The bill nar has the blews these days he will explain why his businesses are struggling and the things that could get worse beyond that and what hes trying to do about that power lunch starts right now yes, it does the nasdaq hitting another all time high today. Its on strachan for its sixth straight day in the green. Bob has more for us. Modest weakness on the day. That tends to mean tech will still out perform. Thats happening today. Its airlines under perform and transports and Logistics Companies like jb hunt and fedex tend to out perform. This has been going on since the coronavirus issue back in february and march and again you can see that happening today. Ben carlson pointed this out the top ten stocks by market caps are up 10 so far this year the top 50 are up 2 but look at the bottom 50. Down 39 thats not a typo. Thats a huge disparity. Its true big stocks tend to be important. They always move the market. Bottom line is they have never been more important than they are right now. The trends are pretty typical of july fairly narrow trading ranges like volume and breadth unimpressive william, what a treat. Two days in a row i get to see you. Thank you, bob. Three more. Hopefully. Despite be outperformance of the big tech stocks, that was an incredible stock, blackrock is getting more caution they have downgraded to neutral due to rising coronavirus cases and because of stimulus running out. Its more pain ahead of investors with earnings season around the corner. Larry adams is at Raymond James and Nela Richardson is here. Larry, do you share this caution on the stock market . So, longer term im opt mitsic mit mystic on tequity markets its issues sentable to some disappointments and just to give you a couple, if you look at, you talked about the covid19 increasing its debt starts to hamper Economic Growth we have 20 and 10 gdp growth factored in for the third and Fourth Quarter of this year. When it comes to the fiscal stimulus package, we think it will get done by the end of this month but if its delayed or comes in smaller than expected, that could be a disappointment we think that you get a limited. If its only 50 effective, is that really the pen sanacea tha gets people back to normal activities i think you have to be caution here we talk about whether its the v or u shape you have a k shape this thing is so complex, larry. I dont know how to get into it. Boil it down for me. Where do you think investors should be positioning here well, i think the problem with the v and a u is they are one dimensional. I think the k is the best letter that youll have a economy that different sectors will be recovering at different pace and magnitude. If you think about the upper level of the k, those are sectors that werent impacted by the pandemic such as e commerce and medical devices. Thats technology and Home Improvements would you share a lot of what larry is talking about and how do you feel about valuations in the stock market if i were to spin off larrys case scenariscenario, i dont k we have the right letter but lets go with that one i think he makes a great point that different sectors will rebound and recover at different rates. If you look at the sectors that are performing well, we tend to look at the Health Care Sector and technology but within those sectors were looking at industries that goes to your question on valuation. Were looking for deals within sectors and not just sectors broadly speaking when we look at health care, we see a sector that is on a valuation trading at a discount to be overall market we know that health care is defensive stocks its a good play to be right now as we expect there will be pull backs in this market and Health Care Adviser to be needed in good and bad times and the demographics support health care over long term. Perhaps populism and deglobalization that could be an out growth of this pandemic. Its really focusing on those industries that are built to perform regardless of whether we get vaccine this year or middle of the year nec year nela, reading your notes, you say you should position yourself defensively and offensively. I guess this is how youre trying to do that. You have to be very choosy in how you choose those industries that are both either defensive or offensive, right . Thats correct. Thats why the north star has to be strong Balance Sheets and companies that can grow their dividends over time and regardless of sector twothirds of s p 500 firms have withdrawn their guidance for the year theres a good consensus it will be a rebound in 2021 thats part of the reason we have seen stocks perform so well our caution here is even in a normal business cycle, it typically takes earnings to three years to rebound from a trough in earnings the market is somewhat priced for a disappointment even if the long term trajectory is upwards. All right thank you both for your thoughts today. Appreciate it. As we have been saying texas and florida both now cumulatively more than 200,000 cases of coronavirus following the fourth of july weekend meg joins us with her daily look at the rising hot spots and the race for a cure. Meg. The numbers are a bit wonky coming out of the july 4th weekend as testing gets delayed. The positive rate up to 8. 