Here lea lets debate that today. Good to see everybody. Lets take you right to the boards and show you where we are trading. The dow is at 23 about 300 point gain S P Still Holding on the a 1 gain as is the nasdaq. Theres a russell at the far right hand side of your screen up just about 2 all right, jim, youre holding onto this cash we have come a long way from the bottom s p is up 26 . Nasdaq up 25 take stock of where we are and where you thip we may nk we may here taking stock of where we are, the price market has priced in var shaped recovery in economy and profits. That shows that 2021 earnings, they are looking for the best ever i disagree with that i think you will see a recovery in 2021 but not a v shaped recovery, a u shaped recovery. As the stock market comes to grips with that, im still preaching caution and patience i see the move today and yesterday. I have the 12 cash. I feel a bit uneasy about it i got to say i expect more bad news on the virus, on the Economic Impact and the profit impact over the coming weeks and months im Comfortable Holding onto that dry powder for a dip that will not go back to the lows of march 23rd because the fed has our back 2500 to 2550 is the target range. A 10 retracement. Thats where ill start buying one of the Big Questions is do we deserve to be where we are. Weve asked that so many times. The stock market and the bond market should reflect the actual state of affairs on the ground right now it doesnt heres what i see. What ip i see is delynn quininif car, loans, people are less and less capable of paying i see millions of people getting furloughed i see us approaching 20 to 25 unemployment and i see the stock market completely ignoring the logic of whats happening. Whats your reaction . Hes right, isnt he thats righes right the stock market should reflect what we see on the ground. 40 down for the q2. The way i think about what the market is pricing is is they look at the consensus gdp numbers and thats why i think its in the price. Its not a surprise to anybody this will be a bad quarter and its going to be a slow, shock to come back to some level of economic activity. I think thats whats being reflected in the markets if you think about it another way, if you think about it from the perspective of where we are today with respect to earnings, with multiples, we look at our earnings for the next 12 months to be 160. You apply 17, 17. 5 times multiple to that, you are roughly around these levels of where the market is right now. The one thing im immediately concerned about is ternings seasons and more and more companies do not deliver and it results in misses rather than beats. I think thats where the downsides for the market near term is setting up josh, its almost as if we have a couple of disconnects going on its the one that chamath spoke about how whats happening on wall street doesnt nearly reflect whats happening on main street if you go inside the market, the five biggest stocks have a waiting equwait i weighting equal to the bottom 350. How concerning is that it speaks to a very, very top heavy comeback this is one of the most difficult concepts for investors and people who casually watch the market to wrap their heads around which is the stock market is not the economy and the s p is not even the stock market the companies that should be getting destroyed on the market are. Gap down 59 nordstrom down 50 they should be thats the condition of their business those stocks dont matter. They dont move the chains theyre not big move its contributed 23 of the total return of the stock market over the last month. Health care even more pronounced its 16 of market cap but its contributed 27 of the return of the s p over the last month. That two sectors the two highest weighted sectors by market cap contributing more than half of performance of the s p. People look at the last month. They say, its a v it doesnt make sense. Well, unfortunately, stocks like hertz, which now trades like a penny stock could quadruple and it wouldnt affect what the s p does we have got to stop conflating the condition of the economy on a daily, weekly or monthly basis. Right now, chamath is right. What happens if you get any sort of weakness or pull back in stocks you have mentioned that have been towing the car along that would be a problem for the market you have the high weighted sector pulling the weight. The slippest blip in that is potential problem for this group. Only if another group doesnt rise up to take its place. Weve had periods where technology has faltered and other sectors have risen up to take the mantle. Thats a rotation beneath record highs. Look at biotech on the week. Its up 10 . These arent 20 million mi microcap stocks. Im talking about hundred billion Dollar Companies even if you didnt have great performance this week out of lets say apple. The slack has gotten picked up by other areas with secular growth thats not an all clear signal its not a signal to ignore the fact that many morning we saw 4. 