Good friday morning. Welcome to squawk alley. Im Carl Quintanilla with Morgan Brennan at post 9 of the new york stock exchange. Jon fortt has the day off. Weve cut our losses in half since the open, although oil is approaching below 42 know v now as the opec meeting continues. Well begin with the mornings markets, the dow falling again but well off the lows, down about 380 points. Mark mahane knjoins us live alo with mark just in the internet space, the fact that so many investors are trying to game out what the impact here of covid19 could actually be on the sector. How are you gauging, how are you assessing risk versus reward within your coverage okay. We had a pretty significant data point this week. We had the ceo or the cfo of Companies Like uber, lyft, and Google Alphabet all present at an Investor Conference this week i think what we heard from all of them is not yet a Material Impact lyft said they were seeing a small positive impact because people were leaving Public Transport
Response efforts have not instilled much confidence either. Testing kits were notg probaby sent to the hospitals, and medical labs around the country, political personnel has overruled the recommendations for the cdc. In the administration was slow to appoint any single official for the Public Health expertise to coordinated our governments response. Even now, President Trump seems to be spending one of us time blaming commedia and blaming the democrats and being constructi constructive. Infective blades everyone. He is downplaying, the virus to a dangerous degree. His chief of staff amazingly said to americans, turn off your televisions. They know the history of how these viruses spread and work. Winnie to deny them, you dont let people know what is happening and what to do about it. Things getd worse. And if the president , being self centered as is only cares about himself and his image any tribes uas usual instead of solving te problem, blame somebody else. The deflection and finge
Up to us. And then there are things that are left up to the local level. Things to determine in a local Community Whether things should be opened or not, what kind of activities should be the activities where you draw the line in terms of crowds, much likely to be better decided at a local level by the state or by a mayor or county executive then by somebody here in washington. And then at the National Level we are moving towards our third package and the last few days to try to deal with this. The first package was about 8 billion, really focused on the Immediate Health response, supplies, developing a vaccine, trying to figure out what the right therapies were, understanding the things we needed to do to further help hospitals get ready and to further help people encouraged to go other than hospitals, all of those things are part of the first package. The package we sent to the president that the set president signed last night about 100 billion by almost any standard, a huge amount
Polling places. The huge lines that forced voters to wait deep into the night. Now at 10 00, and streaming on cbsn bay area, a big night for joe biden. But Bernie Sanders pulls off a win in delegate rich, california. Weve got our reporters across the bay area tonight, with results and reaction to the important races. First, lets start with up to the minute results. Vermont, senator Bernie Sanders has been declared the winner here. 29 of the vote. Michael bloomberg, 19 of the vote, be and joe biden coming in third. Elizabeth warren in fourth. Prop 13 is californias only state proposition on the ballot tonight. Its all about money for schools. 15billion, to be exact. It needed a majority to pass. Right now, 58 have voted yes. With 23 of precincts reporting. In San Francisco, measure e would restrict new offices from being built, if the city cant meet state mandated house goals. Right now, the yess lead with 54 . Measure d in San Francisco finds Property Owners who leave their Retail Stor
Telecom companies such as Cisco Technology t. Mobile and motorola prosecutors are saying that while always death of intellectual property resulted in the company obtaining nonpublic intellectual property about robotics cellular Antenna Technology and internet router source code you get all this well heres the problem earlier this week the big wall we story which 1st appeared in the wall street journal d was not about intellectual property theft no instead its similar to around claims that since at least 2009 while way has been able to covertly access mobile phone networks around the world using back doors designed for use by Law Enforcement u. S. Intelligence agencies claim that while way has built equipment that secretly preserves its ability to Access Networks through these interfaces without carrier knowledge though these officials still have not provided details of where they believe while we was able to do so now this is important because these 2 stories are actually completely un