5 now. This according to ever core isi. The fastest growth in the past week were seeing South Carolina now jump ahead of florida in terms of showing the hot spots charleston, South Carolina, now the area in the country with the fastest case doubling time you are seeing jacksonville, florida still there along with sacramento california. I believe this one is from yesterday. New york and new jersey adding three new states to their tristate quarantine list thats the list of now 19 states from which travelers need to quarantine for 14 day ifs they come into the tristate area. We are seeing just this spread across the United States continue its try to fund and accelerate the vaccine projects that will support them through late stage Clinical Trials and ramping up production with the goal of producing 100 million doses by the end of 2020. We talked with ceo about their timing this morning. Here is what he told us. The scale of starting already and well plan on start shipping the 100 million doses in the Fourth Quarter and be finished during the First Quarter of the year guys, that timing is a little later than we heard from some of the front runners in the race but thats not stopping novavax shares from being up 33 on the news this is giving them a huge boost. Kelly and bill meg, before you go, the question, regarding the growing list of states that new jersey and new york and connecticut want to have people quarantined, when i talk to family and friends and other state, the question im always asked about that is how do you enforce that. Im not sure that i know the answer i dont know if you do either. I know there are penalties that are incured if somebody gets coronavirus here and then they trace it back to somebody who came from another state and didnt quarantine. Theres a penalty there. Other than that, how do they police this thing. Do you know . Thats the knock on it. Everybody says its just almost impossible to enforce this kind of quarantine because its sorts of depen dent when Governor Cuomo announced it, it was depending on the public selfpolicing. Asking people to do this or to tell on their contacts, if they come in from another state and dont quarantine the old honor system which were all so good at thanks see you later. Kelly. Coming up, Energy Financials and real estate leading todays declines you can see the whole sector board. Theres only about three sectors in the green right now theres one growing trend in the Real Estate Market that investors are gloflocking to. Who benefitted from the Paycheck Protection Program . Well follow the money right after this break you say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. We know the goal of the ppp was to save jobs, literally to protect paychecks. Now that we have a lot more information about who got the money, maybe we can figure out if the Program Works kate rogers is looking at that part of story for us we saw every one from kanye west, to pf chang listed on this disclosure 650,000 plus names were disclosed on this massive spread sheet. The vast majority of the resip yentss of ppp wont be released. One important question does remain here. How many jobs did the program save as the forgiveness process has just begun you need to use 60 of this loan on payroll in order to be forgiven whats more, just under 50,000 businesses listed zero jobs retained on the data that were released yesterday how did firms that cancel or did not receive ppp loans even make the list cnbc asked the sba to clarify how this is possible because cancelled loans of which there are about 30 billion were not supposed to be included in the disclosure one more thing to remember as we mentioned yesterday, the program has been extended through august well be seeing another data dump according to Administration Officials once that round closes of loans once again bovr 150,000 back over to you we know this program was designed to help Small Businesses whatever the definition may be but you have found as most of us have, theres some businesses that sort of stretch the definition of small in that regard banks have been the gate keepers in this. They are the ones that help their customers apply for these ppp loans. Is that where the break down occurred how did some of these larger entities find themselves receiving money that was supposed to be earmarked for Small Business all of these companies were able to apply under the law as it was written this was rushed out of the gate in order to get aid into the hands of Small Businesses that truly needed it. We talked about there being enough blame to go around between the government, the banks the businesses that stretched the limits you had to apply with the bank and fill out a much shortened sba application to get the money out the door quickly in terms of larger entities, some of them could file under separate, smaller entities thats how were seeing names get the money. Up to the public to decide if they feel this was properly done we had a feeling there would be surprises on the list, for sure. Thanks very much. Speaking of spriedurprises, thet of people and businesses in washington that received ppp money may surprise you kayla has that part of the story. Among the 700,000 recipients of those large ppp loans, some boldface names stand out Family Businesses associated with some trump Administration Officials did receive loans. Maritime, a shipping company one by transportation secretary family received up to 500,000 a d. O. T. Spokesman said she is not affiliated with the business and have no idea how they got the loan a Trucking Company founded by agriculture secretary sunny purdue received up to 350,000 a spokesperson for usda says the loan was roughly 182,000 supported 27 jobs and complies with all ethics rules. Separately, a media company, hotels and a school with backing from the Kushner Family also received loans on capitol hill, access to ppp was bipartisan it went to a wine ri in which devin nunes has a stake. Family businesses of two Oklahoma Republicans received money and a former employer of Democratic Senate candidate got aide. Fiejly, among dozens of law firms listed were three smaller shops that employee President