The nasdaq up about four points. Yields firmed up a little. You can see the 10year, as equities came up, the 10year about 0. 624 all of this as Energy Prices got stronger the june contract up about 13 now trading at 15. 68. Hard to believe that is a strong level. 15 a barrel is pretty strong for oil when they were paying people to take it from them earlier this week. Time for the squawk planner is it . It is yours, joe. Getting to closely watched jobless numbers. More than 4. 3 million americans are expected to have filed for jobless claims that number rose on the earnings front, well hear from eli lily, blackstone, dominos. Well see if dominos has the same type of positive numbers like chipolte. Nobody eats at dominos intel is reporting after todays close. Now, andrew. Now. You were eager this better be good. You know, im just doing the update on the pandemic numbers as we do every morning it is not good it is not good global cases have risen to 2. 6 million. U. S. Cases 842,000 with 263,000 coming from new york state other hot spots include new jersey with 95,000 cases and massachusetts, which we havent talked enough about recently with nearly 43,000 cases which well probably bring you numbers from georgia and other states. Eurozone hit another record low dropping to 13. 5 in april. Anything below 50 represents a contraction in manufacturing Credit Suisse set aside nearly 585 million tyson foods suspending operation a a Processing Plant in north indiana after 400 employees tested positive for coronavirus. Indefinitely suspended operations at an iowa plant after 180 infections were linked to that plant much tough news and challenging news when it comes to the supply chain issues also, two house cats have become the first pets in the country to test positive for the coronavirus. Both in new york state in different areas. They are expected to make a full recovery experts say animals can catch it from humans but little risk humans can catch it from their pets we heard stories about the lions in the bronx zoo this tested positive and in china, some testing on transmission from humans to pets no idea why it does not go for pets to humans lions i thought it was tigers. I had tiger king on the brain. Other news to bring you, private equity firm Sycamore Partners wants to scrap the plan to the victorias secret deal they argue the decision by Parent Company l brands to close stores in march, furlough employees and skip rent payments l brands is contesting that lawsuit and will continue to work towards closing the deal. Youll hear more about the mac clause, material adverse claims. Companies say, you know what, we dont want to do this deal anymore. Some contracts have the phrase or the word pandemic in them the mac clause is the claim. This is going to be weird this one specifically said the deal would not be undone by things like a pandemic this will be a more difficult case to try and argue. L brands will come back and say we had no choice but to close our stores we were ordered to do that the malls shut down where those stores exist you are right. Well see a lot of these things happening. Yesterday, there is a Kuwait Company that is suing boeing for not doing delivery and not giving back the money. They want the 366 million they put down on the 737 max because it hadnt been delivered over a year they were able to say, forget it but they still havent gotten their money back not the same thing because boeing has their own issues but you are going to see deals like this blow up all over the place. Fascinating to watch. Not fascinating for everybody involved we have more ahead, President Trump taking issue with parts of georgias plan to begin reopening. Well show you who he said next. Take a look at shares of boeing. Becky just mentioned, dave calhoun marking 100 days as ceo. Taking over already in crisis over the 737 max now compounded by the travel demand more only coming up in the 7 00 hour who could have imagined he was walking into this. More when we come back in a moment save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 12 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Welcome back georgia planning to reopen some businesses on friday the Lieutenant Governor there speaking on wednesday. The steps we are taking are very incremental measured steps. We continue to look and analyze different sources of data an analysts one of the most important pieces that governor kemp, his administration and our team have looked at is the Resources Available at hospitals around the state. Georgias plan getting push back from President Trump at yesterdays White House Briefing i told the governor of georgia, brian kemp, that i disagree strongly with his decision to reopen certain facilities which are in violations of the guidelines for the incredible people of georgia. But at the same time, he must do what he thinks is right. I want him to do what he thinks is right i disagree with what hes doing. I wa i want the governors to do what they think they should do. If i see something egregious now spas, beauty shops, salons in phase one is too soon it is just too soon. For more on reopening the economy and states responses, the senior policy administrator, he worked on the Ebola Response in the obama administration. Good morning talk to us about what you think should be the right time line for reopening and what steps do you think are necessary before we do it i think the issue about reopening is less about the time line and more about the data and the capabilities and protections that are in place. I was glad and relieved to see the president yesterday push back on georgia. The administration, the doctor had been asked about that and failed to do so. Im glad they updated their comments the federal guidelines are far too vague. What we need