15. 7 . Sort of a proxy, this is old data a week older than the other data for the Unemployment Rate looking at the chart you can see it coming down tick by tick but leveling off and well hope it keeps coming down in the weeks ahead. Lets look at the states with most claims. California, 28 , michigan 23 of those who are insured or eligible for Unemployment Insurance getting that insurance there, down to rhode island at 28 . Look at the states with the fewest claims, two stories going on here, one, some states not that hard hit, perhaps nebraska, likely wyoming, but look at the right, florida, again, thats a Big National Story here. The percentage of floridians who are receiving benefits being so small because of their problems with their computer systems, just 5. 2 . Now the fed out with a survey of Household Economic developments and they did a supplement for april just to try to get the recent data. They found 90 of households report either a lost job or reduced hours but 90 on the lost job think its temporary. The vast majority do not have a date to return the story here is that we have still continued high jobless claims, continued uncertainty once we get past this period when people have been getting some supplemental help from the government, what happens after that and will they be called back to work well see. Yeah. August 1, october 1 are going to be important dates, steve. I want to talk to you about bank loss provisions but tie this into the markets with mike santoli. Mike, there had been technicians looking at bkx against the s p, bkx against the ndx and saying it was time to revert a little bit. Did we witness a decent test this morning it seems like it. I mean its been pretty stretched for a while. It seemed yesterday there was a little bit of buckling in there when you had the big nasdaq 100 type names back off a little bit. One lesson from the actions this morning is that the average stock has been in a kind of correction mode for weeks now, equal weighted s p down 8 coming into today, down another 1 today youve had a lot of kind of backfilling under the surface of the indexes for a while and you needed it all to stay weak, including the names for the whole market to break. I think its very technical and tactical and very much about positioning and squeezes and where people are roucrowds and where are they not you can dial back to and say this is the third or fourth 5 pullback from a high that went only that far since about the beginning of april i think thats the push pull were ob serving right now steve, when you look at the banks from a stack standpoint, do you begin to think about what q2 provisions will look like, whether or not this job loss, personal strain on Balance Sheets are going to result in in terms of loans and mortgages i think so, carl, and i think you really asked the right question its sort of a question that powell is asking and i think a question the market is asking here, which is, this is a sort of off the mainline example here, but verizon this morning said that delinquency rates are like 2. 5 . Thats kind of what you would expect in part because the government appears to have stepped forward and replaced a lot of the lost income here and thats why, you know, you have the provisions and you cant really know exactly what delinquency rates will be for this month and next. As you were suggesting what happens in july and august will the income replacement be there . People, look, on average theres going to be some people left out, people not getting unemployment claims, people who may not have gotten government checks, some of the businesses that didnt get the p pp loans, but on average, the income is there in the economy to replace what was lost from the government, okay, and so what we dont have is a plan here for july and august. To the extent that powell and others are talking about the uncertainty down the road, its that uncertainty, where is the money going to come from to pay those bills and do you have to work, which is what mike is talking about right there, to think about higher delinquency rates in the next quarter if you dont get that replacement i want to know if economists are talking to you about the possibility of, i dont know, Zombie Companies out there because of some of the moves that youre talking about, the fact that theres been so much stimulus, the fact that its hard to see what the real economic consequences are for whats going on. There might be companies that havent let workers know yet theyre not going to be viable Going Forward because they dont know yet people who think they have a job really dont, and, therefore, we could see the impacts of this stretching well into the fall and perhaps the winter theres no doubt there will be Zombie Companies, jon you have to sort of ask the question which is how does the government make a choice between saving those companies that deserve to be saved, saving those companies that dont deserve to be saved, and even if they did before the crisis, may not need to be in existence afterwards theres simply not a very good way for the government or the fed to call those out. The problem with this downturn is, you look to a downturn or a regular recession and say those who dont survive probably shouldnt have survived and the strong will survive and so you have what we call Creative Destruction. Im not sure and i dont know the answer to this the extent which you want Creative Destruction to work in this process because lets say you have a company, a nail salon on one side of the street, another nail salon on the other side of the street, one of them got a ppp loan and the other didnt, even though the other one may be a better run company that one is going to survive it becomes random. That is going to be an outcome like nothing weve ever seen where