as a matter of fact, the hit to visa and mastercard, mastercard came out late last week, wee talked about still seeing revenue growth, which surprised me because so much of their business comes from not only business travel and entertainment, but also consumer spending, and with the airlines shut down and the hotels shut down, there's nowhere to spend money, as well as everything else, movie theaters that kind of demand doesn't get replaced it's gone forever. but i think they'll get back on track. here's my one caution. before all of this happened, there was a lot of controversy about the valuation on visa and mastercard so if we get towards there, then i'm selling, because i think there's risk to it in terms of how long it's going to take to come back >> hey, here's one for -- i'll give it to you, jim. i'm just seeing it live on twitter right now and i think it's a good question missed getting into nvidia, says danny e. missed getting in the last few years, entered last week, now it's up 30% in such a short time, should i sell or hold? good question and a lot of stocks fall in that categ

are going to be around and still going to be using microsoft office, still going to be using mastercard backed cards and they will be around i don't think you can go to places where there's a lot of debt or where the industry may be having secular change permanently. >> that's what i was going to ask you. if you favor, let's say, the winners of this bull market then you would avoid companies with high debt loads and we have seen those hardest hit but not necessarily looking for value plays it sounds to me in energy or anything like that with a secular challenge. what about financials, banks >> we don't do a lot in the banking sector with a zero interest rate world it's hard for banks to make money. why go there with the quality growth on sale, you don't have to. it's a great stock picker's market right now. >> jamie cox is joining the conversation jamie, so we have heard from rich who's more bearish on the market and the economy jim maybe tactically buying here what is your advice to investors? >> i think investors are learning the hard way about what companies they own we were starting

one - - coronavirus would disagree that we neglected to get $12 million and then to give that to mastercard that we neglected to give the well connected to corporate insiders for deficit spending throughout the last four years mr. speaker is he now setting the stage to build the coffers of his friends and to balloon the deficit? [applause] >> conservatives with that veterans service center for the most vulnerable to shut down refugees mr. speaker to make the invest to invest in canadians more than any other government with other canadians out of poverty investing for our future and people working hard. >> >>translator: thank you mr. speaker. there were some circumstances aside from the economy the minister of finance said and then to do just the opposite to support quebeckers purchasing power are notably seniors who are the most vulnerable in this crisis and to commit the purchasing power of seniors who are over 65 years of age. since the beginning of our government five years ago we decided to invest as they are increasing for the most vulnerable by helping students and with the grandson f

he said we neglected to give $12 million to loblaw, we neglected to give $50 million to mastercard. he's right about that too. he's right that we neglected to give money to the big well corporate insiders. over the last four years, mr. speaker, is he now setting the stage to fill the coppers and his friends to blow to the government and to the bowling the deficit with all of his rhetoric today. [applause]. >> conservatives neglected veterans. they shut nine service veteran centers. and they wanted to invest by shutting down refugee healthcare. mr. speaker, we made the decision to invest in canadians. and reduce poverty more than any other government. million canadians out of poverty. we know that investing in canadians, investing for our future by supporting the middle class, and people working hard to join it, is exactly what you need from a government. >> honorable member, thank you mr. speaker. there were some circumstances aside from the economy, cut have an impact on our economy but the minister of finance said that given the circumstance, we could be stepping back from electio

i think it's important to point out, what a great company mastercard is, aju banga, the paypal debitastercard something that makes me want to go out and spend very little incentive to spend from april 1 to april 30th this one sounds like it's for real >> really, r.j. and i were just texting before coming on to your show right now, talking about not just that, but other things that we can do together and i spoke with al kelly just the other day, with steve sqerry at american express, and we were all trying to come together to think about ways that we can help the country, that we can work with the government for instance, this c.a.r.e.s. act that was just passed, we're deeply engaged with agencies across d.c. right now, because we have an infrastructure in place to get money to people quickly. >> um-hum. >> we have a unique ability to provide small businesses with financing, and that's so critical right now, and if you think about it, jim, 25% of americans are outside the financial system they don't have access to basic services like a bank account, and you know, many of our discussio

liz: mastercard, visa? >> consumer, yeah.ve seen consumers not really pull back spending at this point. the mastercard cfo was on yesterday speaking how january, february, saw continued momentum we saw this time last year. [closing bell rings] there will be weakness. we need to consider having a healthy dose of you milt considering a period of unstability. liz: tim chubb. girard. red across the screen. that will do it for "the claman countdown." connell: another day of wild swings on wall street and the health fears continue to slam stocks. all three major averages sinking. coronavirus outbreak is spreading across the country. california declared a state of emergency. that and other headlines contribute towing the dow down 972. six con soak tiff day of o

