The past six weeks a closer look at that is on tap, if you dare. Plus, three big ber viinterview hour the company is saving their dividend protecting that we have the mayor of houston as texas gets set to reopen the ceo of Dunkin Brands on how that company is add justing this this age of coronavirus. Kelly, over to you thanks im looking forward to all of that after today well have heard from half of s p 500 companies on their earnings. Lets get to bob with more on that and the markets reaction this far bob. Maybe all of them are equally important. We have roping hopes in my book, thats the most important. Secondly we have expanding test and treatment possibilities out there. We heard that in the last couple of days. We had this massive fiscal the low rates have made stocks are lot more attractive than bonds. The problem what we have is earnings because were not getting any guidance at all. All companies are declining to provide any Forward Guidance that we got here thats bit of a problem. In place of guidance, we had these green chutes that are out there. We had the vague hopes and comments that maybe may june was bottom april things started picking up. A lot of vague comments and the market is buying into this narrative that may june was the bottom and the earnings estimates will bottom out in that period. Well be down 25 or so for the year the biggest risk to the rally, the roping falters faltering can come from a wave of einfections or the openings you see the market buying into this narrative the reopening narrative. Energy, retail and banks were down the market believes the reopening right now. Well see. Youll want to watch the reopening story. A shocking number out as an additional 3. 8 million of us filed for jobless claims over the past week. Steve picks a part the numbers for us you can only say this is a disheartening data point when you see these kind of numbers come out not only was it an astro no, maam cal at 3. 8 million but it was higher than the estimate from wall street how much higher. Higher by the amount we get in a normal week. 300,000 or more higher thats 30 million over the past six week who is have filed for Unemployment Benefits and thats about one out of every five workers. You can see the trend. It is a little better. Its come down from the peak north of 6. 8 million but each one of those numbers there to the right of that 6. 8 million, that would be a record on its own compared to the precoronavirus history in america. One way to pauut all of this in context is the insured unemployment rate. This is week old data. Thats what the government puts out. 12 nationally now we rank the top 10 states by their size michigan at the top. 22 . New york and california around 14 . Look at this next chart because its a little more interesting as you move to the right there, north carolina, 11, texas, 7 florida, 2 . Were looking at two things. First were looking at the states that werent as hard hit. Were looking at the states that cant process claims florida has become a National Scandal in terms of its inabilities to process claims. Some 40 not getting it who are said to be eligible. Nationwide, here are the numbers. 64 of the increased number of filers are getting benefits according to john riding at green capital. That means only 64 are getting the benefits that the government laid out for them. All right thank you very much. I guess a lot of people are having trouble even getting through to hatheir state unemployment offices and getting to whatever the forms are. There must be a huge backlog there. Thats true let me tell you about the sequence you had the 20082009 crisis states had no money. They didnt update their unemployment system. Boom, this hits. Antiquated systems old software, old programming languages and really unwillingness on the part of some states to provide these benefits and all of a sudden all these people who desperately need this money are not getting it all right thanks very much despite a slew of messy earnings and weak Economic Data with the worst still to come, stocks are on track for their best month in decades. How worried should investors be about the disconnect between the economy and the market for more lets bring in jeff mills. Hes chief investment officer. Jeff, let me ask you this. Theres a lot of people, a lot of people who might fear that they have missed out on this rally with april being as strong as it has been should they be afraid they have missed out its a great question i think investors have been trained almost to buy now and ask questions later. I think thats exactly whats going on we were talking about a lot of Economic Data proceeded by the words worst sense and a lot of price action thats being proceeded by the phrase best sense. Its not a rule that the economy and have the stock market have to align especially in the near term a lot of folks are starting to think, wow, what does the stock market know about the future of the economy that we dont . Thats starting to draw them in as were talking about reopening. I think the reality is the stock market often doesnt know that much more about the Economic Future than really anyone else especially when youre thinking about leading Economic Indicators usually the stock market bottoms alongside leading i understa iis stocks have bottomed in the same month as leading economic i understand indica i understan indica understand indicators we want to be kashs here we think the market will have to take a breather. Thats how we i vest for our clients. We have used this rally above 2800 to take a little bit of risk off the table you have took that given the uncertainty and i think were likely to see over the next number of months thats very interesting, jeff im