the normal processes of economics are not working and in a sense the government is suspending mike santoli, i want to get your thoughts on where we are in the markets in general because weve been in a pretty tight range over the last couple weeks and there seems to be a push pull happening between bulls and bears or optimists and pessimists, where on the bearish sides some of the heavyweight wall street investors, Stan Druckenmiller and david tapper, paul tutor jones, i could go down the list, saying stocks are overvalued here and theres a disconnect but on the other side you have Companies Like mastercard coming out and basically suggesting that were moving from stabilization to normalization in terms of the data theyre seeing, more reopening efforts from starbucks, tapestry. The freight data from cast freight index suggesting weve seen potentially a bottom as well how do these two forces play against each other and what does it mean for the market Going Forward . I mean, its obviously an eye of the beholder market you can say that it looks very overvalued or top heavy or very narrow in terms of the kind of leading stocks all the most obvious ones, nobody feels like they have an edge in the big Growth Stocks we can all name right here. And then on the other side of it, are you a rate of change investor where coming off an extremely low base, you know the market always anticipates an Inflection Point and the stock price is going to lead Economic Activity is this now enoughimprovement to say that, in fact, youre up and away in terms of the rate of change being better. I think that argument worked a lot more effectively when the s p was at 2500 as opposed to 2900 and thats why i think price matters a lot when commits to sorting all this out because nobody really is working with substantive realtime information that seems all that relevant you have to kind of project it out either its going to be a more of the same environment or its going to be a rotational environment where some of the real economy type names like Consumer Finance and autos and appliances and all the rest of it that have been left behind right now might start to work again and get some traction. Thats the argument thats going on within the market at this point. You know, maybe you can look at this chart and say the s p seemed to define what the ceiling is for this phase right above 2900 we dont know what floor is, if this is really a routine pullback after a pretty good rally steve, one last thing, i had to laugh yesterday, jpmorgan has the new model that looks at the risk that nber declares a recovery in the next 90 days and their argument is that the data would tell you theres about a 20 chance of that happening, but the stock market will tell you theres about an 80 chance. I mean thats a pretty dramatic disconnect yeah. You know, i started the week reporting on the disconnect between the economists and the market and my phrase was that the market had become unhinged from the uncertainty it was so certain, and i think powells speech yesterday was redirecting the market to kind of focus again on what he calls a significant downside risk. I would say this, i take a back seat all the way in the back of the bus when it comes to listening to santoli on stocks, obviously, but my one thing that i look at is, the number of companies that have withdrawn guidance i mean, if the executive of a company cant even make up a number, which they usually do, how is an investor supposed to value that stock upon what will they value that stock . If theyre not asking for much greater risk reward for taking guidance on the stock thats withdrawn theyre unhinged they have to value before the 1990s when nobody did guidance when everybody is lifting guidance everybody wants to lift guidance because they hate it otherwise. If youre not getting credit for transparency you would rather say, sorry, cant help you here. Thats a fair point given the debate weve seen. Maybe theres a structural change in theway guidance is issued, guys that was a good way to start the hour talk to you guys later, mike santoli and steve liesman. Now to meg tirrell who is taking a look at how coronavirus tests are shaping up across the u. S. Meg . Steve was mentioning the disconnect between economists and the market theres also disconnect in what were seeing from where expert says where we need to be on testing and where we are lets take a look at where the u. S. Is overall with the number of tests it has been ramping up and you can see over the last week were sort of getting around 300,000 a day, prominent Harvard Group suggests we need to be at 900,000 tests per day by tomorrow in order to safely reopen theyve done the modeling by state based on the size of each states outbreaks. You can see a breakdown of which states are doing the most. The gray states in a good position, doing sufficient testing and positive rate of tests is below a 10 threshold, a threshold that w. H. O. Recommends in order to see if youre doing enough testing and not missing a lot of cases out there. The darkest states are the ones that are neither meeting the number of tests needed nor that 10 threshold. Guys, theres another question here about tests too, which is how accurate are they . This is really coming into the news right now with the study yesterday that morgan cited on the abbott i. D now test and nyu did a study that has not been Peer Reviewed where they compared the abbott i. D. Test with a validated cepheid test and they found it missed one third to one half of positive samples half the time they were telling people who did have the virus they didnt. We reached out to abbott and they dispute the findings and the results are notes consistent with other studies of the test and distributed more than 1. 