ibm just hired him. i did not realize that my dad was running his own underground railroad operation at ibm, and i think -- i hope that i would have been slick enough to do something like that. :: clyde: , what examination question. what do you mean, you don't need questions printed years hard enough to take it. i was smart enough to take it. one of the things that are talk about is this conflict of the father and son and there is always that tension there. my dad was always trying to see if he was better than me or if i was better than him. he didn't do as well on the exam. and i heard about it for the rest of his life. [laughter]. 's is a funny way of civilly saying that i hope i could have been as aware as he was about some of the more subtle ways to counter what he countered. the second part of your question, really great. i know it speaks to your mission and it does to my mission as well. it could not be more important to teach young people to be literate because really, that means to teach them how

who was ibm? that i uncovered any of this information, and i think that's one of the reasons why most people have no clue that this is the history of technology. in the book, i was also able to trace this idea of the relationship between technology and race and hatred back much further than even eugenics. i mean go back in the book to the 1500s, and you can see this pattern developing in technology so it is kind of a little bit of a leader to say i hope you read about it in the book because there's even more there think for all of us to digest and understand. thank you for your question. anyone else? >> at the time when you were working at ibm, with your background, with you being previously with the panthers, did you still feel the heaviness of you being a black man in an organization like that, within a corporation like that? >> absolutely. you know, with my background, and i should say -- yes, so this was a couple of years after i had been more deeply involved with the panthers, and so i was go

only ibm didn't want to pay back any money and watson, president of ibm, founder of ibm was really skilled manipulator of public opinion and some of you probably recognize what i'm next about to say. he knew that if he could divert attention here, you might not realize what was going on here. so why not hire two blacks, a handful of jews. wow, that's a pretty dramatic thing to do in the late 40's. well, middle 40's right after the war. people might not focus so much on how you're trying to get back the millions and millions of dollars that you made during the war, to the extent, for example, watson had actually funded a group of army soldiers that were his former employees. called the ibm that anthes were a part. that's what they were known as affectionately in the army and when the concentration camp was liberated everybody went for the prisoners. but the ibm folks went for the machines, to crate them up and make sure they got back to headquarters. so this was a really-- oh, gosh, it was almost hurtful to understand the depth what was going on. and i had edwin's book and a wonderful book.

so that's me when i started the book, that's me when i stepped into ibm, started work at ibm. what about my dad? what about 25 years before? what was that like for him? ♪ ♪ ♪ >> it was the late 1940s, post-world war ii america. anything was possible. duke ellington swung jazz jackie robinson swung a big league bat. brown v. board of education swung through the courts. nowhere with the possibilities and promises felt more deeply than in harlem, which was then black america's gravitational center. in a city college classroom at the edge of harlem, an accounting professor invited one of her student to dinner. that black tea i i arrived at r swanky apartment dressed to the nines. thomas watson, founder of ibm, stepped from the shadows. watson offered my father the job, in a jackie robinson moment it should. the start of an unknown chapter in the history of modern-day computers. now, it's a story i heard a lot growing up of watson. we used to call the old man or mr. watson. i heard a lot of names my dad used for him but the story i heard most was my dad showing up to dinner,

it's already been a remarkable morning of news in ibm to starbucks. we'll take a quick break and contueurin o coverage. squawk alley is back in a moment times, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. aand we're here for you -ry day fespecially now,rs.s clear, doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do. - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love. >>> welcome back let's get to rick in chicago >> thanks. i'd like to welcome my guest, johnny fine. he's one of these guys at goldman that really understands the corporate market and alls i'm going to say is if the fed builds the policy

. >>> coming up, we're watching shares of ibm. they're on the move, down almost 3% right now the company's cal is underway, commenting about the company's dividend we'll bring you all the headlines. >>> later, the small business aid program needs a major overhaul to get the u.s. company back up and running agn.ai what he's calling for. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expen

