Texas. Meantime, covid19 cases continuing to rise with 4 million reported across america. But today, the u. S. Centers for Disease Control that is control is advising schools to open, after originally highlighting the risks. It added up to another down day for stocks. Joining us, abigail doolittle. Abigail a lot to digest, and you nailed all the issues. A big piece of it has to do with the big xl off, but the rising tensions with china have been the backdrop for the past two years, but really coming into the forefront here. And economic data, frankly, not right. Investors are paying attention to that. You put it together, nasdaq 100 down. 9 , down on the week for the second week in a row. Stocks hit even harder, down 1. 6 . What intel really disappointing, at lowes down 18 per soient, worst day at that point since 2000 to one Third Quarter guidance for that chip to let you talked about, and also the idea that manufacturing of their trips could be changed. We had investors going into a haven asset, lets call it a haven asset today, gold, above 1900 for the First Time Since 2011. So risk off for sure. I mentioned the nasdaq 100 down on the week, that is true for two weeks in a row. We talked about this last friday, emily. Last week the nasdaq fal as the nasdaq fal as the dow key 500 climbed and the last time we saw that happened was in fall 2018, where out of nowhere it seemed like we had bears volatility volatility to the downside. Not auspicious, especially since we have the nasdaq 100 down, all the major averages in the u. S. Down on the week. Emily lets talk about the nasdaq 100 being down. Was this because of mega cap stocks or were other stocks in play . Abigail from a points standpoint, yes. Mega cap got hit. But there are bigger percentage decliners. A light technology, the time ownsng the company that invisible line, the worst performer on the nasdaq 100, priced out of the march lows. They did not give guidance for the Third Quarter, and as you can imagine, and orthodontic company in the Second Quarter didnt do great. That stock was hit. So was citrix systems, also priced to perfection for a tech stock. Their Cloud Business was a down was down sequentially for another time in a row, surprising given the stayathome environment and folks thinking that would help citrix. Apple and facebook down in a big way on the week. And they report next week. Hopefully this is not a signal of what is to come. There is overall sense that these tech stocks had been priced to perfection. To end on a bright spot, amg, a huge week, best week since 2016, take a look, up 26 . That has a lot to do with amd gain,in that is folks thinking amd may pick up market share. Emily we will talk about the chip market later. Bloombergs abigail doolittle, thanks for wrapping up the week. Mean con meantime, talking about the tech selloff in tech earnings week, we have the founder and ceo of estimize with us. Thank you, for taking the time. What do you think is driving the selloff . We have seen tech continue rising as the shelterinplace continued in certain places, working from home has continued, what is driving this . Leigh it is a technical reversion trade. The quonset have been running this month the quants have been running this model, and it has gotten away from them a little bit. On the fundamental side, how much of the curve has been pulled forward . Trends we are seeing were obviously already active in the market when you look at doc you sign and zoom and teledoc, these are names that are up somewhat, and the fundamentals justify it. But as we get into earning season, the story is going to go from, the curves are accelerating to, doesnt make sense, the multiples they are trading at . Not necessarily this quarter, or q4,n we look up to q3 for five quarters out, what do growth rates in those quarters look like . Are we seeing upward or downward revisions in those quarters . Because that is where investors are really going to sit and say, maybe this quarter has 100 growth or 150 growth, but what is it going to be once life normalizes here . And i am a little afraid that we are not seeing the same type of upward revisions in those out quarters than we are in the current quarters. Emily lets talk about Big Tech Companies reporting next week,. Acebook, alphabet, apple facebook and alphabet depend on the advertising market. We saw twitter report results yesterday, huge growth in users, but add sales hammered. At we know facebook has been in the middle of an ad boycott specific to the social network itself. What do you expect to see from those companies, given that we have in general seen a global rejection global retraction in advertising . Quarter was indicative of future quarters for facebook, where that platform is able to basically shift demand around it a piece of it falls off. Others just pick it up, because Smaller Companies, their acquisition rates used to be two highend now are in a range where they can pump a ton of money into it. Overall, we dont see this as being a problem, we havent seen major downward revisions to facebook numbers. But you look at Mark Zuckerbergs comments about how he perceives the longterm nature of the boycott, he just doesnt seem to care. There is an aspect of showmanship associated with that, but it does portend the fact he is looking at the numbers and he is just not afraid of it. When i look at google, that may be different. We have seen on the estimized platform a larger downward platform a larger downward trend, but that is because of exposure to smaller businesses out there that can shift that stuff around. So i would be more concerned about google and facebook. Emily interesting. We also have