Bullishness as manifested by a huge part of the market, i call it the 11 11. 5 trillion portiono the market, which is related to the cramer covid index you cant get enough of these stocks these are the companies that do best when you stay at home whether it with General Mills, a surprise preannouncement that was extraordinary yesterday or a lot of the apple number bumps today. Even just out of the woodwork abbvie put on the recommended list why . Now you can stay at home and go get your botox there is just absolutely a level of bullishness about this stay at home, work at home market then theres the rest of the market, which is just awful. And astonishing. Well get to calhouns comments on the today show in a moment i know you have logitech on tonight. Sales up 13. Theres a lot of web cams, mice, and keyboards that are being bought right now if you want logitech. Its so interesting because soi. They have a particular mouse that is almost as good as a wired mouse. People want that because they dont want latency if you want a home office and want quality stuff off of amazon, you can quickly set one up yourself and zoom we look at these guests, and anyone who is a phoner, they should go to estee lauder or something or go to a dermatologist. Theres no reason not to do a zoom logitech interview. It will cost you about 180 bucks. This is happening so fast that i think its just incredible i had an outfit called upwork yesterday. They find people who would be working at home and they would be the right person for you. I see tremendous tall Office Buildings with nobody in it. David, youre seeing with these Real Estate Investment trusts, with the exception of Simon Property, distressed like you wouldnt believe its yet to hit the banks. Yeah. You know, the future of work is something well be talking about. Its funny, in talking to people on wall street, the plan to get back to work, for example, it goes to your point its not just retail and simon which well get to reporting numbers, and well get to that in a bit but its also all the Office Buildings. How many people are really going to be going back and talking to people about their plan for return in the Financial Services industry traders, for example, probably would be the first to be brought back but theyre going to bring back only a slice and theyre trying to figure things out about how many people can be in an elevator. Theyll be monitoring every move made by the people who do go back theres going to be a cohort of employees who just work from home continually and, jim, that makes you wonder. Yes, theres going to be more social distancing. Yes, you may need more space. But theres going to be, i dont know what the number is, 20 , 30 of the Employee Work force that doesnt come back it may not be the same people, theyre going to be working from home thats kind of what i continue to hear. I dont know if its what you do as well. American electric power was on last night. They saw a dramatic decline in industrial use a lot of that is skyscrapers Office Buildings, a huge increase in residential. A lot of that is the office at home this is the largest Transmission Company in the country its happening so fast, its even impacting electricity carl, i have to tell you if the choice between going and getting yourself some covid by going to it the office and pressing the wrong button with too many people in the elevator, side to side, shouldertoshoulder with traders or sitting at home, having a nice breakfast, going to work, if you can silence the dog, no crying babies, youre in busines business yeah. Some of the scenarios being laid out, especially in the uk. Theres a story in reuters about london scenarios about bankers and traders not going back to work for at least a year. Then theres corporate travel. David calhoun of boeing on the today show this morning talking about something that the sell side has been laying out there for a month, whether or not demand comes back in 3 to 5 years, and whether a Major Carrier ends up going out of business take a listen. Do you think there might be a major u. S. Carrier that just has to go out of business . Yes, most likely. Something will happen when september comes around traffic levels wont be back to 100 , they wont be back to 25 . Maybe by the end of the year we approach 50 theres definitely adjustments that have to be made wow on squawk box this morning, they said a 50 number by the end of the year is optimistic. Hes a bit of an iconoclast, so to speak. I think secretary mnuchin doesnt want that. I think the Airline Business is an important business for our country. When i looked at a united air flight yesterday, its packed, i question how poorly these do heres mr. Calhoun, he gave a critical New York Times interview of his company one of the things ive learned in life having been a salesperson and taught sales, you just dont tell the clients that they dont have enough money to do business with you. So im putting that one in the illadvised category just because hes a ceo of a major company, you cant say he was illadvised. Stunning david, stunning . Maybe maybe one of the three of you guys will be out of business by yearend i dont know which one no, come on these are customers, buying billions of dollars of equipment the one thing you dont dois say im going under. Thats just not what you do in america. I suppose calhoun is a straight shooter a weve learned. He seems to speak his mind, perhaps to your point. Thats great. Even when he shouldnt. All ceos are sales people yes yes, they should be. Many of them are many of them are very good at that thats why they got to the jobs they have. Because theyre good at selling, jim. Youre right yeah. You know, guys, when i think of boeing, i still come back to the 25 billion that the company was able to raise in the Corporate Bond market. And that leads me to Something Else that is going on every day, which is the level of Capital Markets activity is just off the charts yes its not just debt. Its equity as well. Raising another 11 billion through sales of from five years up to 40, 3. 