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the last thing is visa mastercard. in that instance, all these transactions are going to take place in a payments world. liz: stand by, because we have breaking news. president trump has just now said during his meeting with big bank ceos that he will be making a statement relating to the coronavirus later today but i'm also seeing that he's promising quote, quite a few small business loans. edward lawrence is outside the white house right now. i'm seeing all bankers coming out and making comments at the moment. everybody is striking a very calm tone but we are watching markets in distress, we can call it that. reporter: yeah, and one of the things that was pointed out, they want to make sure the markets have enough liquidity in those markets. you read some of the headlines. the president is going to make an address or says he's going to talk later on tonight about what things, what steps they are going to be taking here, but he's in there with the heads of the ceos of the largest banks in america as well as a number o

he is right we neglected to give $15 million to mastercard. he is right about that. he is right we neglected to give money to the corporate insiders that he favored that he has been favoring over the last four years. is he now setting the stage to fill the coffers of his friends and to balloon the deficit with all this rhetoric today. [applause] >> neglecting to invest in the veterans they neglected to invested healthcare for the most vulnerable by shutting down refugee healthcare. we made the decision to invest in canadians more than any other government lifting 1 million canadians out of poverty. [applause] >> investing for the canadians and middle-class for the future. this is exactly what canadians need from the government. >> >>translator: thank you mr. speaker. there were some circumstances aside from the economy to have an impact but the minister of finance said given the circumstance we could be stepping back and we have to do just the opposite and support the purchasing power notably, seniors were the most vulnerable in the crisis whiz the prime minister rat

we don't take visa or mastercard. so no, we're not going to do that. you have to come up with the money here. of course there is no visa and mastercard at this time but you take my meaning. and it sets the minimum price at $1.25 se an acre which is high. so it is cutting up the lands in smaller plots but then sets it at $1.25 an acre which is high. that is a lot of money in 1827. so, in fact, it is going to be very difficult for a lot of smaller farmers to go out and purchase this. and if you're poor and have no property at all, this is really out of the question. of land that an individual could purchase. so you see there that this is -- on the one hand we limit speculation but on the other hand we're allowing speculation. like so many pieces of legislation, this is about compromise. right? you can see all of the elements of this debate and conflict. they're trying to resolve that within the context of statutes like this. but in fact, you still see all the competing parties and interests at play here. the next act is -- the title this should alert you

last week, we saw options put on mastercard six months, and got paid 20% to do that.ween he percent cheaper. if it stays plat -- if it stays flat, i get when he percent premium. you can get 20% in six months. that's not a bad strategy right now. good way toion is a monetize some of the volatility right now. are you buying anything in european bond yields? i know you were talking about corporate before. the ecb seems to be standing firm, making sure the spread doesn't unwind too much. patrick: we've moved cash positions into some short-term bank debt right now. in europe, we are getting a small carry to be long, which is essentially a cash position. so we are in higher quality bank debt, shorter durations of what the ecb has done is very attractive for corporate debt. so we've not really made a big move into that yet. but with the ecb has done is put a backstop. it is very good news for corporate bonds. taylor: are you folding in some of the concerns about the fiscal deficit now back into your analysis, or during periods of "wartime," do we ignore deficits? patrick: i