so glad to hear you say that thats what ive done as the market has come back in my own portfolios ive derisked a little bit in my own personal portfolios as some of that, like the last time. Richard, let me get you to react to what he said. Is it better under these circumstances to be a little too late rather than too early yes the answer is yes. Its better to be late than to be early i mean, look, the opportune moment is to catch the markets bottom at the bottom thats clearly the best point. If you had to choose between being six months early or six months late, about 70 of the time be there. Everybody says the market bottoms three to six months before the fundamentals bottom thats correct thats not the analysis that you want to think about. You want to think about when did investors think the market was bottoming. It pays to follow the fundamentals to use the fundamentals as your defining rod and watch the fundamentals fundamentals improving in complete disbelief forgive me for interrupting you there, i thought you were finished i want to delve a little deeper on this point because i think you have strong opinions about it talk to me a bit is it true or not that the fundamentals are likely to get worse before they start to get better exactly thats exactly right the bull markets are founded on improving fundamentals, not good fundamentals but improving fundamentals in complete disbelief. If you think back to 2009, that disbelief was called the new normal i love muhammad to death hes a good friend but the new normal occurred when you had a major bull market. Thats not where we are today. It is not the narrative is that its end or were at the end of the beginning. Jeff, turn to that question of fundamentals i know youve done only sanalys applying pe multiples to earnin earnings we dont know what the earnings will be and when thats correct. I think thats part of the problem and trying to be realistic in terms of where we might stand at the end of the year youre talking about 2021 earnings forecast. Consensus around 120 per share. Thats 4 greater than earnings per share in 2019. During a recession it takes pretty squiabout three years. Thats about 10 upside. Thats a very, very opt mystic scenario in terms of where the multiple is and where earnings come in for only a 10 upside. I think something around 155 for 2021 even if you puta 19 times multiple on that, youre talking about a market where we are now. The fact of the matter is, in high Interest Rate environments when rates come down, that adviser ten advistend to be good for multiples when rates are lower getting lore, thats not a great sign and multiples have compressed. I think to consume were gifted this high multiple over the next number of quarters might be presuming a little too much for mow. Thank very much richard, thank you as well kelly. Thanks coming up, crude oil jumping again today up 17 were still well below 20 there are a barrel were below 17 right now oil and gas giant reporting a loss for the quarter but maintaining its dividend stay with us on power lunch. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. And tailored recommendations. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back kru crude oil prices rebounding today. Were still above 17 a barrel its helping boost shares of conocophillips lets check in on how those are trading. They are down under 30 this year conoco just reported a First Quarter lost that beat estimate this is morning and niensannoun they are maintaining the dividend ryan joins us from houston good to have you welcome. Thank you good to be here. Why maintain the dividend im sure it require a lot of other things to go by the wayside right now. Well, we reset ourselves in the last downturn our industry experienced in 2015 and 2016 we have a return to shareholder target to 30 of our cash. Thats made up of fixed portion through the dividend and a very flexible portion we suspended that flexible portion and we set the dividend back in 2015, 2016 that we thought we could maintain. Were very comfortable with where we sat yeah, ryan its pretty stunning to say oil can go to minus 37 a barrel. Walk us through the scenario now. If crude stays at 10, if its at zero, if it goes up to 20 or 30. How much of a difference does that mean for your profitability or lack thereof . Well, obviously, were functional of what the commodity price is we expect the second and the Third Quarter to be pretty tough which is why we have announced voluntary down were not going to sell our crude for the kind of prices on offer. We believe this covid driven demand structure works for the System People come back to work around the globe and the united states. That demand will start to rise again. Well get prices rising off where youre seeing them today its very distressed prices. Thats why we have a strong balance sheet. We came into this with eight billion of cash in the First Quarter. We expect the recovery to come later in the year and into 2021 as we look forward as the world comes back curious about two tactical moves here number one is where are you storing crude and how much did you have to pay for that storage . Number two, if your company can weather this but others cant, do you expect to be an acquirer . Were choosing to store in the reservoir. Were choosing not to produce it we have voluntarily curtailed for the month of june 460,000 barrels a day which represents about a third of our company oos production were not going to sell it but choosing to store that down in the reservoir which doesnt cost us anything and were not doing anything to damage the reservoir so we know we can come back quickly when the prices are acceptable to us at that point in time. This situation has caused