apple coming out next week. We have obviously all been using our devices, but apple stores have been closed and reclosed as covid surged across the economy, and the economy, people are suffering, we are seeing a spike in jobless numbers this week that we didnt expect. How will that translate into how many people are buying iphones and new devices . Leigh the iphone number is going to be poor this quarter relative to last quarter, when numbers were relatively good relative to expectations, because everybody is going to be quarter atward a adoption for the new iphone which should come out in the fall. What is going to be really interesting with apple though, we have had this conversation for years over whether apple will be revalued as a services company. The services revenue, we expect and the estimize numbers are through the roof. Whether that surface is multiple or not, i have argued for years that it wont because it is reliant on hardware platforms. But it doesnt seem like the market is going to focus on hardware numbers this quarter. And ipad numbers could be really good again. So i dont think apple is in trouble. Climbedmultiple hasnt as much as made and smallcap growth stocks, so not as out of range of normal as some of the other ones. Emily so lets talk about how all this working from home, which ceos of Many Companies have said is going to continue into the foreseeable future, maybe forever, twitter Ceo Jack Dorsey told employees they can work from home, we know Mark Zuckerberg favors this trend as well, how does that impact your view on tech stocks Going Forward . Microsoft, for example, reported a slow down on the cloud. That hit the stock, it wasnt as strong as investors thought it would be so how do you see this trend, whether six months or longer, impacting these companies . Curves aree adoption going to accelerate considerably. And a lot of these trends have been in place, like the Remote Health care trend, that is going to be massive. Laws are being rewritten right now. Psychologists can practice across state lines. It is going to change a lot of stuff. In terms of work productivity, Microsoft Teams had a great quarter. There is going to be a transition in the next couple of quarters, were companies figure out they probably dont need as many people as they used to have. And i think the labor market is going to be tougher than people why, overall,is we are moderately bearish. We may see those numbers role over in the next three to six months. In the long term, though, cost savings that are going to come out of moving to Technology Like slack and Microsoft Teams, doc , although docusign most are going to increase the margin of Many Companies, and we are bullish on those, we are seeing those upward revisions which on our platform are considerably above where the street is, which really means there is a longterm disconnect there. Emily this big antitrust hearing that was supposed to involve the ceos of apple, google, amazon and facebook monday has been canceled. Congress will be honoring representative john lewis. How big a risk is regulation . Leigh it is not, not right now. Look, it was weighing on some of the multiplples, and the pandemic wiped that up. When we look at microsoft bundling teams with other stuff, that is definitely illegal, what they are doing, but the risk of legislation is so low right now, with an election coming up. And it is so difficult for them to get their hands around the fuzzy logic of how you regulate this stuff, that it is very Unlikely Congress is actually able to do it. Leigh drogen, thank you for weighing in on a friday afternoon. Leigh drogen, founder and ceo of estimize. Intel ceo suggesting the unthinkable, the Company Might stop manufacturing its own ships. We will speak to bob swan next. Chips. We will speak to bob swan next. Intel shares suffering about their worst day in march after announcing another delay for seven millimeter chips. Ceo bob swan is suggesting the Company Might stop manufacturing chips. We spoke to him about that on Bloomberg Television and he went on the defensive. Take a look. We are in a world where increasingly, everything looks like a computer. Big as itunity is as has ever been. We talked about yesterday, we pushed our seven millimeter product, and we have to say in timeframe by two quarters, and that was due to a split in yields in our Manufacturing Process Technology. Tofirst, we will continue invest in our Manufacturing Process Technology to catch up with our desire to play a leadership position in process. But Product Leadership is much more than just process. It includes things like technologies, different architectures, memory interconnect, security, and how you use software to optimize that hardware. So delivering worldclass leadership products is simply more than where we are on the process. And even though our process slipped, we are evaluating other opportunities we have to engage deeper with our ecosystem partners, and with our Design Methodology we have the ability today to mix and match different products to put them on the same package. And we talked yesterday about our enhanced flexibility to make those tradeoffs along the way, to make sure that we are delivering leadership products for our customers. But bob, no one seems happy right now. Investors are unhappy. Are ramping our 10 millimeter products and feel really good about where we are. 20 alked yesterday about a higher demand than our 10 nanometer products, so we are delivering on the products in 2020. In 2000ct to deliver 21, we expect to deliver in 2000 and we expect to deliver in 2023. Our focus is on these products. If you want to outsource the taiwan semi, which