5 more Million People laid off. Its not going to give you a linear comfort the market is designed to frustrate the maximum amount of people carkerry, you want to opine that sure. To speak to the question of what is the market looking at when chamath said everybody is becoming unemployed and stores are closing and this is difficult. Of course, we know that. The market always looks ahead. He knows that. The market bottomed on march th 9th of 2009 and that was the maximum down european uniturn i and it didnt go up for two years. We have to think the arkt is anticipating the future. Hang on one sec is question is through the market looking ahead through rose colored glasses thats the other part of the question has the market moved up 26 too fast and is it anticipating a little bit too positive a picture. If the answer is perhaps, we dont know the market is looking at things such as how will the openings go are we seeing things that are happening in germany and denmark and georgia that seemed to be if you thinking is the fed going to come through again will the treasury programs work . Will we start to feel better si months from now . Perhaps were too rosy and optimistic nothing we hear this quartzer wi quarter will tell us that. Companies will say we cant guide because we dont see the future very clearly and thats understandable what we have to do is balance where we are now perhaps in limbo, a trading range with the possibility. I think probably unlikely because of the liquidity event that seemed to really kill the market back toward the end of march. I think were all expecting to have bad news from companies and things are at the peak of many of the the worst cases of the virus. John,ing the question is, can tech keep up this pace you just cant have falter if you have this level of waiting and outperformance and continue to have a run in the market. Its fine to keep you where you are now, but to joshs point, if that happens, you need Something Else to pick up the slack and terms of big growers in this kind of environment, you start to cross other sectors off the list in terms of prospects that could pick up the weight if tech, for example, faltered. Very true a lot of it depends on we just listened to Governor Cuomo talk about infections i know thats based on a small sampling but if it was that large, the 13 have actually already had it, this is telling a completely different story about when things can open, scott. That would be one of those things that hands off two different sectors. At the depths of this, theres a little more optimism that things not will not open up immediately but will start in small steps and when they do, scott, youll see different leadership come up its natural that tech would lead because its not as depen dent on us going out to get it were using igt right now. When were hunkered down at home, tech is a natural winner there. Netflix top of the list followed by amazon and so forth if we start seeing push back of us staying shut like a year, but its two months, three months, i think youll see a whole bunch of contributors. Im saying they will contribute. Youre not the only one who is trying to think about what kind of other sectors will lead. If youre asking me, scott, it is one of them but it wont be the leader. Its not large enough krib contributor within the s p i think the survivors will be the ones people will be going back to in one fashion or another. I dont think disagree with that look at target. I dont think thats the leading sector target is a perfect example theyre business was up 275 in the month. They still tell a margin story thats not good. Its not as high a margin as some of the other things in the store. People cant go into the store thats one of the issues with discretionary names that are still doing well were not talking about an amazon were talk about a walmart maybe facing similar things. Target and what cornell had to say today. Is that concerning to you. Walmart is a 325 billion company. They have a store within 10 miles of 95 of the u. S. Population we have never been more reliant on distribution and logistics. This is the thing that target and walmart do all day, every day for decades better than anybody on the planet. These stocks have done well and their progress in their share price is justified five years ago we were talking about if theres room for them to exist in amazons world now we have been reminded, throw in the supermarkets too, of how elemental these companies are in society. They know whatheyre doing. These are massive parking lots accustomed to have 18 wheelers latent with goods all day long target has done ridiculously well walmart too. Not only are they seeing the benefit in earnings but in multiple were paying more for those earnings than we were five or six years ago bh what did amazon do with their Retail Stores . They closed them yes its haves and have notes. There are surprising haves put kroger in the mix. These companies are finding way to satisfy their customers and keep their employees employed and we will remember that coming out of this. We talk about things and wondering where the market should be where it is and where it may be going in the weeks ahead. There are some good things that are happening. The new york numbers appear to be better. General motors are saying it will recall some of its workers to plan for the restart. Kramer this morning says if we get an antiviral, all these stocks will be justified we have fjust a few more days before gilead reveals remdesivir were going to fly again for the reasons there are to be negative, its hard to get too negative or is it hard its hard to get negative for two reasons. The degree of stimulus we had. Even if we think this will be a four or five trillion dollar gap, the pact they largely make up for that, thats the reason we cant get overly negative here i completely agree on the other side which is the vaccines and treatments we had the w. H. O. Report theres 83 different vaccines that are being investigated six or seven of them are in human trial already. Some of those are likely going to be successful in both treating and potentially providing the vaccination. That will be a