Trumps impeachment defense attorneys. J those firms got up to 14 million. Bill, there are dozens of law firms, even more lobbying shops and private schools with the deep endowments and political ties that got money. There are simply too much to include in a minute of air time. Bill and kelly, back to you. You gave it the old college try. Thank you. See you later. Kelly. Still ahead, billionaire tilman is ahead. Theres no v the stock hitting another record high today it has more than tripled this year its up 220 even the analysts are throwing in the towel we have the tas,ex osdeil nt. Welcome back tesla is on a tear notching its fifth straight day of records ar bull case today. Teslas 259 billion market cap now makes it larger than 97 of the s p 500. Todd gordon. It just keeps going higher day after day. You said it yourself its been very fun to watch. Thats all weve been doing is watching which is not all that great. It doesnt make money yet. Its very difficult to do so the shorts start to win a little bit and everybody thinks they will go out of business, thats been the traditional buy point if you want to be a buyer of tesla, i think you have to wait for that pull back and be very careful here todd, youre watching the technicals is there a pull back in store and if so, when . Not sure when that pull back might come we agree on the fundamental point of view. Valuation is high when using traditional metrics but Growth Stocks command a higher p e. We believe tesla is the leader in the large cap universe. The first inning was a massive we are looking at earnings next quarter, july 22nd highest value car company in the u. S. If they beat, it will be 4 con sec tifr quative quarters. Its widely accepted in china. We continue to hold tesla. Competition will be key especially in Growth Markets like china good discussion. Thanks for joining me. Thank you. Still ahead, as covid19 cases surge, state and local governments across the u. S. Are forcing some businesses to close again. Billionaire tilman says uncertainty and indecision from political leaders is making things much worse. Its tilman tuesday when we come back stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. Wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. Welcome back, every one. Here is your cnbc news update at this hour. In new jersey, huge lines that stretch for blocks as that states Motorcycle Commission reopened its offices today in newark, police were called in to help deal with a crowd of hundreds and they were told to disperse when one Office Closed after hitting capacity new details from mary trumps tell all book on her family the New York Times reports it includes an acquisition that President Trump tweeted on his college strans test by paying someone to take it for him in richmond, virginia, another confederate statue has been removed. The monument was to general jeb stewart but its the third major statue to be taken down in the formal capital of the confederacy. Bill, back to you. Thank you. See you later. Lets get you caught up on the market mixed day. Down day for the dow and s p but nasdaq has been trying to hang in there with a gain its turned negative in the last few minutes. The likes of the apples and the amazons and some of the other big tech giants have been hitting all time highs again today. His business is now down more than 50 year on year. With the surge in cases the past two weeks, he has seen demand driep dry up and the people disappear. Welcome back talk to us as many people are going, you dont oerpts in just one state. You have city by city and state by state patch work of decisions that is causing all of these haw headaches. Whats the right answer here in. I think its some point the federal government has got to take it away from the states and youve got to have clarity this is so hard on businesses. Its so hard on our employees. Just like yesterday, were told today that were closed in all the san diego restaurants and all of Southern California we lose another 12 restaurants you already brought in your big orders in for the week you already have the food. You cant send it back they dont give us a 24, 48 hour its all the counties. We cant even oerpperate when we went back to 50 , if your county had this percentage of cases, youre fine. At some point we have to take all the politics out of it and the federal government with all the experts because every state, every city has their experts and we know about the practice of medicine lets get all the best in one room and lets come up with a plan for the United States of america. We asked them to get off of unemployment they get to come to work for three days and theyre off again. Its cruel and inhumane what were doing to people right now. For those families, my heart goes out to you. At some point weve got do make a decision and just tell me, youll be open 50 through the end of the year. Youll be open 25 to open and cleez me and open and close me is lit rally ridiculous it must be exhausting maybe that feels like a necessary thing but for the restaurants it feels like its not necessary and we should avoid it because its one of the more risky behaviors out there we spoke about this last hour. He felt like the Restaurant Industry was bearing the brunt of all this. We are for some reason. Explain this to me is why can you get on an airplane and one of my executives flew to san diego at their on doing. I did not make them go there was not an open seat on the plane. Not one open seat. They didnt check their temperature. We check peoples temperature everywhere doing everything especially employees and a restaurant, why wouldnt you let us operate at 25 with 25 feet social distancing. I could still have ten tables