a lot of distress in our industry. Investors have too many choices. Your market cap is not relevant. Were watching closely when you cut production, does that mean you shut that production or slow the production and if your chutie s it, how expensive is that to restart . We are shutting in the production were not slowing it down. In june you should see our production would go down by 460,000 barrels day. On the flip side, we think it will be relatively easy and quick. Its a matter of weeks, not months to get our production back up. The prices recover to an acceptable level to us that would have us then sell the oil back we dont anticipate a lot of costs. Right now theres not a lot of cash flow associated with this production giving the prices take us into your intersanctum when you saw oil futures go down to negative 37 last monday, what was feeling like in the pit of your stomach and that of of your colleagues what do you feel when you see that kind of action . Ive been in the business 38 years. Ive never seen it before. It was quite distressing and depressing to watch what happened we knew this was coming. As we looked at our plans and scenarios and saw what the market was doing, saw what the demand had been. We knew back in february and march that april, may and june were going to be difficult months we started preparing ourselves for the dispress we seen which led to the cutback and the production were doing as the company that nobody anticipated minus 38 a barrel that was unheard of and something that just shows how the physical market is disconnected from that Financial Market and you got to remember that the index price that youre looking at board today doesnt really match the net back price either the physicals are disconnected from the financial finally, how is coronavirus affecting kr ining conocophillis are you concerned about having people on the job as the supply begins to ramp up and are you going to be in situation of needing to ramp up production quickly as the economy recovers . I think our hearts and prayers, thoughts go out to the people on the front lines of battling this pandemic my hat goes off to our work force. They have done a great job to keep the operations running strongly which you saw in our First Quarter results. We had ten cases across the company. Thats 17 countries over 10,000 employees. None of those cases have been work related they have been vacation or family members the governor of texas is starting to slowly reopen the texas economy and phasing in people back into the office. Encouraging them to continue to work from home they need tools here in the office to support activity were going to phase the broach but it will be a lot of requirements from ppp and social distancing and the guidelines that the federal government has put out. Ryan, thanks so much for your time this afternoon. We appreciate it thank you, kelly. The ceo and chairman of conoco phillips. Still ahead, as oil sits below 20 buck a barrel, texas has been hard. The mayor of houston will join us to talk about what ryan was just mentioning. Apple is higher ahead of its earnings the stock is 10 below record highs. Well tell you what investors are watching and hoping for after this quick break plap woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Welcome back lets go over to sue for a quick check on the coronavirus hi, sue. Hello heres whats happening at this hour ford is laying out Safety Measures that it will take when plants resume u. S. Production. It still does not know whaen tha will happen as it tries to convince Union Leaders to endorse the ropings. Californias governor is expected to announce he is closing the states beaches and parks. This after thousands packed beaches over the weekend despite the states stay at home order separately los angeles is offering free testing to all of its residents. Its the first major American City doto do so russias second highest ranking leader has tested positive for the coronavirus the Prime Minister says he is selfisolating russia has confirmed 106,000 cases and just over 1,000 deaths from covid19. As always, you can get more on our coronavirus coverage by going to cnbc. Com. Ty, over to you. Sue, thank you very much lets go to trading nation looks like we had an interruption of her segment on trading nation well take a quick break as we check the markets here down 347 point ons the dow. After a quick break, maybe well get seema back well speak to the mayor of houston on that pandemic and well hear from the ceo of duncan brands on their earnings and how business is being impacted by the outbreak remember, you can always watch our listen to or listen to us live or on the go. Im always walking to the same old place just in case i see your face i may be acting crazy now its getting late they took my heart away but ill be okay, cause in my dream world im still your dream girl ooh, im still your dream girl ooh snhu lets you transfer up to 90 credits [announcer] if youve tried college but never finished, toward your bachelors degree. [woman] it doesnt matter how old you are, you can do it. You can finish. [announcer] finish your degree at snhu. Edu. Welcome back the oil market is closing for the day and the month. Lets go to dom at the mod commodity desk 18. 45. 