8 million of these tests and the reported rate of false negatives to abbott is 0. 02 which they say they previously shared with the fda. They say its unclear if the samples were tested correctly in the study. In communications with other users of the tests they say its performing as expected another piece of concern about this test its the one mainly being used by the white house and was touted by the president in a rose garden ceremony a couple weeks ago i reached out to dr. Michael at the university of minnesota about this test and he said he was in disbelief weeks ago when he learned the white house was using it as a Screening Test for contact with the white house staff. He said it would be like giving skirt guns to the secret service. Guys wow thats some wording there, meg tirrell. Im glad you referenced that as well because the efficacy of the tests, you can say you have a test but how well does it work thats what everything hinges on speaking of disconnect, seems like theres disconnect in terms of the guidance and time tables were getting whether from different officials in the government or even different ceos at different Drug Companies right now on when everyone thinks realistically well see Something Like an effective vaccine that is actually in the marketplace and able to cover americans and other people worldwide . Yeah. There was a story from the novartis ceo saying he thinks it will be the end of 2021 which would be a twoyear timeframe to be getting a vaccine even that would be faster than weve ever seen a vaccine in history. We just have to watch the progress of these companies that are trying to shatter records in vaccine development. Its really anybodys guess right now whether one will succeed. We all hope they will. The timelines so far have been impressive, but until we really start to see the results of these studies which are already ongoing its going to be an open question how soon well actually get a vaccine that can be broadly deployed meg tirrell as always, thank you for your insights and great reporting. Still to come, the casinos of the future, a look at measures the industry is taking to secure customer safety. Were going to be discussing that right after this break. Stay with us ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Truly transformative sleep. So, no more tossing and turning. Because only tempurpedic adapts and responds to your body. So you get deep, uninterrupted sleep. During the tempurpedic summer of sleep, all tempurpedic mattresses are on sale woi felt completely helpless. Hed summer of slonline. 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 as you can see right there the dow just turning positive, albeit fractionally up 42 points after being down as many as 458. Across the u. S. State leaders are facing the choice of when and how to reopen their economies while balancing Citizen Health we are tracking how states are faring since reopening on april 20th, South Carolina has seen an 83 increase of cases and 72 increase in hospitalizations however, testing is up 130 , with 9 coming back positive since april 27th, minnesota has seen a 259 increase in new cases and 123 increase in hospitalizations an average of 60 hospitalizations per day testing is up 107 , though, and 11 of tests are coming back positive minnesota plans to reopen retailers at 50 capacity on monday and bars and restaurants on june 1st. South dakota, since moving forward with its back to normal plan april 28th, the state has seen a 66 increase in cases and 87 increase in hospitalizations, an average of 8 per day. Testing up 58 and 14 of those tes tests are coming back positive south dakota never issued a stayathome order and casinos did reopen last weekend. The increase in hospitalizations across the board concerning, that shouldnt be increasing with testing staying with casinos and the virus, the industry not pushing its luck when it comes to reopening. A major transformation is under way. Contessa brewer has that story reporter casinos arent willing to roll the dice with coronavirus exposure so gamblers will see some immediate changes. Doors that open automatically. Dealers wearing masks. Limited spaces for players at the tables. Nothing beats the energy of standing around a craps table or a crowded blackjack table when players are winning. Thats not going to happen in the same manner. Reporter poker rooms may have plexiglass partitions blackjack tables may have sneeze guards on steroids and cards dealt face up for less handling. At the slots machines will be turned off between players casino operators are increasing their cleaning budgets sanitizing chips or changing cards more often in this deadwood, south dakota casino, crews put stickers on spaces theyve just cleaned. One thing that will stick is a renewed focus on sanitation and hygiene and cleanliness. Reporter amid covid19 concerns, casino buffets will likely become historic relics as theyre expensive to operate for some, drink service will disappear for the near future. Employee testing and temperature checks will become standard in some casinos wynn resorts has established an Onsite Testing Center the shutdowns push traditional gamblers to Online Casinos and more states are likely to approve mobile gaming in their pursuit of new tax revenue mgm resorts told me they are going to upgrade their air filtration system and aim for everything touchless think voice activated elevators. The biggest change may be in how you pay to gamble. Already Electronic Payments are the basis of mobile gambling and casino operators across the nation are urging regulators to approve electronic payment in bricks and mortar casinoses so imagine how many germs you could skip out on if you ditch the dirty dollars and ante up with your smartphone. That sounds great i wonder about the impact on the workforce. Higher cleaning budgets