that are open. To make me only do delivery or to go. Theres a fallacy in the system right now and its just wrong and its wrong for our industry. More than anything, its wrong for my employees ill survivor this but what were doing to them is cruel tilman, i understand your frustration. I get it i go back to something that Anthony Fauci has been saying all along. Its the virus that will dictate the openings and the closures. I have to believe that you have the ear of government abbott there in texas you have to be talking about, of course you want to get the economy back on track and your stores open again and everything as close to normal as possible it is the virus thats going to dictate what they can do how do you combat that the virus isnt dictating right now. Thats what im saying the politicians are dictating. Governor abbott went from 75 occupancy back to 50 occupancy if restaurants when it was a proven fact that the people in the restaurants were not the ones that were causing the spread it was the bars and the nightclubs and the beaches and the lakes in texas he didnt shut us down he just countdown us to pull back thats what i wish the government would do across the whole nation to say, if you had this many percentage of cases in your particular county or city, you need to be at this capacity. It isnt going to kill anybody for me to be at 25 capacity in restaurant in california or new york or florida right now. Social distancing and masks. Why do some have to distance and not open and others do its just unfair right now thats what i have a problem with tilman, im curious if your restaurants as this drags on and as you become frustrated with various parts of the country, would you close them permanently, relocate them elsewhere. What options are now under consideration . Were definitely going to lose restaurants just because you have landlords that dont want to work with you and they see you might have a good lease and they have an opportunity to get you out so youll have a lot of wars. I hope that i will take certain cases as far as up the judicial ladder that i can go im doing 25 or 50 or i only have a patio but yet they want 100 of their rent this is where the government needs to step in and they need to stay if you only are open 50 , you should only have to pay 50 of your rent you should only have to pay 50 on your loan to the landlords and the government needs to be backstopping it at higher level. Its not just at the individual anymore in getting out a quick check from the white house its weve got to move up the ladder and support the developers and we need to support the Banking Institutions who have the loans so this whole doesnt come apart and you dont lose 30 of the restaurants and retail in the United States. Let me turn you to the nba and your beloved rockets were getting closer to the Orlando Bubble when those teams will be competing there. Whats your expectation out of this thing any time you get a few hundred people in there. I hope we dont have people sneak in and theres some straight guidelines in there somebody will be in there for a newgratulate my guys i think we leave on thursday morning. Hopefully we can keep the cases down to a minimum and you dont lose a bunch of super stars on any one team we have a real champion this year its a long way to finish line look how quick everything is changing i promise you before the days over, somebody will do something to totally disrupt my Business Today at a casino, Amusement Park or at one of my restaurants. Or my basketball team. Speaking of the basketball team, are you going to make any money off of this thing. Are you trying to cut losses or improve the mood of nba fans clearly you must believe the risks, the reward is out weighing the risk . Whats going to happen down there . Lets im going to be lons wi honest with you. It always comes down to money. These are very healthy guys. Like ive said before, two of my kids had covid and they were fine i know so many people that have it in texas right now. I have so many friends that have it i only know one person thats ever been in the hospital because of it. These are healthy guys if one of them isnt healthy, they shouldnt go down there we should still pay them regardless these guys are going to be fine. The players need to play to get paid and youve got to get the tv money you also want to keep your fan base for next year if it ever becomes unhealthy, i promise you, the players, the owners and the nba officer together will decide that this isnt the right thing. As soon as it becomes dangerous, i can promise you we dont do it final question, what is your message for the white house, for the president today. We started off talking about how you wish there was a harmonized federal plan on covid. What would your message be to the oval office right now . Well, my message is, lets not have experts in every city and state and county and lets get the smartest people in the United States into the oval office and lets come up with a system and plan and give everybody clarity in this country and do everything by percentages. If youre a small city or a big city or a small state or a big state, we all play by the same rules. We need to fix this ppp. I commend the billionaires that took the money and stoods up for their employees and took the abuse in the last couple of days i am not one of those people and i disappointed my people because those people got paid. Im the bad person here. I should have taken the abuse and paid my employees by taking the p ppp it was designed for all restaurants and retail thats why they designed each one, not companies, 500 employees or less on an individual basis then the government caught some heat go ahead