22 upside there the rebound has been strong but theres extreme bouts ol volatility and the prices are rising after getting rushed. A day after u. S. Oil major exxon mobile kept its dividend steady. Analysts estimate that global oil and Gas Production could lose around one trillion in revenue as an industry this year next up is the baker hughes rate count a lout of scrutiny coming from there. Well send things back over to you. Thank you very much lets look at shares of apple. They are climbing as the iphone Company Gears up and gets ready to report. Lets try this again from my house to her house, seema and trading nation we are all over shares of apple ahead of its Earnings Report after the bell. A laundry list of challenges with this company. From a technicalperspective, what are you watching . We still like the stock we hold it in all three of our portfoli portfolios its very much in intact great loyalty, eco system of products and Services Growth dwro to your point, this pull back has been garden variety. Its only been a 35 pullback which is the second worst and four major pullbacks sincessumis in if the report is strong, if its sever received well, the challenge is to get up around that 310 region that would be the all clear. Something to note, which is interesting heading into ternings tonight, to get a little technical here, the realized volatility right now is higher than the implied volatility that doesnt happen over the last four Earnings Report. The last time that happened was 2019 after the end of that major 2019 sell off. Historical higher. I think apple led the market higher not saying its going to be the case here but Something Interesting to know. A lot to digest there thank you. For more trading nation head to our website or follow us on twitter. Thank you. Not a single state has met the federal guidelines for ro reopening, several are easing restrictions we have more on who is open for business well get her back as soon as we can get her audio. Tyler, over to you obviously, were having one of those days. Well just hope that the magic kitchen continues to be stable here the state of texas is being hit on two fronts amid this corona pandem pandemic the first is the state shut down plus the collapse of crude prices lets bring in houstons mayor welcome. Its good to have you with us. Thank you for having me is houston ready to reopen in a phased way what are you doing this will be the last day of the stay at home orders. The governor is opening up the state in phases. As of tomorrow, all retail stores, restaurants, malls and movie theaters will open at a 25 occupancy. Well see how that goes over the next couple of weeks and assuming theres not a resurgence of cases then there will probably be some additional things that will open midmay and that 25 occupancy will go to 50 well see. For me, its a little too fast, too soon im hoping thing will go well. I will tell you that today, im announcing 98 new cases and four additional deaths in the city of houston. You are tentatively okay with this but you seem a little hesitant because no one in absence of widespread, robust testing, no one knows to what degree this virus is existing within our communities. We know its there every ta weday were reporting cases. Were reporting additional people who have died as a result we need more testing things are flattening out in the city of houston. Theres no question about that as long as were reporting new cases and people who are dying because of covid19 and we dont have that widespread testing yet then i think you just have to proceed very cautiously. Were trying to balance the health care concern and economic concerns im hoping thing will go well but i think at the same time we need tests and monitoring and trace these things very carefully. What about the schools in your area . Are they closed through the end of the school year what about summer activities and then what happens in the fall . Do you think schools will open on schedule in late august what about that big thing in texas, high school and College Football whats going to happen i wish i had a crystal ball schools will remain closed for the rest of the academic year, which is good. In terms of City Operations, for example, im looking at a june 1st date for basic City Operations in terms of school in the fall, its my hope that school can resume in fall in some hmodified way. Same things for colleges and universities thats the hope. In terms of College Football, a lot will depend on whether some vaccine is found or the cases drop at a really low level and were not reporting da ining adl deaths thats hard to say social distancing will be part of our regimen to come until theres a vaccine. Friends of mine have had hard time booking hotels in other state states will houston require a quarantine for visitors . We tell people we would like for you to quarantine. I think depending on where the numbers are, its hard to say what will happen when youre starting taupe things up, its hard to say for people coming in from outside the state of texas to quarantine when were starting to open things up. Thats one of the dicy and risky things about roping. When you start to reopen and dont have eyes clearly on this virus and you dont know what to degree its prevalent and when states are opening up across the united states, it just makes it very, very difficult to kind of curtail and suppress this virus. I think its Risky Business for every one. I think people recognize we want the economy to get back going. A lot of people are hurting financially. At the same time this is a new phenomenon this virus has not left the premises to what degree its in the community, only the testing will tell testing, tracing interesting theres going to be a lot of professionals going back and forth to houston to get away from this area to yours. Not so sure yet about their freedom to travel. My final question since houston has been less hard hit than a lot of other areas is why not be more open. Why not let restaurants try more than 25 capacity. Why not be one of the places thats a little quicker to say we can let the economy reopen while balancing the Health Concerns our numbers have been