some analysts have been calling for, can they do that . Two they have the technology you would need to manufacture your chip . Bob one thing we have been doing over the last couple of is leveraging our foundries even more than we have in the past. Over the last five years, our company has grown by 20 billion. And with that growth, we have evaluated when we use our own capabilities versus when we use the industrys, so this is something we have been doing the haveseveral years, and we done it even more so in the last couple of years. So our ability to engage with the ecosystem is greatly enhanced because these relationships have grown over the last few years. Is,hat i want to understand if you were weighing how you make your chips, what is the criteria for exiting the manufacturing part of the business . Bob it is relatively simple. Schedule, leadership products , on the customers server and on the clouds end on the network edge, that our customers can count on. Leadership product is what matters most, not necessarily where it is being manufactured. Where it is being manufactured is an important part of the equation, and we will continue to invest in that, but the priority for us is making sure we are delivering an annual cadence of leadership products, regardless of which process it runs on. Emily intel ceo bob swan. Could, could bob swa intels pain be another companys gain. We will talk with ian, who has been covering chips for decades. This is bloomberg. A changing of the guard in the semiconductor industry, reports of intel production delays sent the stock plunging, erasing billions and billions of dollars in market value and sending other chip makers rising. Invidious. And has beenan king covering chips for years. Is intelt of all, why considering not manufacturing its own chips . Is a huge thing. For 30 years or more, intel has been telling the industry we are the best at making our own chips, everybody has to go scrambling elsewhere, we have the best plan, this is what makes us better. You and i have already talked about this, emily, they were half they were supposed to have the 10 nanometer in 2017, here we are in 2020, still not in full production. Guess what . The next one is going to be delayed as well. When things are as bad and delayed as that, you start to look for alternatives. That is basically what bob was trying to say. About 40are talking billion in market value wiped off the map. Why havent they been able to deliver . Ian that is a very good and 40 billion is 40 billion of shock. Everybody thought, this is intel, the worlds most dominant chip company, they will sorted out, and years ago, they told us the 10 nanometer going to be fine, and yesterday they come we and saying, by the way, still have problems. A massive loss in confidence in what they are saying, a massive loss in confidence in their ability to execute. And if you are going to bet on chipmakers, why wouldnt you put your money into one of their rivals right now . And that is what is happening. Emily lets talk about the rivals. What does this mean for the rest of the chip industry, which is changing dramatically . Apple is now manufacturing its own chips. Who benefits from intels lagging . Ian exactly. Psmc, center of this is the Taiwanese Manufacturing Company that makes chips for huawei,elecom, whil the list goes on, and all those companies are direct competitors to intel. The others are, ahead, this is a massive change in the industry if intel is forced to go and stand in line with the rest of the industry at those chinese factories, to get what it needs. It is going to be reliant on designing chips based on them, and we will see if it is able to do that. Meanwhile, apple has said they are not buying. What happens . Am it is a hugely, hugely complicated information. Because the value is based on everything based on everyone using it. What happens to that value . What happens to competitors if they are worried about being locked out . This is an ongoing, complicated ross asked. There are various theories about how it could work out, who could buy it, who might not, invidious interested, but it is safe to say there are going to be a big twists or turns on the way to see what happens. What is clear is that softbank wants to realize a gain on that asset and improve its finances. Emily we will the following all your reporting on it, ian king. S bloomber coming up, my conversation with Steve Wozniak on whether he thinks apple should be broken up. This is bloomberg. Emily welcome to bloomberg technology. Monday, we were supposed to see the ceo of facebook, google, apple and amazon testified before the house antitrust subcommittee. That hearing is now postponed. Congress will be honoring representative john lewis, the civil rights icon, instead. Antitrust is still top of mind for big tech. Yesterday, i sat down with apple cofounder Steve Wozniak and asked him whether he thinks apple should be broken up. Often talk about apple things. I am not in operations directly. Sometimes i have negative opinions about apple being a little too much control over you. I thought about this one. This one that is going on right now with antitrust. I actually take apples side on this one. Why . Whats the big issue . Emily the fees that they charge developers. Steve 30 and giving you guarantees on protections and security on the apps you could possibly download. When you look at what happened in the android world, i dont object to that at all. So, if theres a little app maker and apple does the same thing, everyone uses the apple one. It could be the weather or whatever. In a lot of those cases, the app makers do not build in the Security Protection that