8 notes, they raised 11 billion in total those were priced at a discount. Youre talking about what could be 2 trillion in Investment Grade debt raised this year by the time the year ends its just extraordinary. Companies willing to come back again when they already hit the market once. And then, jim, weve also got equity we talked a lot about it, but for companies that have had to issue equity, but then you have this huge secondary from pnc, for blackrock. Those numbers are or nor mousens every revolver has been turned everyone took the revol revolvers. Also, federal reality, a Good Shopping center company, they tapped the bond market, people are willing to buy a lot of stuff. Make th maybe that has to do with the fed buying bonds of high quality. I cant believe when will we see the banks on the hook for real bad debt . Well talk about Simon Properties david simon is amazing he made this stunning thing in his Conference Call. He said ill pay my dividend in cash one after another. Analysts congratulating him that hes paying it in cash so many reits stopped paying or cut their dividend in half we dont see the reserves yet. But the reserves better be up. Boy the bank stocks are bad. The bank stocks yesterday were bad they had a bad day yesterday, too. Simon will open half of its properties in the next week. I know theres more activity, david, regarding zillow group today and lyft on some converts. I read this morning weve already priced mosh th ed more so far than we did all of may last year. Unbelievable right its not just straight equity. Its not just debt the way disney is doing. We saw yesterday the deal with coty, kky stepping up for a billion dollars in a convertible preferred. Its extraordinary and again, if you are a company, you probably want to get out ahead of the issuance thats still to come and the idea that there will be a repricing of some kind that will make your cost of capital more expensive thats what disney seemed to be thinking by their decision to hit the market some prices that are buy s p global. By Doug Pedersons company its a windfall. Buy it here. Spgi well take a break. Theres so much to get to today. Theres other news regarding disney bullard is on the tape talking about fed programs, fauci at the top of the hour. A lot more squawk on the street. Dont go anywhere. When the world gets complicated, a lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Im really proud of our people and what we accomplished since the acquisition. The performance of the business has continued to be strong across the board on all value drivers for the acquisition where we are executing well. The pipeline is progressing. The approvals of new medicines in the First Quarter really is a demonstration of the strong focus we have on the pipeline. Thats jim last night on mad money. Theres moderna and labcorp also moderna loves press releases. Theyre fabulous at that when you fast track something from the fda, all it means is the illness is bad its not like, hey, they just got some approval to do something fast bristolmyers, dr. Caforio is a levelheaded guy he talked about alliances among Drug Companies to get a vaccine. This celgene deal is unrecognized this stock sells at ten times earnings it had 8 growth thats the kind of thing people say, geez, the market is overvalued bristolmyers this company is unbelievably cheap. I know its chic to come on and say the whole thing is a big house of cards. How do they explain the fact that theres a 3 yield with a decent Balance Sheet that sells at 10 times earnings with 8 growth and it will get faster . I find the ignorance of people who want to slam this, they should look at individual stocks there are stocks overvalued. Bristol is not one of them no, but in some ways as the market noted granted, in your opinion, its cheap, but its up 33 over the last year, jim. I guess it has not been getting respect for a long time. Thats it thats what i said to dr. Caforio. In the 40 level, it was just me. I know that people said, oh, he likes to say bristolmyers 42, come on he was using a gigantic number the synergies are better this is the stock i implore people to put in their portfolio. I find theres many, many people who are so quick to say theres nothing to buy, but they dont want to look at individual stocks they made up their mind about the s p and theres probably twothirds of the s p thats wrong. That doesnt work. I have 11 11. 