so maybe that means more people cleaning. Do you have fewer servers and in a culture thats heavy on tipping, particularly in cash, boy, thats dirty. How do you handle that yeah. So one, thats the point, theyre going to have is hand sanitizers for the cashiers to go between customers a lot of casinos are mandating that their employees, all must wear masks, any time on the property, and in terms of switching out labor costs, already you have casinos pushing back and saying, look, if i can only open at 25 s capacity i cant afford to bring people back to work theres no way for me to make that profitable. The las vegas casinos, there is no opening date set yet, so people who are jonesing for their vegas fix, have to do what i did pull in a zoom background and make that suffice for now. Contessa, this may be out of left field but if theyre trying get traffic back in, do they adjust their payout ratios or house edge to make it more worth your time to come in and at least play slots . The short answer is no. What theyre doing, theyre focusing on their lucrative customers and marketing at the beginning because they dont want to spend the money on it, its only going to be tailored to people they already know that are great casino customers the gamblers that come in and know how to put a stake down, these people are going to come in and play the penny slots might not be on the market for some time. Its going to be fascinating to watch the level of complexity that it takes to run a casino on a regular day, not to mention in this new world were in. Thanks contessa brewer, as some of the casino stocks are in the green this morning as the dow briefly went positive after being down 460 points this morning, well take a short break and be back in a minute. E, and especially your awkward ones. Thanks for sharing your cute kids. And your adorable pets. Now its our turn to share. With the geico giveback. A 15 credit on car and motorcycle policies for both current and new customers. And because were committed for the long haul, the credit lasts your full policy term. So thanks again. One good share deserves another. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Lets get a news update with sue herrera at hq. Good morning, carl. Good morning, everyone heres what we know at this hour data from Oxford Universitys vaccine trial shows of the six monkeys studied none developed pulmonary issues commonly associated with covid19 that trial is still in its early stages United NationsHealth Experts are warning of a Global Mental Health crisis a report suggests isolation, fear and economic turmoil are likely to create a surge in the number and severity of mental illnesses. South koreas womens golf tour resumed today it is the first ladys professional Golf Association tour event in the world since golf championships were postponed due to the coronavirus. South korea has, however, reported nearly 11,000 cases of the virus and 260 deaths were back in an hour with more. As always, get our coronavirus coverage going to cnbc. Com morgan, back to you. Sue herrera, thank you. European markets are set to close in just a moment eric chem mi has the breakdown. Following sharply todays virus recovery hopes dwindle all european sectors in the red with the autos and insurers leading the declines mcdonalds, subway and starbucks have started reopening in the uk, but only for to go services. Lloyds of london says the coronavirus pandemic will be responsible for the largest loss on record for insurers cruise operator carnival will use a combination of layoffs, furloughs and Salary Reductions to cut costs while its ships remain docked. British air ways is forging ahead to dlash 12,000 jobs despite the uk government extending support for wages. The ceo saying the aid would not make up for the drastic industry changes and weakened global conditions. Sanofi back pedalling saying its covid19 vaccine will be available to all countries once ready. The clarification comes after the ceo said United States would receive First Priority since it was the first to Fund Research that comment sparked outrage from the french government. Reuters is reporting European Union officials are planning to take stakes in public companies. After the break, the chairman of Citi National bank on why he thinks we need a new version of the new deal. Were back in two minutes. Stay with us hey its me, lily from at t. Im back working from home and here to help. Hey lily, im hearing a lot about 5g. Should i be getting excited . Depends. Are you gonna want faster speeds . I will. More reliability . Oh, also yes. Better response times . Definitely. Are you gonna be making sourdough bread . Oh, is that 5g related . No, just like why is everyone making sourdough now. But yes, youre gonna want 5g. At t is building 5g on americas best network. Visit att. Com to learn more. Welcome back our next guest believes the country needs a new economic plan that includes infrastructure, job retraining and other measures joining us the chairman of Citi National bank and rbc Wealth Management in the u. S. , russell goldsmith, featured in a Los Angeles Times article titled this l. A. Banker thinks the new deal can point the way to recovery. Thank you for being with us today. Morgan, its great to be back with you actually, im in favor of more relief and recovery both okay. So when you say so lets break that down. When you say more relief, we had Senate Minority leader Chuck Schumer on talking about the house bill to add another 3 trillion in aid in stimulus right now which is widely believed to be dead on arrival in the senate. When you say relief, are you talking about Something Like that or talking about Something Different be i was on the feds federal Advisory Council in 08 and 09 and saw the playbook the government created to fight