plus, you'll also get a $100 prepaid mastercard when you switch online.tay healthy and visit sprint.com to get the services you need. for people with hearing loss, visit sprintrelay.com these expect and way more. internthat's xfinity xfi.u get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device that's connected is protected. that's a $72 a year value. no one else offers this. faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. can your internet do that? >>> the state of florida has nearly 5,500 cases of coronavirus, one of the ten hardest hit states in the country. but tonight governor ron desantis is facing criticism for his handling of the pandemic in his state. here's cnn's jeff zeleny. >> we're going in guns blazing doing all we can to be able to slow the spread of covid-19. >> reporter: in florida tonight that assessment is up for debate. governor ron desantis started the day

will be about earnings and leave no doubt, earnings has to come down, you heard from company like mastercard, from visa, from apple. you hear -- hear it from many more, i think markets reflecting it and that i suspect more nausea t to come. >> i think that right, the biggest problem is uncertainty, no one can kay whe say when it l reach the peak maximum impact on the economy and markets, the. today there was a report out from one of the health organizations saying that mortality rate is 3 to 4%, because we don't know how many people are infected, it makes it sound worse than it probably circumstance i think we're in a period, gary is right, every news data item, data point we get will cause people to either be more excited or more concerned. and that just not going to stop for a while. other than bargain hunting, i don't know what catalyst there will be to make this market turn. >> we didn't have much in the way of earnings last year, no growth really. and this year was to be better, but we know that is in the can. market is not going to recover. and until we get a better fix on this disease

plus, you'll also get a $100 prepaid mastercard when you switch online. stay healthy and visit sprint.com to get the services you need. for people with hearing loss, visit sprintrelay.com >>> we are following breaking news, the number of coronavirus deaths in the united states topping 500. that's a new one-day record in the united states. total deaths in this country approaching 3,000. in illinois the coronavirus cases has climbed above 5,000. we are joined by the chicago mayor lori lightfoot. you just heard the president reiterate social distancing guidelines through the end of april. could similar measures be coming for residents of chicago? >> we are looking at modeling here in chicago and across our state. we think we are several weeks away from the peak of the virus. even once we reach that peak, we are still going to be in a bit of a danger zone. what i have been telling my folks is that we need to prepare for a marathon, not a sprint because we will be in this i think for a minimum through the end of april if not longer. >> no stay at home order ye

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united airlines, mastercard, and apple all emerging as latest companies saying that profits could beurt. >> more than 300 companies in the s&p 500 have recorded downward revisions to their first quarter estimates, so we have gone from an anticipation of about 2%, 2.5% growth in q1 to negative growth expected already. i think that is only going to get little bit worse as long as the coronavirus continues to extend, the duration extends, and it continues to ramp up globally. >> u.s. centers for disease control and prevention is warning americans to prepare for a coronavirus outbreak here at home. >> we cannot hermetically seal off the united states to a virus. and we need to be realistic about that. >> it is all eyes on the bond market. the 10-year treasury yield finally broke that record low it has been flirting with. your new record is now 1.3155%. >> and there you have the closing bell. we are looking at losses of more than 3% for the dow and s&p. this is a four-day selloff for the major indexes. the russell 2000 off by more than 3.5%. the dow, the s&p, and nasdaq have all erased th

mastercard donating 25 respirators to new york city hanes is focusing on res practice raters with the goal of making 1.5 million per week. ford, gm and tesla say they will produce respirators to meet the rising demand. >> how quickly do they think they can get this up and running? >> for the auto makers they are getting up and running we'll have to see how soon they can get up to that goal of 1.5 million. all the companies say they are committed to doing their part. >> thank you very much >>> mortgage industry begging the fed for money as they have to deal with the barrage of borrowers who are about to skip house payments starting next week their plea for help in the ripple effects if washington says no. our breaking news coverage of the coronavirus crisis we'll be right back. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most importan

plus, you'll also get a $100 prepaid mastercard when you switch online.althy and visit sprint.com to get the services you need. for people with hearing loss, visit sprintrelay.com >>> new tonight governors warning president trump about the lack of medical supplies and the lack of an ability to test for coronavirus in their states. this is according to a source familiar with a call between the president and governors. according to "the new york times" trump said, quote, i haven't heard about testing in weeks. i haven't heard about testing being a problem. out front now the democratic governor of rhode island who say on that call. and governor, it is nice to talk to you again. obviously i'm not happy about the circumstances, but here we are. the president says he hasn't heard about the testing issue from other governors in weeks. we just heard from an ems responder in new york city saying they can't even get tests for people going into homes of people who have coronavirus who are asymptomatic. is that true no one raised the issue on the call? >> good evenin

