The likes of which they have not seen since 1933, in the midst of a downturn for the month, the likes of which we have not seen since 2008 here we find ourselves this morning looking at a market that will open lower. Your thoughts . You go up 19. 9 in the s p, you can have two thoughts. One is that was the greatest bull market ever the other is, boy, is this market dysfunctional were not moving the way we should theres very little volume yesterday the machines took the dow up 500 points in the last 20 minutes. Im keying on oil. I think oil is something that the algorithms are keying in i wish there wasnt algorithmic trading, but its here to stay the quants are in charge you know, lets bring back the smith corona typewriter. The quants are in charge, they took it up and now theyll cashier the market and cash it in lets come back to oil for a second it does get lost sometimes in all of the volatility were seeing and our focus on the economic crisis, on the Health Crisis, on the equity markets. But jim, you said you think oil will go to 20 or below yeah. Why because well, we were pumping 13 million theres no place to put it the storage people have actually held back space because they think oil could go down to 5. I dont know if thats possible. Excuse me no, theres people that think it will go to 5 Scott Sheffield yesterday from pioneer with brian sullivan, he was talking about a handful of Oil Companies making it. Listen up. Go back on cnbc. Com and listen to it. It takes your breath away. Scott told me, you know, 8 Million Barrels a day that we would go to 13 we were headed to 17 i just feel like people have to keep their eye on oil. Its the wildcard. Its the thing that no one seems to be able to stop its deflationary not in a time we want to see deflation it feels so 1928 it is worth reminding people, of course, it is connected to the current economic crisis given the incredible decrease in demand from world economies. But it is also completely separate because of this fight that continues between the saudis and the russians. You have said for weeks you want the president to call up saudi arabias leader and say cut it out. But that hasnt happened, jim. It appears thats not going to happen the president i spoke to the president for many, many years about opec he hated opec. Opec is on the one now gasoline is coming down. I think look, it is good for the American People. Its just that if were in a fight for our lives to keep people on payrolls, you listened to danny meyers talking about restaurants. Restaurants a huge employer. You want to keep them on the payrolls theres another part of the American Economy that has been the strongest greatest job creator and Energy Independence and national security. Im not saying it could go away. Oil will always be in the ground im saying holy cow, this thing is not playing ball with the market if we didnt have the algorithms, heres what would happen, maybe thats okay. But if theres traders, hedge funds that key off of certain simple things, and theyre keying off of oil, they could take us down with them all right lets talk a bit about the broader issues of our economy right now and the house, which is going to actually its getting together right now theyll see if they have a quorum and get this bill passed that passed the senate we talked to secretary mnuchin yesterday. If and when the house is as expected to pass it one way or the other, theres still some question about how quickly you will get the money into peoples hands because they need it tomorro tomorrow i spoke to the secretary today. It took so long to get the money during the obama regime. It took a long time to get people the money theyre working to get this money in three weeks from the irs to you that would be amazing. And yet, david, i would contend the next three weeks are probably the most perilous point. Well get up every morning, hear dr. Scott gottlieb and say its this city now, that city now, this city now. Its like the classic movie red dawn i know you probably didnt see that almost shakespeareanlike movie. I think were up against an incredibly powerful enemy thats unseen at the same time the checks in the mail, but snail mail because we need that money now America Needs that money now people will be sitting around waiting waiting were going to have broian moynihan on later. His bank is offering forbearance. Will everybody forebear . Depending on the kindness of strangers . Decent play. No. I mean, thats the question you and i have been asking for some time unless you mandate somehow extended forbearance up and down all the way, its not clear you will get it. At the same time there are companies who are not paying their bills, small and large right theyre asking for discounts. Theyre not paying their landlords. So much going on now in terms of that were a few weeks into this now in a serious way with the markets responding the way they have there doesnt appear to be more clarity. I my day now is i can make more phone calls because i cant swim im not taking the subway anywhere, downtown, midtown, uptown to various offices. Yet the more people i speak to, the more diversity of opinion i get. Nobody seems im talk to one person who runs a large Global Advisory firm, they say this will change the way we behave for years to come. This will change the nature of work this will be a fundamental change in terms of behavior. And there are going to be so many different aspects of it in terms of how we feel it in our lives. Theyre not particularly positive in the weeks ahead. I will turn to somebody who is a senior at a private