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Than a week. Here on cnbc. Good morning. Good afternoon, good evening welcome to wherever you may be watching here on cnbc. After two volatile, very fast moving days, you may be in for a third of volatility. This will be slightly different. Dow futures off the drop with a gain at the open at 340 points s p also on the upside after the dow lost 1,100 points on two trading days and is already down 5 on the week caused by the historic collapse of oil it went negative on monday and part of yesterday as well. That may contract caused so much stress and now june as the world watches. Still under 20 per barrel the real action you need to Pay Attention to is the International Benchmark known as brent crude. Now around the world more than just an american problem the price sagging to just 17. 05 a barrel is a 20year low. How some investors are trying to trade this to make some money. And some breaking news involving chevron and venezuela, that is coming up. Well head out for news around the world. Matt, well kick it off with you with key stories in asia hi there, brian asian markets fairly fixed but coming well and truly off the lows that ongoing slide we are witnessing in bent crude really denting Investor Sentiment we did see gains for korea and china. Hong kong, an interesting story we are watching higher as well the hong kong Manufacturing Authority intervening and selling dollars overnight. Again this morning as that current currency trade in australia, the market well and truly off the lows of the day. We did have a recordending sale sales up 8. 2 on the back of panic buying as super markets went into lockdown with the like of wol worth and kohls. Facebook is taking a 10 stake in Reliance Digital business the Online Grocery mart jio. Back to you. Thank you to the early trade now in europe to Julianna Tatelbaum in london. Good morning. European markets are trading higher bouncing back after yesterdays steep selloff. The main benchmark shed 4. 4 the french index is lagging but up about 1 itself gains have been accumulating over the last hour that positive momentum is accumulating a couple of earnings one of the worse performers has been kering. The maker of gucci they warned investors not to get too excited about the rebound in china. Green across the board retail the worst performing side kering is waeg on that basket. Retail up 0. 15 . At the top, technology up about 3 chip makers reacting very well basic resources, one of the most China Sentiment places in the market the second best performing basket banks and chemicals round out the top. Overall investors encouraged by what they are hearing about viruss around the world and brian, back to you some potential good news for Small Business owners here in the u. S. The 484 billion relief package headed to the house. The senate yesterday approving that muchneeded money that bill ending up on the president s desk by the end of the week now to tracie potts in washington good morning rushing to get this done. The Senate Approved it by unanimous consent. The house is different members have to vote in person they are scrambling to get back to washington to get this thing done in the morning. The bill has amended is passed the house votes tomorrow on 484 billion that cleared the senate most to help Small Businesses shut down by the coronavirus included money for those owned by women and minorities this is a real victory for smaller businesses as the leader has said that really didnt have the banking relationships. Items the democrats insisted on adding 75 billion to aid to hospitals that need the aid. 25 billion to support coronavirus testing efforts. We need help from the federal government to make the supply chain work republicans worry about the cost think about the implications to the countrys future for this level of National Debt President Trump explaining his shut down to immigration no green cards for 60 days he says temporary workers wont be affected. Unknown is the impokt on sponsored workers and dreamers we look forward to business rebounding especially later this summer the cdc warns that the second wave of coronavirus could hit this fall right in the middle of flu season attorney general william barr is considering taking legal action against the states where they think the stayathome orders have gone too far they think those stayathome orders are disturbingly close to house arrest wow strong words there in other news, andrew cuomo met with trump yesterday in the oval office did anything of note come from that facetoface . Yeah. You know, maybe some good will the two have been at odds over testing and supplies before that facetoface meeting cuomo came out and said that it was a good discussion. It was productive. His goal was to layout the lines of responsibility of testing between the federal government and states cuomo said, yes, well do the testing but the federal government has to help us get the supplies they felt that was not happening. The point of the discussion was to layout this is what we do, this is what you do. He said it was productive. Tracie potts, thank you these developments come as the us saw the highest increase. The death toll now surpasses 45,000 souls new jersey and michigan with higher numbers