apple offers its customers and i believe in that very much. I dont know until i watch it. Emily what about the fact that apple just does not run the gate to the app store, the gatekeeper, but also has its own apps like apple music . Is that anticompetitive . Steve i think that would be very good. Emily why . Steve why . Because it would be competitive. Apple would have to compete more facetoface. We see the other apps that people do good things as well. I dont think apple should run them over and build music into the iphone. Im for openness, competitiveness, more equality throughout things. I dont like it when the big shark eats the small thing when. Folks in some cases, think that apple is the big shark and is preventing innovation because they are making it more difficult for Smaller Companies to succeed in the app store. Listen toill have to the investigation, the questions and the answers to have an opinion. Big you canbeing so overrun the little guys. You are providing an extremely big service that they arent. You are protecting your customers from apps that are bad or do bad things for people, all for the better. You are looking after your own privacy. Apple has a real good mind on that. I like apple, i like Tim Cook White quite a bit but that is t mean i wont like everything. I may have comments, i dont know, apple could do Something Different. Emily theres a question of should apple be broken up . That is what lawmakers are considering right now. What do you think . Steve i think they have a lot more Public Opinion on facebook being broken up. Emily that is my next question because Mark Zuckerberg, the ceo of facebook, jeff bezos of amazon, they are all testifying before the house subcommittee. They are all facing antitrust scrutiny. How do you think apples position compares to facebook, google or amazon . Steve just better overall, in my opinion. Having protecting users. The care about civil rights and care about different types of people, by gender, race, ethnicity. Keeping them all equal. Company thatech pays equally by gender for the same job. I just admire apple so much for that. Now, i really sometimes think apple could have different divisions. One for computers. One for iphone. They dont have to all be in one small local campus, because i have seen other companies do that. That is not they should be broken up. They should only be broken up if they are really doing something bad and to the users. The end user is the little guy, that is the little penguin. You better find something much worse than apples doing. Emily you mentioned facebook and civil rights. Are you disappointed with how they have handled some of the president s posts on the black lives Matter Movement . Steve more than just disappointed. Just based upon this sort of the sort of intent that comes out, especially when Mark Zuckerberg speaks. It just comes across as too hiding the real matter and the real truth and covering it up. I just have negative feelings that way. Then again, other people have different opinions and mine is not the only one. Emily when you say more than just disappointed, what do you mean . Steve i think a lot of people express their reasons for disappointed. You know that. The way somebody presents something to me, it shows an inner integrity, inner honesty or not. I dont really read that. Reading a script is not genuinely honest. Especially when Mark Zuckerberg speaks. I could be totally wrong. If i knew him personally, now i see another side. That is my opinion. Just from the few times i have watched him on tv. I dont watch tv either so rarely do i get to see these things. Usually someone sends me an old school email with a youtube post. Emily the argument has been made that these u. S. Tech companies should not be broken up because of china, because youve got these Huge Technology companies and that would have a huge consequence for u. S. Competitiveness and the ability of the United States to compete with china. Does that concern you . Steve that is getting way too political for me. I have never voted for a president for my life. I made the decision when i was 20 to be this way. Not be political, be an average person. Im not an extremist in any way. I dont know all those ideas. Different people come to different opinions and they are all right. Emily im curious on your thoughts of the rise of the chinese tech industry. Of, ifbody who built one not the most Successful Technology company in the world, have you been paying attention to what they have been building in china . Do you think it could, these companies could edge out u. S. Technology companies . Look right down to the bottom engineering and they have the skills and they are good. Ike us we all win. Emily apple cofounder Steve Wozniak there. As we mentioned, the big antitrust hearing set for monday has been postponed. When will it happen . We will discuss what is next coming up. This is bloomberg. Emily verizon topic estimates in the Second Quarter. Phone connections and essential lifeline. Verizon and other top carriers have agreed to keep serving customers even if they cant make their payments at the typical time. The chairman and ceo talked about how the business is faring earlier today. The pandemic moving around in the United States. We have 70 of our stores open. We want to have 100 open by the end of the month. Of course, a totally different operation. Operation in the Retail Stores have been great. We do curbside delivery. We also have the requirement of cap masks for any customers coming in. You need to book a time in many of the Stores Coming in. We have changed our model, but if you look at our numbers, especially at the end of the