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the savior for mastercard is a better run company than goldman.me to buy mastercard. [ bell ringing ] david, i come back to coca-cola, great balance sheet, nice yield and i think people are going to be drinking coke in an atmosphere where they may not trust the water even >> there is the opening bell the s&p 500 at the bottom of your screen gfl on the big board, canadian waste management company celebrating its ipo today. >> interesting choice. >> nasdaq national simamedia, advertising network celebrating its 15th anniversary >> we're so oversold i don't want to tell people to bail out but i think everything's being taken up by the s&p. good time to sell travel and leisure. >> today >> oh yeah if you're canceling the conventions, chicago, 78,000 hotel rooms. >> the housewares show >> you want to buy that? no look, there's some things that are going up that make plenty of sense, drug companies, but then there's airlines i know warren buffett is buying an airline he doesn't care if they have a shortfall. obviously he was saying last week just as goo

mastercard was $344, february 19th you see the big drop-down here to 274 and bounce to 305 and anotherove up. so what wha dodoes it mean big stocks move. travel and leisure don't move, credit cards move. trying to read what the market is telling us. it's telling us travel and leisure they're anticipating no real bounce and expecting a serious downturn credit card companies slightly different consumer spending will likely rebound at some point and the broader markets there's a belief in fiscal/monetary stimulus is coming and speaking of fiscal/monetary stimulus, everyone in the world lined up how much more coordinated do you want to get in terms of response the g7 this morning, we will use all appropriate policy tools i don't know why people weren't satisfied with that, right at the top of the paragraph in the communique they clearly said they'll do everything powell said they'll act as appropriate. the bank of japan will take necessary steps. the ecb stands ready maybe not the details of what we wanted but it's clear some action will be coming here finally just want to point out someth

yes, it is still a major -- >> and i want to be perfectly clear because you said nibble at visa, mastercard, american expression visa after hours did cut its revenue projection by a couple percent. you are you still recommending those stocks we're recommending credit card and processors and it is a theme. we want higher quality names we wanted stocks down double digits more importantly, they pre-announced. we want companies that pre-announce that mean this is they are on top of things, that makes them to us investable and that means that the management teams we have little bit more competence in the management teams >> okay, chris, it was a pleasure >>> so guys, i mean, listen, i think today was such a -- i don't want to say confusing day, but chris kind of said, these are? of the smartest people in the business and they didn't really understand a 1239 point rally. especially toward the end. >> well, i don't want to get too wonky on this, but when volatility spikes like this, up see moves like this. in the business we used to call it bad greek or negative gamma which means when you are shor

it's very heavy in microsoft and visa and mastercard. our index has been a market performer.l weighted index has started to outperform the last couple of weeks hopefully it's not about large cap when we come out of that >> is that your advise for invei investors as well. i think microsoft is still up there. >> it is we still like those names. in the short term we would be defensive. that's the names that have been out performing it's a lot of the stay at home names. coming out of this and we're not there yet but coming out we would be interested in adding to semis. the stocks really be hurt and maybe going down cap some small and mid cap names i would kpp expect to rebound. >> what about hardware >> i view as a trading group it's traditional systems companies. u those will be great trades they have secular wind in their face the other part is the is up shy chain. it acts like semis >> finally since we out lined a number of places where you see opportunity, what would you tell people to be most wary of here >> we put together a list of high dividend stocks i'd like to think ch

lowe's jpmorgan on the financial side if you want to go into technology, go to companies like visa, mastercard, qualcomm companies that have strong balances sheets. this is the time you can upgrade your portfolio look at true opportunities for companies that for months or a couple of years you couldn't buy. the point is stay invested and if you do have capital as everybody has mentioned, you can go out and start nibbling. don't put it all in at once. the other point that i think we're watching is investment grade bonds are really blown out. once you get some stability there, this rebalancing that's going to come will occur a lot of people don't want to sell their bonds right now good high quality bonds because you're not getting the true value. >> the lqd has seen a will the of selling it would be good to see some stabilization there. there is a concern that investment grade might not remain investment grade for all that long because of the economic stress that is being put on a number of companies bear with me i'll take a quick break. we'll come back and discuss how hedge funtds have been hol