5 trillion worth o cramer covid index that does work and it makes sense here. Yeah. If you bought the s p index, you are not unhappy in the sense of youre down 9 for the year and you benefited from those Mega Cap Companies that we talk about all the time for obvious reason apple, alphabet, amazon, microsoft, that have allowed that index to be where it is, despite the performance of so many other stocks that are far less you are a Glass Half Full guy. But youre you dont understand its a glass full not unhappy, Glass Half Full no, you should be its its happy look at the trillion dollar index that ive got. David, its okay i mean, i know its difficult to accept because of how horrible the situation is companies have pivoted dramatically Services Services david, just be less glum youre at home it looks fabulous. You have a fabulous life you probably even have the dog there. Hows the dog . He gets put away over in that side youre like a call center over there youre a call center yeah. Ye yes. Quiet dogs, david, for the win for sure well take a break here. A lot more to get to on this tuesday morning. Stay with us whatd we decide on the flyers again . Uh, fifteen minutes could save you 15 or more on car insurance. I think were gonna swap over to over seventyfive years of savings and service. What, were just gonna swap over . Yep. Pump the breaks on this, swap it over to that. Pump the breaks, and, uh, swap over . Thats right. Instead of all this that ive already . Yeah. What are we gonna do with these . Keep it at your desk, and save it for next time. Geico. Over 75 years of savings and service. Thats why working together ist 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. Welcome back to squawk on the street. Time for a mad dash from this very happy household to your miserable one, jim ill do anything to improve your mood ill do anything but open a factory in alameda that im not supposed to. This is what im talking about alphabet this morning, citi bumps its price target and takes it from 1400 to 1600. Why did they do it i dont know they cut Revenue Growth. They talk about revenue deceleration theyre talking about youtube Revenue Growth they bump the price target this is what youre talking about. The this is called it doesnt say it it doesnt say factious at the top. You dont cut your Revenue Growth and then raise the price target but, david, its alphabet. Its like china town right yeah its china town. Yep. Yep. That said, there are some there are some investors, jim, who are seizing on the efficiencies that alphabet has been finally willing to seize as they cut costs as a real positive revenues maybe wont go up margins will yeah. The drunken sailor thing kind of got a little bit weary hi, david. Thats you, david. You can go okay david, go out for that one. I think were taking a break now, jim ill do that well be back. We have an opening bell. Nine minutes away. A lot more for you on squawk on the street. 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. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Tesla is up 2 premarket as elon musk tweeted yesterday. Tesla is restarting production today against Alameda County rules. Ill be online with everyone else if anyone gets arrested, i ask it only be me. The plant was shut down for five months it sounds like maybe you think he doesnt have legal standing but moral standing to do what hes doing here. I think hes a zealot i think hes correct in thinking the whole thrust of this country is to put people to work why do we presume that he cant do it in a fashion that is safe . I do not know. I mean, i want this is not tyson, okay . This is not smithfield why do we think this man is going to put people at risk . When i look at my twitter column, theres two kinds of people people quho thiwho think hes te greatest and people who think hes willing to sacrifice people he may not be as concerned about covid as every person in the cold, but theres no indication that hes willing to sacrifice peoples lives. Why cant they make a deal i dont understand this. Its time to open up that factory. I think hes dead right. I dont want to violate the law, but come on. Do we not want this factory open secretary mnuchin wants it open. Heres what he told us yesterday. I agree with elon musk. Hes one of the biggest employers and manufacturers in California California should prioritize doing whatever they need to do to solve those Health Issues so that he can open quickly and safely or theyre going to find hes moving his production to a different state. He does have the argument that theyre essentially the only oem not allowed to open on a week when the other big three are going to open. We got rid of osha oh, osha still exists. Im sorry. They would be valuable here. We dont have standards. Theres a county elected official shutting down maybe one of the most Important Companies in america if the president would step in, that would be very valuable. This is on the firing line of whats wrong with america. This incredible even a county commissioner can shut down a great company. How is this possible how is it possible we have unfettered confederacy of anything i use the word confederacy not disparaging in terms of the things they did wrong, but the idea that everybody seems to be equal when it comes to being able to tell someone not to do something. Youre supposed to be trying to open up america, not close america. I dont get it at all. Who is this guy to stand up in front of a real company . Jim, all that being said, theres no unified approach here we know that its each state making their own decisions. Down to the local level. Based on all of the different factors there. You have been the first person to speak out about protecting Peoples Health every single day and how concerned you are about it trust and verify. Do you know what the specific conditions are i dont know certainly i can understand why you would want to open the factory. Im surprised to hear you say that its not the soviet union in 1935 were not putting coal into an engine i think you can sit down with this man and work it out thats all im saying. I think the disease is horrible. Far worse than most people but i do believe there are ways if we let tyson open plants, okay tyson. We should let this plant open. Tyson was there are ways to do it listen, i come back