equity firm they say we already see some opportunities. We can make some assetbacked loan maybe we can do something with a cruise ship, where we can be backed by the ship itself. In a few months this will pass on to another hedge fund, a large one that tells me we will retest the lows. It goes on and on. I dont get clear answers from anybody. I dont either. You have a mardi gras that was fabulous down in new orleans you have our mayor, happy days, one month ago. Lets go down, do these things were strong new yorkers are strong were not that strong. Philadelphia was strong in the 1918 pandemic. I find the leaders are saying Different Things the Hedge Fund Managers saying Different Things i love the fact that private equity is happy. Thats one of the weakest points in the economy but youre right i think the most important point you make is that the world has changed the way we do business well hear from verizons ceo, i think theyre in the catbird seat wow. Were not going to work. The one thing that has not changed, a favorite paradise, you didnt shop before, you cant shop now thats true i cant even go anywhere except to the supermarket it is an introverts paradise i have been going to the supermarket. You have been were only half kidding, its not complete which half . Yeah. Thats a good question, too. I do miss you. I do i miss you i would rather be next to you. You know, facetiming my wife, wow, you look great. Thats terrific. How did that happen . Facetiming my daughter in madrid great city what a horrible time but its okay to have a little humor. I listen to everybody, wow, its horrible woe is me. Its already we did pass that gigantic bipartisan bill. Whoever heard of that term in the era of anger we do have some money coming to people thats more than a lot of them were making before they got fired, which i think is great to throw a lot of money at it chairman powell, he had a real gain yesterday on the today show. We got its not all horrible. A lot of it is horrible. My phone works you know what system i have . Segue verizon. Okay. That brings us to our first interview of a very busy morning in which we will hear from a number of leaders. But we will start off as you indicated, jim, with hans vesberg, the ceo of verizon. I know he was on with you on mad money not long its always good to have him back good morning to you. Thank you for joining us good morning. I hope you are fine in this unprecedented time yeah. Certainly are unprecedented. I would love to get to the business itself. You guys are doing a lot of Different Things here. In terms of the 5g cycle that we talk so often about as last year ended and we came into this year, something we talk to you so often about, is that no longer going to happen are the handsets that we thought that would start to be delivered into peoples hands to work on the network that youve been building now for years, is that delayed . So far no delays. We dont see that. We are continually rolling out our network when it comes to 5g and fortifying our network we have no indication on any delays right now again, we are all in serious, unprecedented situation, nobody knows whats at hand the next several months, but so far no delays that we can see do you see people going out and being able to purchase the next generation phone . That would be something thats hard to imagine given Current Conditions as weve seen, weve seen so many changes in social patterns in the u. S. The last couple of weeks. One is how you how you interact with communication devices and buying them. We see much more Digital Purchasing right now we only have 30 of our stores open its only for critical services, now were going to appointments only so clearly we are having closures, so its harder to do transactions when it comes to that but there are some critical things, Small Businesses that need the phones fixed or accessories or Something Like that of course the Health Care System is the most important we have in front of us, to make sure thats working. Second is financial and the Communication Industries has to work in these times. Im happy to report that our network is standing up very good in these times but in a very different way than we are used to seeing it of course there are so many different changes, as you say, in behavior as the leader of an enormous company with a huge Balance Sheet, capital commitments, are you thinking differently you indicated youre continuing the build out in 5g, but are you thinking differently in terms of capital given this uncertain time, unprecedented time that we find ourselves in . Yeah, were thinking differently. Already two weeks ago we decided to increase Capital Expenditures for this year. We guided up our capx. We guided up on that because we want to be certain that we continue to have the best and most rebuobust network. We thought its important that somebody is standing up and investing. So we look different on the capital at the moment. And we also did the bond offering when the market was open last week yes. We think different on the capital, but its more on the serving our customers in a time that is so important thats communication is working for First Responders, for consumers, for enterprises, small and medium businesses in order to continue to be in business hans, thank you so much for joining us the network these days has too much traffic on it ive had no degradation with my verizon line, but is it true were running a shortage if thats the case, what kind of equipment do you need to make to make sure we dont have one . We have a growth in our network in general, but