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mastercard will not suffer a alone.s with mortgages, a lot of credit card debt has been sold to investors. this is what happens when buying and selling debt becomes huge business on wall street. a crisis in one sector of the economy quickly affects the rest of it. everything is connected. there are no firewalls. remember back to 2008. the value of real estate assets that year dropped emily overnight, and this didn't just affect realtors. some of the biggest financial statistics teetered on the edge of collapse, and some did collapse. many homeowners discovered they owed more on their properties in the properties were worth, so they defaulted, and that began a chain reaction that led to the worst economic period since the 1930s in this country. when it came time to untangle that mess, auditors couldn't figure out who owned a lot of the empty properties. the mortgages on them had been bundled and sold sometimes many times. they had been financialized. despite many promised reforms that really hasn't stopped happening. our

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citibank, mastercard, the volatility of markets are creating trading revenues for big banks. instead of buying stocks we sold put options. $25 put on citibank for six months we got paid 20% in a flat market we make 20% in a rising market we only make 20%, which is the downside but we pro ebl have six to ten weeks ahead of us on news of the virus getting worse. we are looking to the horizon, looking at companies we want to own, and premiums at puts. >> do you think we may already be in a global recession at this point? >> i think almost certainly we're in a european recession. it looks like the u.s. is on the cusp of a recession and will go into q2 if we're not there already. you've seen what's happened in china and china has done a great job containing this. 20% slowdowns in industrial sales. all of these are going to be hit. i don't think this is a long-term thing, though. i think it's more like 9/11 than 2008 if we get central bank policy that we've done to provide liquidity, i don't think there's a run on the banks that's the thing that creates market turmoil when you don'

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credit card down 5% on mastercard, visa is down 6%. american express is down nearly 2%. i guess this is the suppression of demand, the suppression of spending. if more and more of us are being locked down in our houses, you're not spending money, you're not going to restaurants, not going to stores. the credit card companies are not in trouble, but they are taking it on the chin. the market is down nearly 570 points. we will take a brief break. stuart: if you're just joining us, let me tell you exactly what's happened so far this monday morning. we opened with a gain, it didn't last long, now we're down nearly 500 points despite what might have been considered a positive news background. we've got the fed taking action, injecting a great deal of money into the financial system. we've got congress promising a $2 trillion package. it is stalled at the moment but they promised to get something done. after that, maybe there will be a phase four. that's what we're hearing. but we've also got some dire predictions about the future. mr. bullard, one of the fed governors, is tal

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that's good for the overall economy, especially for the credit cards like mastercard, up again.tercard's at $247. they were below $200 last week. visa at $162. they have come a long way up. a fractional loss this morning for american express. next group on the screen, please. who do we have? we have the price of oil. ouch. $20.26 per barrel. that is a major disaster for the drillers and frackers across america as we constantly say you can't make money at $20 a barrel. earlier this morning, we actually dropped to $19. price of gasoline as we told you earlier, $2.01 per gallon. that's the national average. exxon is at $36, down a fraction. bp is at $23 a share. that's a stock that in five or six weeks has been cut in half. the grocery chains, walmart, kroger's, bj's, target, costco, all of them on the upside again. walmart's not quite back to its all-time high but the news of this money being pumped out to consumers, pretty quickly, that's good for the grocery chains which are, of course, open. amazon, these are the online retailers, amazon's doing well. ebay is doing well. etsy i