ibm yesterday reported after the bell. revenue profit was in line, but you have a new ceo taking over. analysts like the ceo, but remain very concerned about revenue growth. coca-cola also saying volume has dropped when he percent, and nordstrom's has announced -- dropped 25%, and nordstrom's has announced they will be amending their credit. i want to take a look at some of the positives we are looking at. netflix, we know the story. they are posting first order results after the bell. you could see subscription additions that are really big. amazon also reporting next week. they are still hovering near record highs. tons of online ordering. finally, activision blizzard is up as everyone is home gaming. benchmark and buy share.to $72 a vonnie: president trump saying in a tweet he plans to suspend immigration to the united states over immigration concerns. he says the moves will also protect jobs. he did not give a timeframe or specify who exactly would be affected. let's bring in bloomberg white house reporter josh wingrov

on the phone is the former chairman and ceo of ibm. now working with a private research institution focused on corporations. sam, it is always good to have you. thanks for joining us. with the trade war first, then the virus outbreak in china, will the days of made in china soon be over? for having me on the program today. i'm glad everyone is doing well physically. let me reflect a little bit. this is my third one. i went to 9/11 as the ceo of ibm, when i just took over the job. the financial crisis of 2008. now we have the pandemic. for that, we did have problems with the supply chain. the key thing to remember is these are different. they are all different. 9/11 was about security and it impacted parts of things. 2008 was a financial crisis, it banking and housing hard, but again there were other segments and geographies of that were there. this is a public health crisis. and it affects all elements of society. and it is hitting business, which gets us to a core element of all business, which is the supply chain. herry: how do you c

ibm kicking up earnings season today for big tech. shares down. after hours, the company reporting a revenue drop and withdrawing a full year forecast. i want to bring in daniel newman, principal analyst who covers ibm. ibm,l, a big challenge for just like so many companies dealing with the economy going into a recession. what is your take on these headline numbers? daniel: i think there's obviously you are going to see the concern of the withdrawn guidance going forward, but given the armageddon we have been hearing about with earnings coming up, there is a glimmer of hope here because there was a beat on earnings. there was a little bit of a shortfall on the revenue. given what we are expecting, i don't think that can be seen as a bad thing. emily: so, ibm is in a particularly interesting situation and that the former ceo pastor the baton just two weeks ago in the middle of a pandemic. the new ceo, formerly of red hat. talk to us about the challenges he has ahead. not necessarily having the same sort of institutional knowledge that she did, but

we also have ibm and cisco systems the two loan gainers. ibm will be reporting results shortly. first quarter numbers will be crossing. parsing through the relief to about they say anything the first quarter. those people were focused, fixated on the oil market where the may contracts closed at a -$37 per barrel. romaine: they will probably be fixated on that tomorrow as the contract has the final day of trading. a lot of folks i have spoken four days,he last when they expect to see a rebound. 27% from up about those march lows, still down about 20% from the highs in february. there is a lot of indication in these names, tele-dock. there are a lot of people coming that they think there is a bottom. now it is just a matter of whether we get the economic data and corporate profit data to back some of that up. fill with us, katerina simonetti. thanks for staying with us. i want to get back into our conversation. when you start to map out the long-term outlook, for equities, other asset classes as well, do you think there is a case to be made here that we don't necessarily have the

. >>> welcome back we are watching shares of ibm. joining many other companies pulling their guidance for the rest of the year saying sales fell 3% but it was mostly before the virus-led shutdown of the economy. speaking last night, new ceo says the outbreak is actually presenting ibm with certain opportunities specifically around artificial intelligence >> the $16 trillion market for productivity driven by ai as ai can infus business process and help optimize it when we look at that market, we are 4% in. this crisis is going to make the adoption of ai even faster than we could have predicted before >> that was the new ceo of ibm speaking last night. disney in the dull drums why disney is straight in the eye of the storm when it comes to the financial lockdown. with so much talk about oil tanks filling up, could it be 'll they are already full weget an insiders take on just that. next ever since we've gone mobile on the now platform, something's gotten into the office. i hear you. feels like there's no barriers between departments no

i visited ibm's ai labs in new york. here they are trying to get ahead of wildfires using artificial intelligence to detect which forest is most of vulnerable. >> we have hundreds of layers of jeof -- of geospacious data. this is where fires took place in california, and what we do here is we take layers and we have selected a few layers, vegetation index of the united states, daily precipitation and temperature data. so we take that, and in a matter of hours we can create an ai model that uses that data to create a wildfire index prediction. maria: at m.i.t. in cambridge, massachusetts, the professors ruse is in charge of the computer science and artificial intelligence lab at m.i.t. her students are identifying jobs people don't want, like separating recycled bottles and cans. >> this robot is able to grab an object, squeeze it a little bit to figure out what material it's made up. and it decides it's made of metal, plastic or paper and it recycled it automatically. this is extraordinary because recycling is such a ter