the Great Recession and in so many ways we need that playbook and there are three parts to it, and we need it on steroids given the severity of this recession worse potentially than 08 09. The fed is doing everything it could, doing a great job building on the architecture of 08 09, and congress has supported relief in a big way but were not done in 08 and 09 the states and local governments didnt get relief and they laid off more than half a Million People and that hurt the recovery, it hurt the delivery of the essential services locally im not sure everything in the house bill is perfect, but certainly support for state and local governments is critical. Only the fed can come up with the kind of resources that states require, and these are the Services Every american counts on, police, fire, teachers, emt, our Health System those are two layers of the recovery stool, with the fed which theyre doing, more relief is still needed, but then my point is weve got to turn to recovery as well in 09 under president obama, Congress Passed 785 billion fiscal stimulus plan we all learned that shovel ready isnt immediate, and in hindsight, 785 billion is a huge number, but it wasnt enough my point would be, weve got to do all three things now. The feds cooking, congress has more to do on relief, and weve got to put in place the kind of recovery stimulus that in the next six to 12 months will really start to make a difference so we can get out of this severe recession sooner, faster, better yeah. When you talk about a new new deal, in the 21st century what would you envision that looking like and how realistic to think that i guess both sides from a political standpoint could come together and actually craft something . Well to the second point and maybe im optimistic, unduly optimistic, but i think you saw the senate and the Congress Voting with overwhelming bipartisan majority so far and i just hope they dont lose that spirit in the face of this horrible clamty, this tragedy were headed well over 100,000 dead if that doesnt galvanize bipartisanship, i dont know what will. Youre right, we actually have i think a National Agenda that Everybody Knows about, so we could not only stimulate the economy and enhance the recovery and get people back to work, but we can do it in a way that invests in america in a very solid way that makes sense and the list is long. Russell, i wonder along those lines our public Health System dont we need a philosophy for why a new new deal would need to be put in place . Some people seem to be arguing for stimulus and relief to bring things back to how they were other people are trying to use this as a springboard to i guess equalize inequality or something is does somebody need to say, heres the type of america, heres the type of economy that we want to build, whether its to restore economic mobility, to give a chance to people who want education or to better themselves, doesnt there need to be a stated philosophy for further spending absolutely, jon i think thats very well said. What i am trying to say is, is not to make kind of radical changes politically, not address some of the contentious issues, but try to pick the kind of investments that i think almost every american can agree on. Its blatantly obvious, for example, National Security has to include a radical improvement to our public Health System. When you lose over 80,000 people dead, more than vietnam and 9 11 and, sadly, its growing, thats a National Security issue. We can divert some money from the pentagon and spend it on doctors and health care and vaccines and prevention. Things like building out our infrastructure, responding finally to climate change. Retooling our economy, investing in education theres a whole range of things that i think most americans can agree on that arent contentious politically but will create millions of jobs an they will help us get out of this severe comatose economy faster and better but well do it in a way that weve invested in america and well be a better country for it russell, im glad you brought up National Security because china keeps coming up in the framework of ending globalization, potential retribution for the virus as it was, we think, caused, repatriating supply chains whats the impact on inflation and farmers and our availability to get medicine and the consumer is it a good time to go to war with china it is not a good time to go to war with china. I think in many ways its a distraction from what we have to do i like to say at Citi National and rbc, we are where we are and lets deal with it we are where we are and we have a horrible pandemic and we need Global Cooperation you know, as youve reported this came in not just from china, it came in from europe, it doesnt matter where it came from, its here. How do we deal with it lets do the testing, lets do the Contact Tracing and lets develop the treatments and vaccines lets keep our frontline people, our courageous heros in hospitals and emt and First Responders get the relief to the states so they can afford it and start putting in place, probably in a phase five bill, the recovery stimulus in the obama era it was 785 billion. My guess is, its got to be at least 2 trillion dollars the fed can the federal government can afford it Interest Rates are at historic lows unemployment as you reported this morning is getting close to 40 million americans and theres another 20 or 30 that are understaunder employed the data lags. This calls for the 08 09 playbook but on steroids we have to do all three things well the fed is doing Great Congress has more relief to do, but congress has also got to put in place the kind of recovery stimulus that this severe recession threatening a depression confronts us with today. In the meantime i want to get your thoughts on the state of