rahel with more now. The cdc warning of a second wave of the virus next winter likely coinciding with flu season which would put a greater strain on the Health Care System quest will begin conducting 19,000 antibody tests per day and hopes to double that number. The fda approves the first covid19 test with an athome sample collection. The tests will first be made available to Health Care Workers and First Responders dont miss more with labcorp and exceedpedia looking to s stake. Seeing a drop amid the travel band joining Cheesecake Factory who earlier sold a stake as well back to you. Rahel, thank you. When we come back. More on the historic oil selloff. The names your next guest could see as good bargain selloffs and backtracking in beijing. Eunice yoon with her incredible reporting in china and why that country is having trouble reopening. And later on, the tiger king is king the latest numbers that have some investors tales wagging. Back with more after this. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Good morning welcome back dow futures indicating a little better today we dropped 1,100 points. Futures indicating a jump at the open oils dismal down turn remains downward all eyes now falling on the Global Benchmark for Oil Brent Crude getting hit hard now down 10 to just over 17 a barrel, the lowest in about 20 years. On the heels of the down turn, investors that they thought were maybe easy money makers. Particularly the us oil etf were levelled that etf had to make major changes and was halted for trading at least twice on tuesday. For stock investors, they keep coming random but maybe not interesting. The s p 500 Energy Sector composed of nearly 100 companies now has a total market cap of just about half that of one company, apple joining us now with more on this story is barclays oil and Gas Production research analyst. Welcome. I wish we had a better story to tell we do know this. There will be companies that will likely go away but there will belongterm survivors and potentially money making opportunities. How do you see it and are there some stocks that may be safe what we try to tell investors is that as bad as it feels and it does feel bad, shares are low for oil prices are low the positiveness reset in order to bring longterm investors back eliminating these inefficient have always been a part of the story. We think there is going to be more volatility in the future and not less that tells us, we need to stick to high quality names. That means we want very strong Balance Sheets that would be eog and pioneer way see over 65 of the price on those we would probably want big share of those for us that would be concho resources. And hess hess has over 80 . At 55. So protecting the cash flow let me jump in on that point here it is 5 17 in the morning. When we are talking about a hedge book, companies go out on the market, to banks, they make an agreement to sell oil at a certain price. If it falls, it goes up, there on the hook. You are saying hes season as well as concho, they have the right to sell at 60 a barrel eastbound if the price is down at 20 absolutely. To us, this speaks to foresight and planning if you have price swaps and others in on that price. They have these swaths that lock in the price at 50 to 57 who else was a Balance Sheet . Any other whose Balance Sheet or net debt are Strong Enough to withstand three, six, even nine months more of volatile prices we have a few of those. Eog, concho. Conocophillips they have the most cash as of the year on any of our list, which is about 8 billion. That 8 billion they have, that is going to go a long way in terms of weathering the storm if they needed and for oil prices to continue to stay low. What about companies to avoid at all costs we have a few we think are going to be particularly challenged in a lowoil environment those names will be a bit more challenges we are really looking at Debt Maturity schedules those with meaningful Debt Maturity in 2021 an our coverage list in particular ox dental and refinitiv are above average and midterm in 2021 a great interview we appreciate your time. A couple of potential survivors there in the Oil Patch Still on deck, maybe some happy news involving happy meals and some thank you meals for front line workers from the golden arches. Thats coming up announcer todays big number, 89 . Thats how much bookings for lyft have tumbled year over year according to data from bookings. Ride sharing company is down nearly 22 for 2020. Sometimes the challenges of todays world make it tough to take care of yourself, thats why you can rely on natures bounty. To give you the support you need. To stay motivated keep active and sleep well. Add a little more health to your day. With natures bounty. Yeah, everything is runningis smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. However, there is one thing you can be certain of. The men and women of the United States postal service. Were here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way. Every day, all across america, we deliver for you. And we always will. If you are wondering what our economy may look like when we slowly begin to reopen, we are lucky to have the excellent, ontheground reporting of eunice yoon. Unfortunately facing some set backs. It is