i think this is really interesting point. Let me follow up on it when you hear the coverage of people say how can these billionaire owned Companies Take these loans. These guys are literally billionaires, why shouldnt they be the deep pocketed ones to pay for it whats your response this is the main reaction most people have when they hear about companies that took the money and owned by billionaires. They say shouldnt the people have the deep pockets to pay their workers. Kelly, thats just nonsense its im a billionaire. I have equity in my businesses all my different businesses. Im worth a few billion dollars. I dont have the cash laying around to go make 150 million payroll every single month that im closed you have equity on paper thats just the way it is. For people that are just naive and dont understand all right. Nobody has that kind of money. Im not saying nobody but businesses dont have that you have equity in them. Just like you have equity in your house are you going to go sell your house . Are you going tykeake a loan ouo your house you can pay your two housekeepers its the same thing on a different scale. Its great do have you as always thank you so much. Thanks. Thanks guys tomorrow were going to speak with another power broker in the hospitality and Sports IndustriesJonathan Tisch thats tomorrow on power lunch starting at 2 00 p. M that should be very interesting. What are we going to do about an nfl season this year lets see, were down about 200 points only handful of 30 stocks higher at the moment. Walmart, the leader among those. Well tell you why that stock is rising and covid19 has caused a big change in the desire abilities of real estate especially for offices well talk to the head of a to Real Estate Firm about what he is seeing, coming up experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Amazing school district. The hoa has been very involved. These shrubs arent board approved. You need to break down your cardboard. Thank you. Violation. Violation. I see youve met cynthia. At least geico makes bundling our home and Car Insurance easy. And it does help us save a bunch of money. Two inches over regulation. Thanks, cynthia. For bundling made easy, go to geico. Com but a resilient business you cacan be ready for it. Re. A Digital Foundation from vmware helps you redefine whats possible. Now. From the hospital shifting to remote patient care in just 48 hours. To the university moving hundreds of apps quickly to the cloud. Or the City GovernmentGoing Digital to keep Critical Services running. You are creating the future on the fly. And we are helping you do it. Vmware. Realize whats possible. Last night you may have heard Seattle City Council passed a new tax aimed at its biggest companies. Lets go to aditi roy it targets Companies Like amazon and expedia which pay high salaries. The payroll tax applies to companies with more than 7 million in payroll and the rate is between. 7 and 2. 4 depending on how many employees are making 150,000 a year. The tax is expected to bring in 85 million next year and 200 million by 2022. It will go towards Coronavirus Relief and a continuation of services the decision is a big blow for amazon which fought a head tax back in 2018 you may remember thats after businesses pushed back that tax was lower than the one just passing within weeks of passing that measure the city council repealed it after businesses pushed back. One company which has been support iive of the jump start a is expaid ya the San Francisco county sent the ballot a tax aimed at companies with high earners. That one is called the overpaid executive tax. Back do you. This seattle tax, it failed before why did it pass this time . Its a good question. Seems like the time really is right with the pandemic. Youre seei ining state and City Governments really fighting for those funds because of the lost tax revenue and with so many people out of work it just seems like there is this ground swell and out rage we have seen that really makes conditions right for the passage of these measures very good thanks for joining us on that. Kelly. Coming up, were checking on the stats e of states when it comes to diversity stay with us on power lunch. Some see a Grilled Cheese sandwich and ask, why . I see a new kitchen with a grill and ask, why not . I really need to start adding less to cart and more to savings. Sitting on this couch so long made me want to make some changes. Starting with this couch. Yeah, i need a house with a different view. And this is the bank that will help you do it all. Because at u. S. Bank, our people are dedicated to turning your new inspiration into your next pursuit. A lot goes through your mind. How long will this last . Am i prepared for this . Are we prepared for this . With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations, with access to taxsmart Investment Strategies designed to help you keep more of what youve earned so youll know youre doing what you can for your family and your future. Thats the clarity you get with fidelity wealth management. Welcome back we talked about the importance of inclusiveness and diversity for Companies Looking to attract top talent it also matters to states competing each other to draw workers and businesses all day to day were looking at the state of the states. Our scott cohen joins us with more on that scott . Hi, kelly this is the day we normally crown the top states for business but one thing that we had noticed over the last couple years is what you just mentioned, growing importance in terms of inclus ofness well predates the death of george floyd and the racial consciousness that emerged from. That there is an economic argument to be made for this the