quarter, we are still generating customers. Additionsve new net in the quarter. This is an infrastructure that is so important. Mobility and broadband is essential to state connected with friends, family and do your business. We see this continue. We are very resilient in this timeframe, of course, when customers are suffering. It is a time that is unheard of, but we work with them as well. You that aied are lot of people will not be able to make their bills . And is this your biggest concern for verizon going over . In the we have seen beginning of the pandemic, many pledged to keep america connected by not disconnecting them. We saw an improvement on that. Delinquent receivables are equally large now as before the pandemic. Pledged, 80 have of actually paying some part of the bill. We see these loyal customers continue to be our customers. We have a great opportunity to work with them. This is such a crucial time. Disconnecting our customers is the wrong way. We work with them. We want them to stay with us. That leaves you exposed by 300,000 customers that have not paid. I wonder at what point did you see that becoming a more material risk . Is there a timeframe you look at . Is there a number that amounts that gets you worried . Hans i dont recognize that number. More than 100have Million Consumers using our network everyday. There are some of them that have a tougher time. This is nothing normal for us. A few key customers that it cannot really pay us, we are working with them. There is no timeframe. I just feel we have a great network, a very loyal base that wants to stay with us and we work with them. I assume they will all be our customers a year from now. The pandemic is different, isnt it . We were looking at the numbers. 1. 5 million customers that were protected by the pledge not to be disconnected. You say only 80 of them made a payment. So, the numbers are so much bigger than anything youve ever had to deal with. Hans no, they are not. The delinquent receivables are equal right now prior to the pandemic. On the base that we have, it is a fairly small number. Our job is to work with our customers and they can continue to be a customer of verizon. Yes, of course, it is tough times. The pandemic, economic downturn and unemployment. We dont feel like this is Something Different then we have seen before. Theres no trigger event for that. What about for Small Businesses and your Subscriber Base in that arena . Hans Small Business is a little different. They are impacted. They are little bit higher on keep america connected and refinancing. Some of them are shutting down their businesses. Emily that was the verizon ceo and chair there. We are now waiting for the new date four tech ceos will testify before congress on antitrust issues. The hearing for the ceos were supposed to testify has been postponed. Joining now to discuss what is covers then brody who tech lobbying in washington for bloomberg. Congress will be honoring representative john lewis on monday instead. What do we know about a new possible date for this hearing . To well, we have spoken congressman david sicily who was running this hearing series into big tech competition. He says he wants to get it back on the books relatively soon. Talking to a colleague of mine even about possibly next week. It did sound like it would maybe move a week or two longer than that, particularly because of earnings next week. It does sound like he wants to get back on the books relatively soon. We are waiting for a date, but we think we will be doing some of the same coverage just a few days later. Emily right. Next week, weve got earnings for all of those companies coming up as well. What have you been hearing in terms of what the main line of questioning are going to be for lawmakers . What are you specifically going to be watching for . Ben im going to be watching for these 1. 3 million documents that Committee Staff have told me that they have obtained from the companies. I think the line of questioning may very well arise from those documents. Its possible they could be very embarrassing. If you remember, the committee requested executive correspondence back in the fall. It will be very fascinating to see what they found and what they are going to be confronting the ceos with. Im particularly watching jeff bezos and amazon. It is going to be his first time on the help. Amazon and cicilline have gone back and forth about whether amazon uses thirdparty merchants, specific data from individual sellers to launch competing products. Cicilline has all but accused the company of lying about it so i think it will be a real flashpoint between them. Emily and, i know that at least one congressman who was interested in hearing from jack dorsey as well. Has that materialized into a formal invitation . Ben the invitations are the prerogatives of the democrats. That was jim jordan, the Top Republican on the house judiciary committee. This hearing occurs in the antitrust subcommittee of judiciary. So, he has prerogative to send out those kinds of letters, but the democrats have repeatedly told us they will not be inviting twitter. They just dont see it as a company with a lot of antitrust complaints. They see the republicans is physically wanting to make this about allegations of anticonservative bias. Twitters treatment of President Trump or Something Like that. And take the hearing a little bit offtopic. They dont want to do that and they are not fighting him, they said. Emily all right, ben brody. He will be tracking the hearing as soon as they set a new date. Thank you so much for joining us. Still ahead, the pandemic has dealt a major blow to air travel. The rv market has seen a massive boom. We will talk to the ceo of outdoorsy, next. This is bloomberg. Emily when the travel industry got slammed earlier this year due to covid19, jeff cavins, the ceo of outdoorsy, did not know if the startup would survive. A few months later, they are seeing record bookings, hired back staff they had laid off. We talk to him about just how it works. Jeff outdoorsy is a marketplace, an internet marketplace where owners of recreational vehicles can list them for rent. There are 64 million of them sitting in peoples driveways and backyards. 