pretty good because we shut down early. We start closing conferences and conventions the first weekend in march. We ended the rodeo that was on mar mp ch 11th. Restaurants, bar, those services were suspended because we jumped on it and collective, everybody was on the same page. I think that helped to keep our numbers low. We have only done about 1 of the population in terms of testing. We faced Hurricane Harvey in 2017 you can look on screen and you know where the storm is, when it hits and when its gone. We respects your radar happens to be the testing. Until your testing becomes more wide spread, you dont know where it is and you dont know how prevalent and pervasive it is in your community thats why you have to be very careful and do it in phases and you dont want to over do it or your number will start to spike again. Why has the testing not been as ubiquitous as you seem to suggest it needs to be where is the hold up i think its the entire supply chain you have to have the ppe, the med media, all the elements connected to the testing its all of those pieces you need additional mobile testing sites because you want to get to communities where people may be transportation challenged and cant get to the big testing sites. It takes all of that u you have to have the entire supply testing chain in place in other words f in order for it to be much more widespread thank you very much we appreciate your time. Thanks for having me. Very, very interesting stuff. So much responsibility for mayors, governors. Lets get a check on the bond market rick joins us from chicago good to see you. We didnt have spectacular data nobody is expecting the data to be solid down two on the day. 54s are all time close were not that far away from it. That was march 9th you keep the first date, were at 7 week low closing yields at mie mnus 58 for boons the boon, were the widest we have been in one month at 117 basis points after reversing from april where it was 102, the tightest its been maybe rates have turned or theyre not going to be going down as much that seems to be what the charts were saying. Tyler, back to you thank you very much. Another big interview. Well talk to the ceo of Dunkin Brands and ask him how sales are holding up what hes seeing in his business and what the companys plans are oz states begin to reopen. A look at how we are eating differently during this crisis jane welcome to Grocery Shopping 2020 if you are shopping, you might want to put meat on that lt. Is ill explain why when we come back what do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Welcome back President Trump ordering meat packing plants to stay open during this crisis which is great news for those meat companies. Jane joins us to explain why jane kelly, meat Packing Companies may be shutting down and their labor costs are going up but they have been consolidated for years and their marginals are phenomenal even today. Not phenomenal, whats happening at the last step which is the fed lot where is animals are fed and fattened the last few months of their lives these fed lots are bleeding cash couple head of cattle he bought last foall good to go now good luck finding someone to take them. A couple of guys have gone a couple of week the cow continued to get bigger. Looks like well back up 500 to 550,000 head of castle the usda predicts this week about 469,000 head of cattle will be slaughtered. A year ago it was 642,000. What does a feed lot do. You keep feeding those cows until maybe you go bankrupt. Federal aid is capped at a level that wont sustain a lot of these operations that could have a long term impact on cattle when you keep feeding that cow, costs more to feed it as it gets bigger costs more to slaughter it you end up with these humongous rib eye steaks to cook what about the fruit and vegetables behind you . Whats the impact there . Here at this farm is the family farm, more than doubled since the pandemic because people have shopping for so much produce. How the make my own yeast, which sounds kind of gross they are up 950 you can make your own yeast because im trying to find some. Thats going to be my next project. I didnt know you can make it. I didnt even want to search. All right thanks all right. Up next, the ceo of dunkin brand s about to join us they saw the sales drop by 20 after a blazing start to the new year how have things been in april and how hopeful is the ceo for a rebound in may as many states begin to reopen. Stay with us well be right back and talk coffee and donuts. Plap since 1926, nationwide has been on your side. Weve been there in person, during trying times. Today, being on your side means staying home. Nationwide office of customer advocacy. But we can still support you and the heroes who are with you. Were giving refunds on Auto Insurance premiums, assisting customers with financial hardships, and our foundation is contributing millions of dollars to charities helping with covid19 relief. Keeping our promise to be on your side. Featuring the Emmy Awardwinning voice remote. All the apps you love, including netflix, prime video, youtube and hulu. And the most 4k content. The best Entertainment Experience all in one place. Shares of duncan dropping about 3 they did beat estimates. Minimal same stores slipped because the chain was op pace for robust growth in the metric before it tanked by 19 in the last three weeks of the quarter. Joinings now is kate rogers with a first on cnbc conversation with dave. Thanks so much. And dave, thank you so much for joining us today thanks, kate. Good to see you. You, too. So nearly every restaurant that weve heard from was talk iing about how strong the consumer was pre covid. Du tell me when you think well get back