more inclusive a state, is the broader the workforce it can attract. One place they are coming to terms with that is in virginia where last month governor Ralph Northom tried to put his push to get rid of confederate monuments in economic terms. While there will be an expense to removing these confederate monuments, i think theres a much greater expense when we dont welcome people to virginia, when we are not inclusive in virginia. Beyond the symbolic, virginia just passed the virginia values act, the strongest antidiscrimination law in the south. It just took effect last week. Virginia now joins five other states across the country, delaware, maryland, oregon, connecticut, and illinois that bar all forms of discrimination, age, sex, sexual orientation, race, religion, national origin, marital status and gender identity by contrast, five states offer no statewide protections, alabama, georgia, mississippi, north carolina, and texas. Alabama, mississippi and texas also prohibit local jurisdictions from adopting measures of their own. Now the laws alone are no guarantee of inclusiveness case in point, minnesota has very strong antidiscrimination laws this is something that when we hopefully get back to our regular americas top states for business study we can see what businesses are doing, how they respond to this. Its very much an open question right now. Clearly, snomething that son th minds of Business People and economic developers. Guys scott, thank you i want to know if that radio works behind you thats another conversation. It does see you later, thanks coming up, how coronavirus is affecting real estate. The place thats people were fleeing just three months ago are seeing declining covid19 numbers and the places where they went are the new hot spots. Thats coming up next. Dont forget, you can always watch or listen to us live on the go on the cnbc app now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with american express. Enroll now at shopsmall. Com. Wilf the Largest International excuse me, National Largest commercial Real Estate Brokerage firm the Company Says Demand for suburban life is outperforming anything in the major urban areas of the country the president and ceo of marcus joins us now to talk about this. The suburbs are hot again, arent they . Great to be with you. Thanks for having me on. It was a trend starting to happen already over the last two or three years you have to remember that 60 of millennials are now in their 30s. Whoa i will th while they enjoy the lifestyle of Central Business districts and lack of commuting and joined lifestyle renters, you know, empty nesters moving out of the suburbs and into Central Business areas, we were beginning to see them migrate back out as they were getting married and having kids and so on and, of course, the Health Crisis really accelerated that pattern. And its no the just the residents themselves that are going. Companies also are looking for suburban space to accommodate a lifestyle that is being dictated by this virus. For example, elevators they dont want those anymore, right . Youre right, bill. But there is a short term expected reaction to the Health Crisis and then there is a long term view. Companies are looking for satellite locations where they can have small facility for their employees out in the suburbs who dont want to commute all the way in they dont want to be with large groups they dont want to get into elevators. Thats one trend were seeing. A lot of companies, of course, including ourselves have been very successful operating their business remotely. With thanks to all the advancementes in technology. But at the end of the day, we are reacting to a Health Crisis that at some point should be resolved we dont know when that is it can take a while. But the long term trend may be a little bit of an overreaction when you hear all the discussions about how permanently nobody is going to want to locate back in Central Business districts we saw that post 9 11. And those tragedies, of course, because of the reluctance to want to locate in high visibility highrises in downtown 18, 24 months later that, began to dissipate its a normal reaction i just dont think we should count out the long term prospect of the benefits of Central Business districts i think you and i speak for the suburbs, bring it on im really, really concerned about whats going to happen to a lot of the urban Centers Going forward. Are we making too much of this trend . In the short term, were not. In the next 18 to 24 months will show a lot of exodus out of Central Business districts the reaction by suburban areas in accommodating that demand is also something that hasnt been tested yet were seeing a lot of Office Vacancy that is being absorbed there is a lot of demand for rental homes that were seeing people are fleeing shot spots like new york. But just have to keep a long term view on it. I will say that because of the Health Crisis and whats happened with the volatility of the stock market and incredibly low interest rates, demand whether its office space or performance or Shopping Centers is strong right now. We have to go right now thank you. Well see you here tomorrow on power lunch. Closing bell starts right now. It does, indeed welcome to the closing bell. Ill wilfred frost along with sara eisen stocks giving back a chunk in yesterdays gains. Lets have a look at what is driving the action the coronavirus remains front and center the u. S. Approach three million total confirmed cases. The fed saying that some data is pointing to a leveling off of economic activity. The reopening trade pulling back as airlines, cruise stocks and on line travel names move lower. Big tech outperforming o