game changer. Bio tech will be whats going to get us out of this crisis. Its not that we want to bet on any particular company but the fact theres so much innovation and so many Clinical Trials that are on the way now and by the way, the sector trades at a discount i think theres a lot to like about it right now jim, i want you to weigh in on another provocative headline from tom lee he does this well. He knows how to get us talking and he has us talking today because he says the expected dip that we may see in the stock market is one to buy and will likely be the last best buying opportunity of the entire year i agree with our colleague. I expect the dipthe question that i have and nobody knows the answer to is whether six feet social distancing is going to be the new norm i dont know i want to buy at that dip. We go down 8 or 9 . What are you going to be buying . Lets start with the funnest one out there. Hes got 125 billion in cash with a strong track record of buying at the bottom i would like to play along with mr. Berkshire. I have great operating companies. I have the insurance business. Thats at the top of the list. Others i would consider buying, we talked about phizer last week we have to have more Health Care Exposure thats a great way to play it and the demographics favre rit i dont want to take up too much time but theres two obvious pics for me. I asked you a question. I just nibbled at the position a little while ago. Its hard to look past that. All take a guess that people come back to buying the lattes and all that sort of stuff thats a clean you brought this for starbucks. You dont have to stand in line next to anybody. You just order you show up. You pick it. You lever ave it stock, should build more drive throughs the starbucks drive throughs where i live, they are not taking mobile orders in advance. Theres a line wrapped down sunrise highway. Its a line thats moving. Starbucks is finding a way to make money with the stores accessible unfortunately, its not most of their stores it was a scene from a recession past, 20002001 called affordable luxury. The idea was the economy is terrible people dont have a lot of money to splurge but they can buy themselves a frapuccino. Starbucks was one of the best stocks on the entire market. Theres some reason to think that starbucks will be one of the names you want to be in. They have a ton of cash and theres been a huge discount in their stock created by their large holdings, the four Major Airlines go on and on. If youre worried about their insurance business, what happens after this is premiums go up and not down i like that name too then ill throw in zoom which they just told us, today, that they went from 200 million daily users to 300 million daily users in 20 days you cant even put instagrams growth against that. Thats unheard of in Silicon Valley im trying to stay in those names. A amazon, names benefitting today. Im trying to do what jim is thinking what do i want to own as people feel better and we start coming out of this. If youre doing both at the same time, youll be pretty happy a couple of years out. What happens, john, and some people are suggesting this on twitter as were having this conversation that the quote, unquote expected dip never happens. We may not get the chance to buy the dip because it may not ever happen markets tend to make group think look silly everybody thinks this dip is coming maybe it isnt. Exactly whats being passed on in the sna senate and house the further boosting, if not boosting, that outlook. They had their opportunity, if they took it when the world was on fire a month ago then they are pretty happy today do they get another chance down 8 or 10 tom lee is a smart man i suspect people wont take advantage of that. That will back off and say maybe ill wait for 20 and miss it yet again. With this much support, scott, with the kind of evidence or at least some of the optimistic outlook that cuomo offered as far as cases in new york, which is the epicenter of this for the United States, i think thats all potential positives and supportive of the market yet another tweet i get people think a dip is coming and looking forward to getting long when it happen, it wont happen. This is where the tug of war is right now. Youve had a nice comeback in the stock market and for the months ahead, are we going to get this pull back or arent we. Whether its other Companies Going back to work good outcome in georgia trying to get back to business and remdesivir continues to get good news you guy vs to make these critical decisions our viewers in the market do as well what do you think . You know what i think consensus might be getting wrong about the pullback is were all expecting it or the consensus is expecting it to happen now for the next couple of months the trend is shaping up to be a positive one if we have phase going back to work and we go from 0 to 30 to say 80 i think where we need to probably be concerned about layering some protection and watching for that pullback is later, in fall what if we do have the cases pick back nup fall and we dont have the vaccines and treatment by then. I think thats when the market will be concerned. I think theres a few things to do about that as we think about it from the portfolio construction because of this significant dispersion in analyst estimates, it pays to sell the up side on the broad market you can sell a call option you can use that premium to finance the longer Data Protection on your portfolio say go out to december maybe sure we hedge that potential second wave in fall. If we get some