course there is no visa and mastercard at this time, you take my meaning. they set the minimum price of a dollar 25 an acre, which is actually pretty high. cutting the lines up and smaller plots, but it's that's an added on 25 an acre, which is actually pretty high. that's a lot of money in 1827. in fact, it will be very difficult for a lot of smaller farmers, to go out and purchase this. if you are poor, we have no property at all, this is out of the question. there's no limit on the amount of land an individual can purchase. you see there, that this on one hand eliminates speculation, on the other hand we allow. speculation like so many pieces of legislation, this is about compromise. you can see all of the elements of this debate and conflict, they are trying to resolve that within the context of statutes like this. that in fact, you still see of the competing parties and interests at play there. so the next act is, the title of it should alert you to what it is about. an act for the relief of the purchasers of public lands. the suppression of fraudulent

and paypal saying that travel-related spending in both the card networks, so we had paypal and mastercardt week. we also spoke to square, which has not cut its guidian yes, sir, but all these companies monitoring the coronavirus visa not updating the full guidance, but will continue to update us and give that on the earnings call coming up in april. back to you guys kate, thanks so much for that. >>> mike u.s. just a quick gauge here >> for something that's so reliant on consumer spending >> it is is a strong top-line grower i also don't think it's terribly a surprise they're basically the same business drivers, with some slight geographic differences. medium term inflation. we stand ready to take appropriate and targeted measures as necessary and commensurate with the underlying risks. i guess, sara, this is not groundbreaking. >> what's striking to me is she's learned central bank-speak so quickly we're watching and we'll try to come to the rescue if we can he came in to say that ten basis points from the ecb, goes back to the point with no levers to pull that's one of the reasons we've

amex, visa, mastercard.y were way up yesterday, up the day before and i see that they are up again this morning. look at that. mastercard is at $261. visa, $162. american express, $94. all of them up in percentage terms. you know they are doing pretty well. dow industrials now up 400 points. so the rally thus far has held. okay. let me go round the block here. susan, it seems like the market is absorbing that very bad news on the economy, the jobless numbers. i guess they were expected but it seems to have absorbed it very well. susan: i think they anticipated it because if you look at the investment banks, they were predicting numbers from as low as just a few hundred thousand up to four million so the fact it actually fell into that range and wasn't bigger than anticipated, i think that was a market positive. once you got the news, people could trade off that. i want to point out there are i think bullish signs in the market, when you see corporate insiders, the executives, buying back their own stock. tak

look at that, mastercard up 14%, visa 12%. amex 10%. how about tesla? any news on tesla, susan? susan: we have lots of news on tesla. in fact the analyst community is very active today. tesla getting a price cut from citigroup, getting a target cut as well from ar gum. s research being cut to hold from a buy. we have did get news, i would call him the master of pr, gavin newsom, governor of california, elon musk and tesla donated 1000 ventilators from los angeles. they didn't make the ventilate losser as they would. but a way to get in the headlines about 1000. apple donating two million masks. facebook is donating 700,000 masks as well. even benioff, sales force says they will donate millions of masks but tesla and musk can get headlines with smaller numbers i guess, but still necessary for them. stuart: yes indeed. you're quite right, susan, thank you very much. neil bradley with us, the u.s. chamber of commerce, very important organization represents business. welcome to the show. >> thanks for having me. stuart: the main talking point this morning was raised by ourselves and

look at them now, mastercard is up nine bucks. visa up three bucks. amex up three. that's because this deal that was announced late last night, very early this morning, will pump an enormous amount of money into ordinary people's hands. they will spend it if they can get out of the house and up go the credit card companies. liz peek, come into this, please. i just gave a list of all the money that's going to flow out there, checks to individuals, 100 billion to hospitals, 350 billion small business, 500 billion to corporations, 150 billion state and local governments. that is an enormous amount of money pushed into the economy. does it stave off and halt a severe recession? >> well, it's certainly going to help. i think the number one thing is it provides liquidity. you showed the credit card stocks doing well. partly that's because consumers are less likely to be defaulting on their credit card bills now that they are going to get a few thousand dollars in hand. i think what we have talked about many times is that we are looking