a pleasure to see you. Some difficult circumstances youve been doing some amazing stuff. As you begin to reopen gyms, restaurants, et cetera, unfortunately, youve seen a couple of set backs. Im not sure if you are a gym addic, there was a brief moment here people in china could work out in places like behind me not anymore. Last week, they opened not much we can do about it amid the hurdle all gyms were shut for two months but in early april allowed to reopen under certain rules. No cardio machines limit people to 10 an hour and people must be six feet apart. When we reopened, about 30 of members do come back. Not for long, after being open for three weeks, a coronavirus case was reported at another gym. So the government put up this notice his Business Partner said even with restrictions, expresses will be difficult. We are trying to negotiate with the land lord as President Trump and governors discuss reopening the economy, china is going through this real time theaters opened amid discounts but then told to close again considering doing online classes. Guidelines for gyms are strict no swimming, no personal trainers until september for theaters, seven new regulations to open a theater which include giving up a lot of personal information cinemas here havent dared to reopen you know, eunice, we care about your reporting but we care more about you even more what does your day look like outside of work . Are you able to go to dinner with friends are you going to the movies yourself you guys are like a crystal ball of how we may look in six weeks to two months. In terms of theaters, no. None of the cinemas are opiate even though they were briefly open for a few weeks in terms of shopping or dining out, more and more people are going out. Last weekend, i went to two restaurants that were about 90 full the restaurants impose certain restrictions like temperature checks and maybing sure people wear their masks when not eating there is a concern now about a possible second wave i want to be clear. You are in the raubt wirestaurat with friends you wear the mask. You take it off to eat or not so strict. Some people wear their masks and after they eat, put it back on people are very aware of this possible problem thank you very much excellent stuff. Well see you soon clearly i am not a gym addict. We head to break, check out chipolte a huge jump there. Well get more on that we have an interview with the ceo telar today on cnbc. We are back after this at thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Swithout even on yoleaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Will more Small Business relief send numbers higher dow indicating a jump of 330 points at the open as oil problems continue to grow. Some good news for Small Business owners. The senate signing off on billions of relief aid for millions of struggling companies. Some still finding themselves shut out on the stimulus well get the latest could a tiger king in your tank. Netflix says the lockdown boom may not last you are watching Worldwide Exchange on cnbc. Welcome back on a wednesday morning. Good afternoon, good evening thank you for being with us here on cnbc. Lets get a check on the markets and your money it has already felt like a fiveday week for many in terms of the markets it is only wednesday morning, very steep losses already down 5 for the week. The daniel in large part on the big story, that is the complete melt down in the oil market. Oil going steeply negative on monday negative part of yesterday it is falling again today around the world. Crude oil around 11 a barrel. The real story now becomes not the u. S. Traded contract out of cushing, oklahoma but rather that International Contract known as brent crude it is dropping steeply a bigdrop here and around the world. We have breaking news in the oil, ma oi market with chevron and venezuela. A new order forbids chevron from drilling, shelling or buying crude oil or transporting oil from that troubled country the order impacts other companies as well. Chevron is being permitted to wind down operations until december 1 this new order that came yesterday is a reversal from washingtons recent stance which had been granting chevron and those other quarter by quarter renewals to continue operating in venezuela not that big a deal for chevron counting for about 1 of their output but seen as a Strategic Asset for the country. Their Oil Production has gone from 3. 7 million a day in 1999 to an estimated 500,000. Effectively one shipload of barrels per day. Checking now with Julianna Tatelbaum in london at early trade there. European markets are trading higher bouncing back after yesterdays steep losses which saw the stoxx 600 down about 3. 