Financial Services right now bank stocks, i realize theyve paired their losses in trading today, but in general have been bludgeoned over economic downturn, loan losses and loan Interest Rates how would you describe the health of the Banking System is there a cause for concern you know, this is another great lesson of 08 09 dodd frank got passed and the fed and occ adopted higher capital standards. Im competent our Banking System is in great shape, probably the best its ever been in of course the markets are nervous. A credit in this crisis, unlike 08 09 will be a lagging indicator and people dont know what that will bring. So that creates uncertainty. I think that theres been tremendous consolidation in the banking industry, which has been healthy, so youve got most of the banking in somewhat larger Citi National is an example, part of the royal bank of canada, one of the safest banks in the world were in superb shape. Thats true for many banks in the United States. But especially i think ours. I think people are understandably concerned, but i think the Banking System will weather this very, very well again, the Banking System is a reflection of the economy, which is a good reason you know, the things im calling for are an insurance policy. Maybe im wrong. I hope im wrong yeah. We all buy insurance to protect against the worst, and in this crisis, with unemployment at these levels, gdp is going to plunge 20 to 30 to 40 in the Second Quarter on an annualized basis, its time with rates so low for the fed, the federal government, to step up and ensure that we have a stronger, better economy over the next few years russell goldsmith, thank you for joining us today thanks for having me with you. Its my pleasure as we go to break, take a look at shares of delta this morning. Did hit seven year lows. Retiring 777s, trying to get cash burn to zero and the airline expects to be overstaffed on pilots by more than 7,000 based on capacity expectations this fall were back in a minute happy birthday so, it goes. Hold up your answers. How is mickey doing today . Youre just a really hard worker. The delayed olympics looking to be costly Julia Boorstin has more details. Hey, julia jon, the International Olympic committee saying it expects to bear costs up to 800 million for the delay of the 2020 tokyo olympics. Those games have been delayed from this july to next july. The ioc announcing this in a Conference Call saying theyre working to have the games in july of 2021 in a safe environment, saying theyre full speed ahead focusing on tokyo and dont want to fuel speculation the site would change Nbc Universal which has the domestic rights to the games, discovery has the international rights, both said they wont suffer losses from the rescheduling of the games from this year to next year, though they are missing on potential gains from the related ad revenue but it does seem here based on the 800 million that the ioc, international committee, is bearing the brunt of that big move guys, back over to you julia, interesting. Of course athletic associations have a lot of decisions to make and on a week where the japanese Prime Minister has warned about a second spike and a surge in new cases there, morgan, im reminded that a few months ago you had areas like london saying they would offer to host the games if it was impossible to do so in japan. Its a very fluid situation. It certainly is i know youve been watching it closely, carl. Still to come, is your boss tracking your work from home productivity were going to talk with one company that monitors employee activity coming up next. With stocks lower right now, the dow down 122 points after moving between losses earlier and then gains and then back to losses. Stay with us i think youll see many employees that will continue to work from home, youll have many that will get back to the office, and then you will have some that will do both i think it will change things like how we think about talent in the future. I think this has given us confidence that we can higher rtipnt anywhere and have them paicate productively on teams regardless of their location very rough time for the dow l laggards this week so far. All in double digit declines even as we are off session lows. 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With millions of americans shifts shifting their work to home, are companies seeing a lack of productivity jared, good morning thanks for having me on im excited to be here tell me whats the surge in demand look like were seeing incredible surge in demand right now in the last two months number of customer sign ups has more than tripled. I wish it was under different circumstances but the fact is remote work seem to be going mainstream now i think companies are having to adapt to this new normal we have heard from several companies that have thanked us for providing a tool like this because they dont know if they would be in business without it. The concern i hear is a kind of brig brother, overlord always watching getting the job done and looking busy, two Different Things do companies have enough intelligence about how people normally get work done to accurately measure productivity at home . I think these are additional tools that companies are getting smart about looking for. I want to say employee privacy is very important to us. We lead with transparency. Were very transparent about how the Software Works and we feel its important for employees to know not just how it works but they are in control. Its a time tracking map they download it and decide when the start the time tracker and when to start the time tracker they have access to all the same data that their employer does. We think social securiits a tw. We heard from several employees they are presht ifr bauds everything they have with