we have no major problems with the network and with customers right now. We have 800 million calls a day, thats double amount of the calls on mothers day, which is the busiest day of the year. And the calls are 33 longer we have 9 billion messages a day. Thats equivalent to what you would have on the new years eve. Its enormous traffic in the network. On top of that, we increased gaming 107 in the network the applications using the network has changed. But our Wireless Network is holding up well. We are serving all our customers. Then we have priority for the First Responders in the network as well at the same time i think were serving some 160 Emergency Command Centers with technology to keep them up at the moment as well its a crisis. The Network Becomes extremely important. We prepared as we increased capex to increase more capital or more capacity but at the moment my engineers are doing a fabulous job but these are things they were building in the Network Years ago. Ive been asking ceos to take the pledge that no layoff for the next 30 days at least. It almost sounds like you guys must be hiring youre certainly not laying off. Were not laying off. No we have 110,000 employees working from home. Thats across the globe. Right now were open, and right now some store employees are working from home. Its important to get back to normal life and work during these times. Its a full day with activities and being a part of the company. Beyond your employees, what about your customers one would imagine given the economic distress that has spread throughout the u. S. , those jobless claims from yesterday being example number one. People may not be in position to pay their bills. Are you seeing an increase in churn . Are you concerned about an inability among the Customer Base to pay you . Its too early to say that. It might have an impact. For our small and medium businesses, we are waiving all late fees. We are also saying to consumers, if you have problems due to the coronavirus, we will work with your payment schedules and wave fees we are flexible in these times to see customers continue and focus on the most vulnerable in the network, that would be consumers as well as small and Medium Enterprises the Larger Enterprises we work with, some have much more demands. This has severe reduction and revenues you can see them and support them you work with all of these during this time, you stick up for your nation and customers. This is a time to take leadership and responsibility. Understood. What i hear you saying, correct me if im wrong, youre full speed ahead. Youre deploying capital in the same way you would have potentially. Youre concerned but not completely sure yet in terms of what your Customer Base will look like. Youre full speed ahead, youre not pulling back at all . Not even on advertising . Advertising we do that is appropriate. We dont advertise new products, wireless hubs, but we talk more about the technology in the network, the most vulnerable and what we can do for them during these times. We tried to split the days there. We have the highest crisis level in the company we need every day in the morning with the whole team going over everything then we also need to continue to work we dont know how long this will continue we know how important the network is the Wireless Network the fiber network, the fixed networks, that they are working for this nation at the moment. So we cannot sit here and wait and see whats going to happen we need to execute very, very fast and so far im proud of my team, their doing that and doing the most critical work in the field as well, which is needed during these times and were relying on it, i am right now, hans. Its working fine. Appreciate you joining us again. Keep us posted as things continue to change on such a rapid basis. Hans vestberg, ceo of verizon. Thank you well take a quick break on squawk on the street. When we get back, i think well have a mad dash. We have about ten minutes to go before the opening bell to end what has been another historic and tumultuous week on wall street we see harnessing natural gas unleashing the promise of clean energy. At emerson, when issues become inspiration, creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Welcome back to squawk on the street. Time for a mad dash. We get to talk about an individual stock, lululemon is what you focussed on this morning. Why . They had a great quarter. The stock is looking down, what the hell, everything is looking down today, but i point out on the conference call, Calvin Mcdonald is saying we have early learnings from china which show us our business will bounce back once again, if youre in china, david, its a source of strength china is this is a couple companies have said that china is very good starbucks says china has come back strong. I like this story. Its not the story line you necessarily want, you want america to come back, you do have china coming back, it says dont give up. Lululemon, they will be down on profit taking, but come back to it chinas coming back. It will help them. Alibaba is killing it. Your buds alibaba, killing it. Alibaba, yeah, as you point out, shares down 7. 8 for the year its a buy. Were getting ready to start trading. Its a buy for Alibaba Softbank likes to hear that, masa, given their enormous position there five minutes before the opening bell well squeeze in a quick break were right back at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Dont get mad get e trade and start trading 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. Show me realit