sort of a bullback and many many cases were selling below the 52week high, start with those opportunities. I agree with some of the things the committee mentioned. Thesetrends are reenforced by the current experience again, i see more cloud capex. Im definitely looking to add on a pull back to some of the Se Semiconductor names tied to those trends kerry today is an interesting day because we talked about how growth stock s have been leadin. I agree i expect they are the companies that will lead but were broadening today black stone reported and they reported a decent, not a great quarter. The stocks have about 7 theres a wide range its not just the top performers of the past month or so and so you should take comfort, id say that the market when it moves higher, it isnt always going to be just the five or six names that have been driving it. We need a broadening we need to see that. Otherwise, the market is going to have a hard time sustaining itself we had been adding to a number of names and well continue to do that if they dip. If they dont, then were nicely positioned and i think that people shouldnt chase but there are a lot of stocks that have underperformed this market and moved higher were up 26 Energy Stocks are down 46 year to date. Energies and financials, a lot of the consumer stocks are still way below where they were in february and i think if youre looking for opportunities, you can find them. Its not necessarily to chase names today. Josh, lever ave me with this thought. If the market looks ahead, six to nine months, whatever you think it typically does. Is it not thinking about a second wave of the virus in the fall which every medical expert that we talked to says is coming, include dr. Gotley on our 7 00 p. M. Special. Is it not thinking about a president ial election and other elections coming in the fall as well how are we factoring that in. So much of the daytoday activity has no feeling attached to it. We have to remind ourselves of that thats why extrapolating the activity we see our screen from daytoday should not give us confidence theres a new trend or people feel better and tomorrow they feel worse we have to break ourselves of that habit i know the Old School Guy that came up in the 70s and 80s they would gauge feelings of their fellow Market Participants based on ticks forget it. Its over. Its not what happens these days i disagree with you the sometimes when i look at stocks up 10, 11 on the day, i say arent these people aware that 22 Million People have lost their jobs if five weeks then i remind myself, no one is aware. This thing could change on a dime fp what are some things that turn it on dime i dont know mcconnell is talk about letting states go bankrupt theres a range of things that could go wrong the other thing is and im sure you have noticed this too even those that say well get a pull back now say by the dip were in a buy the dip market whether its a lee or mike wilson anybody who comes on here and says the correction might be under way. Were not going back to the lows any dip that comes, josh, should be bought. Youve heard it and ive heard thats where the narrative now is yeah. Im not smart enough to do that consistently the tactical model we manage is ruled based. The nasdaq is in an up trend the rest of the market is not. I think its really tough to play that game im not good. Nobody should rely on my feelings for the next 5 in the market im not good at it the reformed broker for all those playing at home. Up next, well take a quick break. Oil is soaring about 30 today mark fisher weighs in on that volatility tells us why prices you know what, im going to lever that hanging out there. Were back welcome back to the Halftime Report lets get to sue with the latest headlines. Hello here is what we know at thundershowehour new infection, hospitalizations and deaths are leveling off after falling for several days andrew cuomo said he would like to see the numbers coming down faster and he blasted Mitch Mcconnell for passing a bill without help for states and then suggesting the states could declare bankruptcy this is one of the really dumb ideas of all time and i said to my colleagues in washington, i would have insisted that state and local funding was in this current bill because i dont believe they want the funds General Motors is recalling some manufacturing workers to start preparing factories to reopen a memo went out to employees asking for volunteers. Testing is beginning today for more than 2200 workers at a tyson food plant in logan sport, indiana. County Officials Say the plant is the epicenter of an outbreak that sickened hundreds of people tyson plans to close the plant by saturday. You can get more by heading to cnbc. Com back to you. Thank you. Crude oil is soaring now rallying more than 50 in the past two days after hitting the record lows. Mark fisher joins us now on the phone. Welcome back its good to have you back how are you im well. I just want to hear from you one of the best traders ever, what the last week has been like. Ive been involved in a lot of crazy times the last two and a half hours on monday takes the cake. When crude oil went for 10 to negative 40 in two and a half hour, ive never experienced anything like that ever. What are we to make now of where we are do you think prices bottomed is there more pain ahead both. The june of crude oil not till the middle of may, youre going to see a lot of volatility and probably because of the uso has been sidelined, thats why youre seeing a jump in the market eventually, depending on how far we get depending