bulk, but you also need for e-commerce purposes, the right payments solutions in addition to the mastercardt visas helping there is deficiency. francine: guy de blonay from jupiter asset management stays with us. coming up, is a super tuesday. an idea have more of which democrat will be facing donald trump in november as the race narrows. more on that next. this is bloomberg. ♪ francine: coronavirus hotline -- g7 leaders will hold the rare conference call to discuss the response to the outbreak. will finance chiefs do whatever it takes? cuts -- president trump calls for more easing from the fed as the rba slashes rates to a record low to contain the virus fallout. and it is super tuesday. joe biden picks up endorsements ahead of today's crucial vote in the democratic contest. well, good morning, good afternoon, good evening, everyone. i'm francine lacqua in london. let's check in on your european stock movies with annmarie hordern. annmarie: a lot of movers to the upside, all in the green. 19%, the nearly biggest mover on the stoxx 600. fordutch company testing coronavirus. up nearly 8%,a,

mastercard, deere, best buy, marriott, starbucks. the list goes on and on. what's going to happen in the next few weeks once companies come out with their commentary, the number of companies declining to provide full year guidance is going to go up dramatically many will supply guide down or conservatively for the first and second quarters and not provide full year guidance, but more importantly, in the last couple of days, the sec has provided some cover for these companies by essentially allowing them a procedural method where they could delay not just providing guidance, but filing their quarterly reports, which they are required to do by law. this has been one of the things that the sec has required since the 1930s. quarterly reports. they're going to be able under certain circumstances to take 45-day extensions, march 1st and july 1st and i anticipate many companies will take advantage of that so it's going to be tough figuring out earnings and that's why stocks keep gyrating >> it is the banks kick things off april 14 very much looking forward to that

withdraw guidance twitter did that yesterday, joining -- keeping a list of the 16, 17, 18 companies mastercard did it, deere, fedex, marriott, darden it seems like a long list, when you consider the s&p 500, a small number have withdrawn guidance this will change in the next couple of weeks. you'll see a raft of companies come out and either give very conservative down guidance for the second quarter, or they're going to withdraw guidance for the full year altogether that's going to be a big issue and that's one reason the market keeps gyrating even overnight. 1,000 points in the dow overnight, everybody is fairly clueless about how to price the earnings overseas here, modest gains in the stoxx 600, at least a few minutes ago here hang seng over in china, two-day rally that they had here that's significant the biggest one, the nikkei. look at this that's 8%. nikkei up 20% in the last three days that's a huge, huge rally there. that's the big global market that had the biggest move. i want to point out about three weeks ago, i pointed out this was a global takedown, the markets were down across

question to you, you came on with us a couple of weeks ago, march 3rd you said you were buying mastercard and disney on the dips how do you think about those purchases now? do you regret having made them given that we've fallen further from there >> well, i think first of all, we were necessarily buying them on that day. these were positions that we own. but i think these are good brand names that are going to do well long-term. if you welcome at what's happening with disney, disney's at 90. what's it going to do when the parks close in maybe go to 80. here's the question. if you have $100 and you put $90 of that inside a disney stock, what's it going to look like in five years that's what you have to look at. i know it's easy to sort of second guess holding anything for the last two week, let alone anything travel relateded, but again, you have to try to look past this as best you can and ask yourself what would you be doing if you had cash and if the answer is you'd be buying some of names that are cheap right now or have gone down 30, 40, 50%, you got to look at that can't just look ab

visa joining likes of mastercard and also issued a similar warning. same then with paypal. and i'm going to bring it full circle, talk about some retailers, retail gets hit when you have people not going out. kohl's and target both released earnings. kohl's says the sales outlook still does not reflect the coronavirus. target canceled their investor day here in manhattan because of the virus. back back to you. neil: kristina thank you very much. some politicians are meeting with the vice president's task force on the coronavirus. let's dip in on this if we can. >> [inaudible]. >> sure. having worked the avian flu crisis from the department of defense perspective back under the w bush administration, some lessons very clear with the whole of government approach as well as very good communications with the american people and the american public. the transparency and data is key in the situation. we are still learning a lot about this virus and as that information is learned it needs to be shared with the american public. the vice president walked through the ways in which he