to that place yeah. You know, kate, we were, we had a strong, our strongest quarter in the six years and you know, as the crisis hit, we got into this quickly and did all the right things and were guided by a simple principle of just doing the right thing. For us, we accelerated very quickly into this. We got into Safety Measures ch very rapidly and as you may have heard on call this morning, its a brand standard for us that gloves, masks, flexiguard is a standard for us as well as we shipped thermometers to all the restaurants. So thats been a big focus make iing sure were safe and secure during this look, the last couple of week, whether its stimulus or people moving and some of the markets, were tarting to see green chutes so were enkouncouraged that and were seeing our numbers hover around 20 so not where we want them to be, but at least were encourage bid that certainly and so many people are looking ahead to reopening and fully reopening, getting to sit in duncan and have that morning cup of coffee. In terms of that, who will you be taking cues from and what do you think the future looks like in this new environment were in before the crisis, 90 of duncans transactions were in some form of take waway so it ws easier for us to flex into 100 during this you know safety and security period. I think theres going to be two forces one is obviously the Safety Measures that we just talked about but the other is going to be enhancing your access to the brand and trusted brands like duncan for 70 years, weve been refininging a model thats low touch, High Frequency affordable ticket we think the things weve put in place, 70 of our portfolio is drive through. Weve added about 1,000 curb side locations to those during this crisis. Weve doubled our footprint on delivery from about 2,000 to 4,000 customers. Weve added 400,000 new active users to our Loyalty Program and even in cpg were seeing our k cups and coffee up 20 to 30 so again, where ever the consumer wants to use us, we want to be there and delivering the best experience for them were hearing about potential disruptions particularly around meat whats sploi look like were watching that closely our team and fran chy sees done a remarkable job on contingency. Were not see iing issues on th meat side and we dont have any products coming out of those plants affected and besides that, we have a good straenlgic relationship with beyond and so we feel like were at least to this point very well covered in that area you know, my question is about what you see your future business mix being a year from now, two years from now. Do you think it will be much more heavily curb side pick up on the app, drive through than it is today. In ord in other words, what weve done in the past few weeks is going to be sticky in the future i do and i think that was before the crisis because we were making those kinds of investments and giving a great your brand our next gen restaurant youve heard me talk about in the past really accommodates that with drive throughs and greater access to mobile order and pay so we may accentuate those in the new reality, but whatever its going to look like, duncans been a business thats been low touch, High Frequency, affordable ticket and we think whatever the reality is going to be, that model plays well with that, with the consumer is going to be looking for in addition to those Safety Measures, which we view as really investments in the future dave, last question here. You said a lot of your franch e franchisees eligible for these ppe loans. What is their experience getting back to normal i know theres been a lot of noise around ppp duncan brands is a public company. We havent applied for it and wont take government money. Our focus has been on keeping america working and we vpat furloughed any employees and thats been our gags as a brand but we have worked with our fran chileses they employ an average of 150, they are the epitome of the mom and pop and the small, independent business owners, so were weve been working heavily with them. Many have taken advantage of this were grateful and appreciative to the federal government and governors for making this b available and its all been under the umbrella of keeping america working and so this has been a Successful Program and were very preachtive that the government has opened that up. Perfect david hoffman, the ceo of duncan brands thank you so much for joining us today. Thanks, kate. And kate, thank you. And dave, i just cant wait to have another frozen hot chocolate. Well be right back. Im always walking to the same old place just in case i see your face i may be acting crazy now its getting late they took my heart away but ill be okay, cause in my dream world im still your dream girl ooh, im still your dream girl ooh youve started a whole conversation about hot chocolate back here. They are so good. My son get them all the time it has been a wild month nasdaq up about 15 . Dow and s p up 10 even though were going off stage here for april with a down day. Im going to go get a frozen hot chocolate later today, kelly i swear. Thanks for watching our breaking news coverage. It continues now into the last hour of the month with the close ing bell thank you rch i think it sounds delicious if a little hard to understand. A little illogical but none less tasty welcome to the closing bell. Stocks firmly in the red on the last trading day of the month. Lets have a look at whats drive iing the action millions more americans are out of work and seeking job benefits as data showed a collapse in consumer spending. The fed announced more spending to b even larger firm and despite strong spots, corporate earn
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