on how far the market goes up, we may have a repeat of the same crisis that we had last month. No one has priced in i dont care what anyone says. Negative prices into their option modelling all the banks that sold puts to mexico, do you think they took into account negative prices you trading 6 there are and wake up and find out that ge can trade negative theres a tremendous amount of volatility in the future space for the foreseeable future do you think we could have seen near term bottom earlier this week . We did. How does the market bottom in 87, if you didnt have a lot of money if your account, right at the bottom, firms wouldnt let you trade s ps or futures. Unless you had millions of dollars in your account, they wouldnt let you trade front month crude oil. Again, these one off situation, hopefully, definitely creates bottoms. The market rally from 7 to 17 in four days if you think this volatility continues and we could have a repeat of what we saw the other day, whats the best strategy right now to make money in the oil complex . In futures or equity line both. In futu futures, you have toe nimble look for over extensions people getting too crazy to the long side or if people go ahead and what happens as we get to the moment of truth chrwhich wil be the last four days of june futures. I think the buy the dip mentality is gone in energy, which may lead to, as you cant buy the dip if futures i think in energy names youre seeing like, i think people have the misconception that no one really cares in the long run what the current price of crude oil is when it looks at the price of bp or exxon or anybody that has sustainable assets because theyre going to be the winners. Anyone that has money to go ahead and buy all these companies when they go into bankruptcy or receivership or whatever else happen, theyll be able to buy stuff on the cheap john, he mentioned your name ill let you in. Thank you fish, you were invaluable with your insights over the last three days hes been so generous to share those same insights he just did with our viewers about whats going on here. When you see that going into negative territory, scott, thats one thing that was a shocker for me i hasnt seen it before. His advice and counsel helped walk me through what would have been a huge loss one of the things he mentions is this negative pricing. Can you really draw that line and say it can only go do zero dont you have to build your model out so its a little different. It can go below zero i know were talking about commodities here and commodity options but there are some circumstances under which you could see a stock go negative as well were not saying oh, this particular stock or that im not speculating on that. Im just saying if youre somebody who always said it can only go to zero, mark fisher is telling you and you should listen, it can go below zero mark, do you have like we had this, its like a black swan event for crude oil. Made worse by russia doing their dance. How does it fix itself without a vaccine for the virus . Thats ways off. Are we looking at that long to wait before we have a more reasonable oil market. I think in terms of oil demand or any demand, the biggest risk, ive listened to your panelist for the last half hour the biggest risk in terms of the market in general, kruds oil market, stock market in general is when we open up the economy, the consumer doesnt show up every one is talking about testing, testing, testing. If i get tested but im not sure you got tested, if theres not a v verification for testing, who will go to the mall . Who will do anything unless you know the person six feet away from you in the mall has also been tested. I think theres got to be not just testing but a verification system where like an id card system a smart phone some kind of system that people will know this story says you can come into the store unless youve had a test for oil, for everything, things open up and nobody shoes up. In that environment, whats a reasonable price in your mind for crude. What should we be trading at whats reasonable in your mind in. Reasonable is a state of where we are at the minute fl reasonable now i would be buying a dip below 15 id be selling a rally above 20. As we come closer to expiration, that becomes a much bigger dance in terms of where we are in terms how much storage is taken and cushion and what goes on reasonable in the stock market, i leave it to you guys i have no idea i wanted you to just opine on oil. Im glad you did what about natural gas how should we be thinking about that today natural gas could be the biggest beneficiary of every one knows this now, of the shut ins of crude oil thats a lot of associated gas being depleted obviously this makes the curve out and cal 21 and 22 look a lot more attractive. If you look at natural gas stocks these are all up 20 of the year is it going to be reality . Is that much oil going to be shut in that will have such an effect that we could create a shortage of natural gas because of shut ins in oil the market will tell to me its another opportunity to trade josh brown, do you have something for mark fisher the trading side i understand people like yourself who trade oil must be seeing opportunities every day on both sides of the trade. From an investment standpoint, there are now only 2. 