juggling, with kidding being at home and having to deal with elearning, they have so much going on they dont have to worry about the boss checking in on them regularly anymore. Now they can show they are working or being productive. How have work patterns changed especially what you mention . A lot of parents not only have to work but keep the kids on task with school yeah. I think the proof of work aspect is just one area that our software covers. Its many different data points to it. I think your top performers are within the company regardless and this software is more so there to give some additional insiei insights we automate time sheets, we have pay rates and have item rye yourties for tasks which was a pain point for companies which makes sure employees know what they should be working on and when i know youve seen a big increase in demand for your products and more Companies Sign onto use it. How much does this service cost and how much of those new companies do you expect to stick around even after all of these economic reopenings start to take place and workers begin to get phased back into offenses . It goes up to 20 for the highest rate plan. Companies will be working long after this pandemic. This was a trend that started agts, ten years ago. We feel like we were ahead of the curve. Our entire company has worked remotely from day one. I think theres huge competitive advantages to Companies Working remotely youre seeing things like twitter extending their work from home policy permanently where anybody at twitter can work from home after this is over this isnt just a temporary period were in. Crazy hypothetical. If a vaccine got announce today and we had massive doses given around the world, how much would really be unwound . Well, i think what were hoping for a lot of the other aspects of our software which has to do with automation will make this have staying power this does more than preekt work. It helps you automate a lot of those back end chores were having to do not just remote proof of Work Software do we think theres something that gets lost at an employee or a team member when youre essentially on a moon base were all working remotely, i imagine you are too but i wonder what happens to the connectivity between employees over time and whether thats a harmful effect. I think youre touching on something important here remote environment, the connectivity was much harder to have with your employees its easier to do in an office setting. You need to look for ways to increase that communication and you need to safeguard around not falling into the bad traps of communication. That comes back to managers having to do frequent check ins be p people may not be working the traditional 9 00 to 5 00 hours because of all the things were discussing juggling your personal life with work life what you dont need on top of that stress is having the boss check in on you regularly. This will lead to better communication and not just kmek check ins that happen throughout the day i think it helps in that regard a lot. Jared, how are you keeping all of this data safe at a time when theres so much focus on privacy and security and sochl the some of the impacts we have seen from hackers. We say protecting the sate very seriously. We have various safeguards in place and were working every day to improve them. I dont want that to cloud the benefits overall if the employer and the employee i think this is really beneficial stuff to be using in a remote work environment. Do you expect this type of software to become standard in productivity platforms were seeing battles raging between the slax, the team, salesforce platform, et cetera how deep is your integration into those sorts of platforms. Do you think it will get deeper . Will you have to compete with those platforms . I dont see us competing with them but collaborating with them, integrating with them. We do several different partnerships with some of those Larger Companies and thats only going to increase for us thats major focus as we have looked at these pain points that the remote work force is having, they happen for Field ServiceCompanies Like plumbing company, Construction Companies and were pushing aggressively into those markets as well and trying to come up with solutions for them to solve the same problems . All right jared brown. Well keep an eye down thanks for joining us. Thanks for having me on interesting discussion especially in light of what cisco told jim last night on mad money about working remotely we did get that bounce, john, as the white house suggested they would be open to some kind of phase four coronavirus package in terms of aid. We got back to 2800 s p. Overall, the weakness is really in bank, aviation. Its in reits and real estate and the 52week lows lead you to those sectors. You mentioned cisco its up 5 the market overall not taking those big swings we were seeing a while ago but were seeing interesting individual stock moves, morgan. Yeah, thats right. We have seen a big reversal in the bank stocks that started trading lore ae ining lower. The other big focus is the labor market the jobless claims numbers we got this morning and not just those initial claims but the continuing job leless claims tht are high now they will be the biggest focus over the coming weeks as we see more local agains aga economis open lets get to hq our breaking News Coverage continues right now. Our top story today, the pull back and the path forward for your money with stocks under pressure for a fourth straight day. As carl said, in just a few moments well be joined by the billionaire investor nelson peltz who is invested in Many Companies right now in the thick of this crisis some of which are probably in your portportfolios. First, we debate where we might go from here with our