to see is not just sustained declines in transmission we need to see a small level of transmission sustained over a period of time combined with the ability to do widespread testing and every contact or close to that. A much more readiness in the hospital system. What is more striking about the comments in georgia, they dont talk about that data or in specific terms where they are and what is driving that assessment i think they are making their own mistake. We keep hearing all sorts of testing that is possible or about to become available as well as efforts of tracing weve heard less on the tracing side where do you think we are in terms of testing how quickly can we get to scale . How quickly can we do tracing and tracing properly im not putting any stock in reports on what may be coming until we actually see it come on line and actually work we have been hearing about miracles are soon to arrive on testing. Weve been hearing that more than a month it has been more than a month since that rose garden event promising great things which still has not materialized we are stuck at the level around 150,000, 160,000 tests per day weve been there for weeks havent budged meanwhile, the case count is increasing until testing begins to come on line at scale, we are not ready to reopen because we dont really know how many cases there are. Not in georgia or anywhere else. What about the Contact Tracing . You need the tests first, where do we stand there . Companies like apple and google have started to talk about Building Systems into their phones is the system ready for that i think we could be the technology would be a great addition Contact Tracing comes down to humans people calling to people calling other people you talk to the person infected, call all their contacts and let them know they need to be quarantined and theyve been exposed. Technology can help with that and bring that to scale. What we need to do to bring that to scale more than technology is people we need a federal level effort on that. The states are doing good work unless we have a consistent federal level on that, we wont get to where we need to be i hear from Business People every day who say, look, we just cant survive. We cannot survive this if we are going to wait and wait and wait for all the testing, all of the tracing efforts you may well be talking about. Can we come up with the system approach where we have social distancing and people over the age of 65 and anybody who has symptoms or is predisposed to the virus that they stay home and stay quarantined do you think thats not a real strategy thats not viable i think well find ourselves back very soon sweden has tried a variation of that theyve seen a higher death count than some neighbors here in the u. S i dont think thats a viable strategy it is a little like being trapped in a Burning House without any water available. If you open the windows, youll feed the flames. If you keep them closed, youll suffocate. We need something we can do. We need contact testing. The lack of that coming forward faster is hurting us now the president has been insistent to kicking these matters to the states the states can implement it but they cant do it all on their own. Thats where the pressure needs to be. Once we do get to the other side of this what im worried about, the way you are speaking, you are thinking there will be a reinfection rate where well be back to square one hopefully thats not the case. What does the other side of this look like to you it looks like a very, very different america for the next two or three years two or three years . Yes assuming we get to the point where there is a successful vaccine. We are hoping for that if that comes on line in lets say next february or march that the candidate is confirmed and it is effective, we have to produce it that will take time. We have to distribute and produce it that will take time. Go ahead do you have any hope. You talk to different scientists and investors all getting behind various drugs even before a we get to avaccine. There is a view if remdesivir can be put in a pill and if it works or other drugs like it if you could take off the table that if you got sick you would end up in a hospital and possibly die, it would change behavior and we could get back to a semblence of order. Is that right . I think therapies can help. I hope we find therapies will prove helpful. Im banking on that being a tool absolutely well get that cool more readily. Thats not a tool that prevents transmission that just brings down the death rate this is still a very severe disease. Even if you dont die, it can leave lasting damage not just in the old but in the young. I hope for that but i dont think we can count on that even if we have that, we are still not going to go back to the life we were living before well still have to have restrictions large gatherings, sporting events will have to be restricted schools and kids. If kids cant go to school, it is hard for adults to go to work one of the issues is how do you do social distancing, quote unquote at school or get kids under the age of 12 to be disciplined enough to wear masks and wash hands what is your expectation for the fall a as a parent for a couple of nineyearolds, i am concerned i think we need to learn more about how transmissible it is in children and see if there are ways to enforce better distancing in schools. What we know is that most of the most super spreading events is a group of people in an enclosed space together where people are close to each other. I dont know what the future looks like on that yet im hoping for the country and my own hose hold, i hope there can be some sort of accommodation in the fall. Thank you stay safe and healthy out there. Thank you becky when we come back, earnings news