700 Million People around the world, primarily in america, north america, can go to the website and pick one they want to rent, select their dates, set up a key exchange or pickup point with the owner. And they show up and go off on their adventures. Emily i just had a friend use this to go from texas to North Carolina and they had an egg amazing experience. Where the new entrance . Jeff 93 of the customers are first timers. This has been a busy industry with people are that love camper travel, going to national parks, music festivals, nascar, etc. Now the entire American Society has taught onto the fact this is the perfect way to selfquarantine, to maintain control of your environment. Yet, travel and maintain the freedom of mobility. Has beenviously, this very popular because of the pandemic. Because there has been no desire to travel by air. The question is as we come out of it, is road travel not just road travel, but rv travel, is it a passing fad or you think it will continue . Jeff it has become now known to americans, canadians and people around the world it has been popular in europe. It really made its way to the u. S. Over the course of the last couple of years, driven by millennials and gen z. Half of our customers are under the age of 40 which is a bit unusual what you think about typical rv travel. We think about the baby broner or retiree. It is really driven by young people. Brian recentlyto and he said that road travel is booming, but travel is never going to be the same and it is still a scary world. The virus is researching across the country. Summer is a great time for rv travel but what about the fall and winter . Especially given the resurgence of covid19 across the country. What are you expecting . Jeff its something that i think we should all be concerned about, certainly. It is said to see the massmarket airlines and massmarket hotels are suffering from this. We were suffering as well when the covid lockdown happened. When i think happened with users and consumers is they found they can control their environment. Van is a great way to avoid covid. You can disinfect your kitchen, your bathroom and you can maintain it. Yet, you have the freedom of mobility. Emily even in the cold weather as well . Jeff there is a notion that travel, especially rv travel moves up and down with the weather. In the summer months, people move north. Conversely in the winter months, they move south. What it is doing now without using an airplane or hotel, they will use an rv. Emily you mentioned earlier in the year, you didnt know if outdoorsy was going to make it. You furloughed some staff. You hired some people back. You hired additional people. Salaries are still low. Where is the business positions right now . How are you planning out your financials to make sure you survive . Jeff when covid first hit, we lost 90 of our business. I engaged in layoffs. I asked everybody in the company to take a pay cut. Ive committed to go without a salary for the rest of 2020. The Management Team took pay cuts up to 50 . We wanted to preserve our frontline workers, our Customer Service people that take care of the owners on the site and the renters. And we were able to put the company in a position where it is healthy. Then, the surge came. It came back with a surge that nobody expected. 4500 since april to the end of june. We are doing over 3 million a day. Our alltime revenues will generate our alltime transactions will exceed 750 million within the next week. Emily i know you have built several Silicon Valley companies. What is your vision for what this becomes . Jeff our goal is to become first, top of mind for anyone who wants to engage in outdoor travel. The cities have figured this out for decades. We have hotels, rental cars, airlines. We have the infrastructure of a city. When you start traveling in the urban environment, there are meters o f roads. Most of it is not organized, where do i stay . How do i get repairs when the camper event . What gear do i need to bring with me . That is what we are doing right now. Our goal with the company, this is our first act. When jeff bezos was building amazon, it was not just about building an online bookstore. You will see something coming from us in august of this year. Lie, kind ofing to planning my first rv vacation right now after that. That was outdoorsy founder and ceo jeff cavins. That does it for this edition of bloomberg technology. Wall street week is next. Have a wonderful weekend, everyone. This is bloomberg. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. David hope may be the only strategy we have as market struggle to hold onto gains despite rising jobless numbers and mixed earnings. This is bloomberg wall street week. Im david westin. This week, the former treasury secretary and special contributor larry summers. Former commerce secretary and biden advisor penny pritzker. Penny you think about commercial real estate, what did we do . We housed the economy. A Strong Economy is what will drive value. David katie koch of goldman sachs. Bob michele of jp morgan. Bob thinking of the bond market as ara