to credit card and payment technology are leading wait today including alliance data, visa and mastercardr it withdrew its 2020 guidance dxc is up 20% and plans to tap $1.5 billion from its credit line back over to you guys. >> all right marriott's ceo arne sorenson after the back and the cbs of cbs health larry merlot on a new recession call and nike earnings after the bell. stay with us on cnbc for breaking news coverage of this marketal oc u6.7% rly ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. you met on an app. why? delete it. he's the one. gesundheit. [sneezes] i see something else... a star... with three points. you're in a... mercedes. yeah, we wish. wish granted. with four models starting under 37 thousand, there could be a mercedes-benz in your very ne

in terms of how companies are planning, visa said they're trying to proactively manage expenses mastercard says we don't jump into that willy-nilly necessarily. claims today, jobless claims at 216. you're not seeing it yet. >> no, you're not seeingit depends on the city if you're seeing it in conferences, you're seeing it in restaurants there's a note today that is -- this is the kind of thing you're going to get morgan stanley note of some rigor which says covid-19, travel impact to hertz and avis underappreciated you read it and say, wow, i didn't even know how badly this is going hertz price target 15 goes to 12 avis 32 goes to 26 i read this and i said i hadn't even thought about how bad it could be for rental cars. >> of course airport is important for that. >> what did you just kind out about an airport while we were -- >> nothing i don't want to share things that aren't completely confirmed. let's just -- we know the virus is getting out it's around. >> by the way, southwest sees a hit to q1 operating revenue. they see revenue per seat mile down 2 to up 1 they were prior 3.5 to 5.5

visa, mastercard, american express, all of them way, way down because stores are closing all over the country. that's a suppression of purchasing power and that directly affects the credit card companies. visa, $148. shortly we will be able to show you how far down they have all come in the last four weeks. i'm telling you, they have been chopped off at the knees. amazon is down just 2%. interesting. 2% down for amazon. ashley: keep an eye on the energy sector. crude oil down at lows we haven't seen in some 18 years. stuart: there's amazon since whenever, all-time high. down $382 from its high. that's 17%. can we get the energy stocks up there, please? they will be decimated. no way around it. the price of oil at $23 a barrel. ashley: just up a little bit. still down 10%. stuart: down 10%. look at that. valero energy is way, way down. [ speaking simultaneously ] $10 a share. oil at $23, $24 a barrel. ashley: $24.23 right now. stuart: shah, you say the price of oil is also destabilizing the overall market. explain that. >> there are a lot of companies that banks have lent a lot of mone

mastercard is down 11%. american express down 17%. after all, if you can't go out to bars and restaurants and eat and drink and you are restricted on what you can buy in other kinds of stores, you ain't spending money. the credit cards are not being used and aren't making their piece of the action. remarkable. crude oil, $28 per barrel. the slide continues there. that's an 8% drop. i only expect that gasoline will be dirt cheap in the future. the grocers, interesting expression, grocers are all down. i can't think of a single group of stocks that's going to be up at this point. grocery stores are way down. online shopping, they are taking it. amazon is down 147 points -- dollars, that is. walmart's down 10. etsy is down 6. wayfair is down to $33 a share now. the airlines, whoa, they need help. southwest, jetblue, american. american airlines is at $12 a share. delta's at $32. united, their executives are taking a pay cut and they are dropping their schedule by 50%. american's doing something similar. the cruise lines, if they could be

there is a case against mastercard because they ran a promotion that said if you use your mastercard we will donate a percentage to charity. they didn't tell people the amount of money they would give was capped at a certain level they hit that at month three they kept running it for the next nine months so that is a debatable case to mislead consumers so at least it is debatable so what i say in the book is this. in the five years united states chamber of commerce could only find three that are meritless. we do not have a problem with meritless cases in the system. but i'm willing to meet the chamber halfway. one of the things that i propose in the book is to tamp down even further on meritless cases. we can put the automatic stay of discovery if motion to dismiss is pending some judges to do this we can make it automatic i'm even willing to give defendants and an appeal just to make extra sure that case is not meritless. i am willing to help the system a little bit but i really don't think we have a problem. attorneys fees is another big argument the only people getting any money a