will bring you some numbers from a major casino operator much of the gaming industry is now completely shut down as we head to a break, lets take a look at some images of the outbreak across america. Time now for the executive edge well start with some earnings Las Vegas Sands actually we are not. Las vegas sands reported a loss. Not earnings the casino operator expects business in asia to pick up early summer or fall saying there is a lot of pent up demand for gambling. Tell me about it xilinx didnt issue fullyear guidance but quarterly revenue came in way below expectations the company also raised its dividend even when i bet on russian table tennis, i should do the opposite of what ive noticed almost like consensus with the stock market i should go to the other guy sometimes i think im going to do that and by doing that, im doing what i would normally do and then im back to being wrong again. Joe, the rest of us noticed, whenever you pick a team, you stay away. Like the bangles when you start picking teams we like, that had the rest of us worried. Stay away from the eagles. I will. And defabo the steelers that too. Zoom says it is upgrading the encryption on its app to better protect against tampering as a growing list of agencies and Companies Including tesla, daimler and bank of america are reportedly advising against concerns stocks have been on a quarterly tear as people are wondering what is happening with the encryption situation that is giving our producer here ideas you cant get decent information from six people. You cant. You need like eight. Pretty soon, andrew, well have 40 just put them all there at once let them all talk at the same time get it out of the way. Anyway, coming up, eli lily just reporting. Well bring you all the numbers on that reporting. Plus crude prices are rising this morning we have that going well talk to a ceo of a major Tanker Company thats coming up these days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. Good morning welcome back to squawk box. We have some breaking news just out from target. This is the retailer that has done very well it has been open and seen as an essential place of business. It is giving guidance about what it has seen recently we heard about a month ago, now saying quarter to date, their comps are up just over 7 . As theyve seen a slight decline but the digital channel sales up over 100 . You are continuing to see the change taking place for how shoppers are shopping. Theyve stopped going to the stores as much they have been using the Digital Channels there strongly. Gains over 100 . The company withdrew their quarterly guidance a month ago they are saying now because of what is happening and what they are doing in terms of pay and benefits theyll maintain the 2 an hour increase in pay that they had put forth for associates through the end of may because of that. Because of investments and the shift where people arent buying apparel as much and accessories and that tends to be a higher margin business, they are buying things less high margin. Because of that, they inspect it to reduce the First Quarter margin rate. Not off far from what they inspect to earn but giving us great guidance about what they are seeing in terms of sales and as a result of some of knees things more coming up with Brian Cornell. Joe . Getting back some of last weeks losses in oil still problems in the Energy Sector no demand because people are stuck at home. Also with no place to go is the oil itself traders are on edge because there may not be enough room on oil tanks. The ceo of International Sea ways arent you full . Are you able to charge more to store . Good morning, joe we are not full in the sense that, you know, lets use very large crude carriers that each hold 2 Million Barrels about 100 of these vessels are deployed around the world. Thats about 2 billion barrels and a similar number of suez that hold a similar amount of there is a lot more capacity at sea that can be put to work storing for customers. That sounds like the solution what is the problem . How do we get to that point . We are a part of the solution as there is excess supply and the demand hit the coronavirus wall and dropped off all around the world, there are various producers looking for storage. Particularly, if you are landlocked that could cause you to do shut ins. First area of shut ins are canadian tar sands we have seen a steady inquiry from customers to store oil on our ships. Now in addition to the crude carriers, you are seeing that happen on the product tankers. We have 13 of these vlcs and smaller number of refinery vessels. Because they have been ramped down, now you are seeing products, jet fuel and other things being stored on these vessels. We are seen across the industry and our prices are high as a result do you think this will be reflected in your results . It doesnt seem like a good time for Anything Energy related. You can flourish in an environment like this because rates actually go up it seems bad for people that have nowhere to put the oil. They have to pay more to just store it i think the entire Energy Complex is seeking a balance they are ramping down. On the other side, you are seeing china open up they are about eight weeks ahead of us. What we want to see ultimately is Strong Demand we had good fundamentals going into the year. We dont have a big order book of new builds coming into our fleet. With he were shaped up in a nice position oil tankers play a big role of that right now the very cheap oil today and much more Expensive Oil further out actually pays for the customers to go ahead and store the oil. So it is not they are able to lock in those profits on paper and it does a terrible disadvantage to them do you think well mess this up and convert too many of these ships so