4 lower the french index has lagged. Dragged down by kering, the maker of gucci an update on earnings sulgti Technology Leading higher after yesterdays update from Texas Instruments providing a boost to sentiment from chip makers we are seeing stabilization from oil and gas stocks which you are looking for across the show. Looking higher back to you, brian. Oil getting a little attention there. Thank you. Lets get to the big news out of washington, d. C. Where 484 billion bill to provide more relief to Small Business is one step closer to approval. The senate signing off on that plan yesterday sending it to the house. One group not celebrating. Small towns across the country are shut down. We have more on both sides of this important story good morning good morning. Small towns are really suffering here first, that aid package you mentioned, it doesnt include any direct relief for local governments. Some are deep in the red some asked for 250 billion in help democrats said that is one priority they didnt get were deeply disappointed it is not state and local government it is police and fireman, bus drivers, people who work in hospitals, municipal hospitals others who are vital and should not be laid off. Those job cuts are coming 26 of the smallest towns do plan to layoff workers about half say theyll have to slash public services. To make matters worse, many of these dont qualify for existing aid. The threshold to apply is a population of 500,000 or more. Roughly half of the states in the u. S. Dont even have a city that bag youll find a vast amount of americans living in a place that dont receive any direct help from washington. Back to you. That important small town story. Thank you. Getting back to the markets and what could be called a rather unusual earnings season so far that is the understatement of the week, right . Stayathome stock netflix out with results reporting a massive spike of new subscribers adding 16 million compared to the most estimates calling for a jump of 8. 2 million. The single largest quarter since at least the Second Quarter of 2017 the take on the subscriber keeping pressure premarket. We had an increase in subscriber growth in march it is essentially a pull forward on the rest of the year. Our guess is that subs will be light in subsequent years as part of that we dont use guess words slightly it is a bunch of us feeling the wind joining us now, senior portfolio manager. They have been a netflix share holder for years are you surprised the stock is not getting more of a pop this morning . Brian, everyone was anticipating a big number in terms of netflix there wasnt a lot of room for error. It goes back to what you were saying could this be a oneblip quarter. The other question is how are they retaining all of these people will content get pushed out. Saying the cash flow rate will only be about a billion dollars. How can they retain all these people did their stock already a big move should netflix raise prices it seemed like if there was any quarter to do it, it would be right now. I looked at the average revenue per streamer in u. S. And canada, now over 13 higher than the consolidated amount they just increased year over year revenues were up about 15 in canada and u. S you wonder how much more is a consumer going to tolerate this youve got hbo max coming on board in may youve got the launch with disney plus and streamers coming on apple offering streaming at 4. 99 and disney plus at 6. 99 will they be able to pass on the cost increase when it has become that much more competitive you do wonder when the lockdown ends and it will at some is point, do netflix and others, do they become a utility. Everybody used to complain about credit cards people dont anymore does your credit card just get whacked for 14 a month and you dont even think about it. I dont think it is a zero sum game you could have multiple different vendors. Netflix, disney plus, hbo max. I agree. I think eventually people arent going to spent as much time thinking about the cost. There seems to be an uprising after the last increase they did. I think it will become something we all accept like our cell phone bills. And you are not selling, you are holding on we are holding stock. It is not a huge position for us the multiple is very high. After this quarter, tremendous execution. The stock has pulled way up. It may not be the time for new shares they still have the highest content. Still around 19 billion they have all of these proprietary shows they hook people on. They will still be 1r50iviable g forward. I still say their greatest show was bloodline. If you are wondering is there any way to profit off this well show you a very Interesting Group of stock and facebook making a big investment in india and dow futures looking to open up and reverse two days of declines. Welcome back the death toll in the United States for the coronavirus now surpassing the 44,000 mark as the white house warns americans. To rahel with the latest lets start with Harvard University rejecting the call from the government to return the money received from the stimulus package they received 800 million and the white house calling them to return the money. Harvard stating it got the fund from t cares act and not the Small Business impact. Macys may rise up to 58 billion in get mcdonalds will thank workers on the front line with free food. Serving thank you meals to First Responders, Health Care Workers and First Responders offering drivethru or carry out. I speak for us all when i say they certainly deserve it and so much more. Whatever they want they should have. Listen, well take them all out for dinner when we can for sure. Lets get back to what has been our top stories in the market the continued collapse in the oil and energy market. The struggle to store crude oil around the world sending