5 5fooi500 shrinking by the week. If you think about the secular head winds for oil, how could you invest in any of these companies. Capacity is expanding. Its never been cheaper to find more oil there seems to be an unlimited supply here and abroad you have the battery threat for automobiles which is probably five years out how could you own any of these oil equities i leave which equities to own to you even if the environment is becoming a dinosaur like youre s saying if youre an exxon or chevron so cheap relative to any type of value, if i was one of the big majors and a couple of big names go under and i can buy them in bankruptcy, im going to make the same point you just made im not paying more than x because of what josh brown said. Theres still a return to be made whether oil is trading in the long run, 20, 40, 10. The argument you made is why these companies and why like all these private Equity Companies will get deals of a lifetime because the long outlook for energy is so bad mark, i appreciate you being with us. Im going to let you run ive got some developing news i want to get to, but i really appreciate you being on here making some sense of what weve all been watching in the oil market over the last many days thats mark fisher of mbf trading. Hes the ceo you may have noticed and i notice many of you have, that we have given up a fair amount of the gains that weve had in the market as well i want you to pull up shares of gilead, if you would because there are headlines now all over the place that the ft is reporting that remdecivir has flo flopped, thats their word, in its first trial. You can see the news from gilead and it has taken some steam out of the market, interestingly enough we were just talking about it, expecting some data in the days ahead, and whether that was going to be a positive catalyst or not where do you want to go . Okay, so, you know, jim, which is one of the things we talked about as a risk factor, whether it was to the upside or to the downside this is not the kind of information that the market was obviously looking for. And you know, maybe the better word is hoping for yeah, no, certainly disappointing, scott i was hoping for better, regardless of my cash position of course, i am. But it really lays home a concept here that we have to be honest with ourselves about what we know and what we dont know too often in our industry, the Investment Management industry, people pound the table and they say, i know whats going to happen we are in a position right now as a world and as an industry, where the amount of information that we simply do not know is greater than its ever been in my lifetime jim, i want you to i apologize for interrupting you jim, i apologize because stat news is reporting and weve been relying on stat news, as you may know, quite often in the evening, because their reporting has been fantastic and they say that data on Gileads Remdesivir was released by accident, said to show no benefit for coronavirus patients and im quoting from the story they just posted weve had several of their reporters on the evening program. The Antiviral Program remdesivir from gilead failed to speed the improvement of patients with covid19 or prevent them from dying, according to results from a longawaited clinical trial. That was a trial that was conducted in china gilead is, however, suggesting that the data showed a, quote, potential benefit. Maybe thats why shares have rebounded off of the bottom. This says that the study was released inadvertently and posted to the website of the w. H. O, the World Health Organization stat saw it, but then it was removed. So were going to continue to follow that. Jim, i didnt mean to jump on you there, and step on your toes, as you were speaking, and interrupt you, but toii wanted get that news out. Because it certainly is moving the market it certainly has moved shares of gilead i think listen, i think its very Important News and i was going to summarize sbag, i started the show by preaching caution and patience, okay patience i think its the most important virtue in investing. Wait for your spot, folks. And look, somebody is going to say, hey, but youre 88 invested i am i want stocks to go up, but miami being cautious and im practicing patients. I think it will pay off. Eventually, we will get through this if its not remdesivir sorry if i mispronounced it it will be Something Else. But right now the degree to which we dont know answers has to be taken into account in our investment stance. Carrie i was only going to say that there were suggestions a week ago that gilead had looked at the data at an interim level and decided that they needed to increase the size of the trial they said that, actually, that they were raising the number of patients and it could have been that the early data did not show much benefit at all for district thats the primary end point, i think, time to discharge so its possible that this is some of the data that they looked at and made a decision that it wasnt statistically significant, unless they powered this study to a larger group yeah, anastasia, this is what were going to be living with here you know, were going to be a headlinedriven market on the virus more than anything, right . No economic data, clearly, is going to shake us, because if you can put the level of jobless claims on the screen, week after week after week, which are horrific, and make us feel so deeply terrible for the people who are most impacted by that, and yet the stock market can be where it is, its virus related to the data nah will be driving this market for the foreseeable future, it would certainly seem to be. Thats right. That is really the only data point that matters at this point. This is why weve been focused like hawks on the new daily cases, whether its in new york, whether its in the United States or globally