

morgan was talking yesterday about qe moving to ce, credit easing, versus quantitative easing. do you feel like that is isewhat off the table, as the debt monetization conversation? marktainly seems like the fed wants to go a little bit further out the risk spectrum, other markets,o including corporate credit, so i am synthetic to that view. that seems to be the direction they are headed in. i don't think you can really ease credit conditions or do credit easing more broadly without also supporting lower treasury risk, and without allowing for better facilitation of a lot of the debt issuance we know is going to be coming out of the u.s. treasury. so it just seems like the fed was unwilling to take the steps to announce more concrete guidance around their asset purchases, whether it be treasuries, mortgages, or credit at this point in time. certainly on the treasury mortgage front, it seems like the fed remains uncertain about the outlook and once more clarity before announcing a more concrete pace of purchases, but my take away from powell's comments is that the fed is very concerned, as i think they should be. therefore, i don't really know how much additional infor

in the low 70's all san jose in morgan hill close to 70 oakland you'll get 63 was san francisco at 64 tomoow tuesday and dnesd and that should our warmest a summit marked warming trend reverses anby next weekend friday saturday and sunday. it's back down into the 60's e go back to you guys in the studio shell. the commercial which one. >>i should add a v a right you don't remember that i should have he should head of the sideways alina. as mo businesses shut down every day during the coronavirus pandemic we have a lot of undocumented immigrants now to finding themselves out of work as well. >>but also afraid of applying for any sort of assisnce. ll now some of them must lean onthe generosity of the community we havpaul n with that story. >>andmiguel undocumented immigrants from guatemala with 3 children. they drove to a free cookout from los angeles burdens in the covid-19 era. >>their clothing all the busiesses and the bizarre a job th we need. >>the couple's cleaning work vanished with callous other jobs and la coty it is more than 900,000 undomented residents according to recent estimates. isaac with his battles for immigrant rights in the 4.3 milli