demand falling. Impacting one small group of stocks tanker stocks. Ship owners because everybody is looking to store oil where else . Off shore. Randy joining us live from houston. Great to have you back your corner of the energy world was pretty much ignored for years and now in pfocus. Tell us how much money some of these ship owners are now making as they get paid to literally anchor off shore and sit and hold oil thank you for having me we are down here in houston. Houston, with he have some problems the coronavirus canceling the rockets. Now the crude crisis as we heard from harvey, this too shall pass im wearing my shipping tie. Tanker rates just six months, even, you see a 10 difference between june and December Brent price all these traders are doing, they are going out and renting a vlcc, very large crude carrier paying about 20,000 a day for those six months and still making a profit on the cargo these rates have gone from 20,000 a day in february to stock rates of 250,000 a day and sixmonth contract of 120,000 to a oneyear contract. Hold on there partner in houston. Did you say the rates have gone from 25,000 a day to 250,000 a day . Absolutely. Really . Looking at two different data points in february, spot rates, 25,000 a day. On an average april, about 25,000 a day. That is all in, cash breaking even for these Large Companies that have the vlccs right at break even at 25,000. Now there on 250,000 plus on charters lasting 40 to 60 days and more for a yearyear charter. Thats just looking at the next 6 to 12 months the stocks have soared for the weeks why are many down for the year how long can this last in your opinion . Two Great Questions year to date pricing, february was a disaster nobody wanted Anything Energy related, china exposed, global trade driven it was sell everything, ask questions later. January 1 to early, midmarch these stocks are down 50 . Most of that because of the selloff in february. How long can rates last. Im here to say they wont last but you have to take into consideration the full trade agreement. What you you are seeing. They are pricing in the rates of 200,000 a day when you look at it on a oneyear basis, you are earning 80,000 a day. That is going to be a record year two word answers, best two stocks to own are . Two words euro nav, ern. Frontline, fro euro nav ceo will be here tomorrow to tell us that story live on deck, did the drop in oil signal a larger problem with the macro markets. Your next guest says it might have snap pops. Sn snapchat soaring what the ceo thinks about it will be on cnbc. Dow futures up 300 points to start your wednesday we are back after this jimmys gotten used to his whole room smelling like sweaty odors. Yup, hes gone noseblind. He thinks it smells fine, but his mom smells this. Luckily for all your hardtowash fabrics. Theres febreze fabric refresher. Febreze doesnt just mask, it eliminates odors youve. Gone noseblind to. And try Febreze Unstopables for fabric. With up to twice the fresh scent power, youll want to try it. Again and again and maybe just one more time. Indulge in irresistible freshness. Febreze unstopables. Breathe happy. Ever somethings gone mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Lets talk more about the macro market joining us now reading a note you put out yesterday with keen interest i said the Oil Markets Something looked or smelled broken do you feel like the Energy Markets are also at risk i do. One of the things weve seen, we saw it in the repo market last fall that broke down completely you had to wonder, why did that happen why did the rates shoot up like that we saw it in the credit market and the oil market what does it mean Going Forward especially when you see it in multiple marketplaces you are seeing serious pain. Also, the deeper it goes, the longer it takes leverages companies. You see the difference between a bear market and a correction is seeing more than one wave of selling. Im afraids that what well see this time around we have a problem over here and then it impacts a problem over there we have about 45 seconds what are you most concerned about right now . The biggest thing, quickly, two things one, the economy and unemployment rate. With he have to go back to 3 unemployment because we have a consumer driven economy is a big problem. Second, in the marketplace, when you get a break down and a wave of selling force selling when deeper than 10 to 15 , that causes failures and bankruptcies, et cetera. That comes down the road this is a problem six months before they went under for bear sterns tnkou for that. Well see you tomorrow squawk box picks up coverage right now. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Good morning stock futures rebounding crude over supplies. The International Benchmark hitting a 20year low. Some help for Small Business the senate improving another Coronavirus Relief bill. Squawk box begins right now. Good morning, im becky quick along with joe kernen and Andrew Ross Sorkin after two days of pretty steep declines down over 600 points. Right now, dow up over 300 points s p up indicated by about 43 points yesterday, the nasdaq was up about 3. 5 is up today over 160 points the 10year has been under pressure whe

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