and we are definitely seeing encouraging trends but as jim pointed out, patience is definitely a virtue here with the virus and with the markets and we just know it doesnt take days, it takes weeks for some of these trends, for some of these more positive trends to take hold and patients coming out with some successful drugs and treatments is also going to be required as i mentioned earlier, we can be betting on one solution here, where theres many, many in the works. But what i am encouraged by is that there are Many Solutions in the works. And some of them will be starting clinical human Clinical Trials by summertime and perhaps production of some of these treatments by summertime so i think there could still be good news on the treatment front in the months to come. So we cant we cant discard that either. No, thats for sure so gilead shares, by the way, our dom chu pointing out astutely that these shares were halted for volatility at down 6 so theyve reopened, you can see, and theyre bouncing about. And if youre just joining us, this is all a result and the reason why the market has given up a fair amount of its gains and we have been in the green for the better part of the day is on this ft headline that the first results from gilead study in china on remdesivir, in their words, have flopped in that study. Again, stat news was reporting that they got a look at the results which were accidental posted on the w. H. Os website, and were since taken down. But nonetheless, has had the impact that youre watching here on the market. Were joined now by our meg terrell, whos been out front on this from the getgo meg, what do you want to tell us hi, scott well, obviously, a disappointing update, but gilead warning in this ft article, and im waiting for a statement from them any minute, as well. That the trial was not powered promote to really derive any conclusions. And they are noting that there were some positive signals in the data that is something that weve heard from scott gottlieb, who point out the way this drug works, it makes sense. It interferes with the virus ability to replicate and it will probably work better before the virus has gotten to a state that it has really taken over the body and that other things are stating to effect the way the body is responding to the disease. But what it looks like here is that the researchers in china studied 237 patients, giving the drug to 158, comparing that with 79 patients who didnt get the drug the ft also reporting that th drug showed significant side effects, meaning 18 patients were taken off of it we have not seen this data ourselves, because as you mentioned, the ft obtained this from the w. H. O website the w. H. O said this was posted in error we are waiting for more details on this and a statement from gilead, beyond what were seeing in the f. T but, of course, this isnt the final trial. This was the china one that was stopped early. And were waiting for any day, the results from gileads trials and meg, im glad you raised that issue, because jim cramer is tweeting about this right now, and i would love to have your opinion on it, as well. You know, jim is saying that there are five hospitals conducting studies in this country with real controls, that the news will be out soon. Thats what youre referring to. And thats really the news that weve been alluding to all along, that we were waiting for these days ahead, when we would get some news from the trials taking place in this country hes saying this is the chinese trial, as we know, that has been blasted, is not objective or serious. So the real results are from the trials that are taking place in this country do you share cramers view and can you shed some light on those . There are clearly problems with deriving any conclusions from the china trials, because we know that they were stopped early and reports were that they just couldnt enroll enough patients i did just get a statement from gilead here, as well they are saying that they regret that the w. H. O prematurely posted information regarding the study, which has since been removed. They say the investigators in the study did not provide permission for the publication of the results they believe the post included inappropriate characterizations of the study and they note because it was terminated early due to low enrollment, they say it was underpowered to enable statistically meaningful conclusions. Lets see here there are multiple ongoing phase iii studies, they say, that are designed to provide the Additional Data needed and so were expecting gileads trials by the end of this month, so within the next week, and an nih study, which will be the Gold Standard in late may, scott. Those will be the things to watch for to determine if this drug works were glad you were able to jump on our program, as well meg, i should also note, that meg is going to have or at least, power lunch will have adam foyerstein from stat news he was one of the reporters on the story that said they did see the data before it was taken down off the w. H. O website so thats coming up. And im going to hand it over to kelly evans right now on the exchange as our breaking News Coverage continues kelly . All right, scott. Thanks, everybody. And hello. We begin with some breaking news on that potentially bad news for gileads drug, remdesivir. Lets check in on the stock, which had been halted for volatility and its currently trading higher by a fraction of a percent. This is the comeback after we saw it dip much im sorry, theres gilead lets start over again, down nearly 5 on the session today