let's take the temperature of ibm through the words of mrmr. mr. krishna. arvin, you're the tenth c.e.o. i'm delighted you're on the call this is a quarter that shows the financial strength of a company beyond the growth. a lot of people like to hear from you how you feel about the cash flow and this company is a rock of anggibraltar in a very dicey time >> thanks, jim legali let me acknowledge the crisis we're all going through. my heart goes out to everybody around the globe dealing with covid-19 i'm proud of the ibm'ers who performed work so well even though 95% of them are working from home. so, going back to the quarter, ibm runs the most critical processes for our clients, and these are some of the most critical systems on the planet whether it's credit card processing, inter bank payments, retail banking and so on and so this demonstrates, our results demonstrate the high-value segments we have chosen to be in. we begin with a strong balance sheet. we add to that good cash flow. we have access to markets which results in good liquidity, which will al

they were the ones who worked on ibms like this. it's this group of women who write the first programs who send american spacecraft to the moon and to the planets. they do it on cards like this. in my research, i was curious why it is. why is jpl so different from many of the other centers. and what i found is that at most nasa centers, they were formed from military bases. that couple churl was different than jpl, which was formed by the suicide squad. because of his association with cal tech, it always had a very quirky academic feel. it still does today. it feels different. despite working in such a progressive place, the women, of course, were still subject to gender norms of the day. one i found most surprising were the beauty contests. so the lab held misguided missiles. later renamed the queen of outer space and women from all over the lab would compete in these contests. my favorite story happens in 1964. as part of the rangers series mission. it was the goal to send the first camera to the moon in order to take the first cl

, most of ibm's customers are large. you see that stock down this morning, but hey, the broader markets are down too relatively speaking it's not down that much how much is that sort of signaling from ibm going to be taken just as an overall sign of what's happening to demand >> jim, do we have you >> we are expecting to -- yes. you should be able to have me. >> go ahead. i would say ibm's report is likely to be a map of the markets. you can overlay it across the board with a few exceptions, we did see good earnings and guidance out of j&j last week. in terms of the overall market the suspension of orders coming from your customers is likely going to continue to affect businesses large, medium, small, really across the board. the question is, whether or not the turnaround comes hopefully as early as the third quarter or if the medical data remains uneven at best whether this pro tracts we agree we don't think the market is off to the races we saw headlines a week ago suggesting that we're entering a new bull market. we t

like this, an ibm 16 to the women affectionately nicknamed cora. it was this women at jpl who write the very first programs that send american spacecraft to the moon and to the planets, and they do it on cards like this. in my research i was curious as to why this is, why was jpl so different from many of these other nasa centers? what i found was that at most nasa centers, they were formed from military bases, so that culture was very different from jpl which was formed by the suicide squad. because of its association with cal tech, it always had a very quirky academic feel, and it still does today. it still feels very different. now, despite working in such a progressive place, the women, of course, were still subject to gender norms of the day. and one of those that i found most surprising were the beauty contests. so the lab held miss guided missile, later renamed the queen of outer space, and women from all over the lab would compete in these contests. now, my favorite beauty contest story happens in 1964 as part of the ranger series of missio

execution, the client bought about 100 shares of ibm at $50 a share. of course, very early on, we were very early adopters of a lot of technology to make ourselves more efficient. we just had to do that. and fortunately, i was close to silicon valley. many of my friends were people in the valley itself. and i was an early adopter, so we were one of the first ones to adopt internet in 1995, i think it was. david: one of the ways you got customers from all over the country, you had something in your mind to do branch offices. why did you want to have branch offices? charles: david, what we found out early on, very early on, at that time, about 50% or 60% of our customers wanted to come into a branch and make sure there were real people behind the counter, that they could see that. and so our numbers, once we opened offices in the location, our numbers went up substantially. david: you had better technology, perhaps. you spent more money on technologies than others. you had your face, which everyone got to like, and you also had the branch offices. but, t

on cloud services that could actually drive ibm's business any sense of that armit? >> we'll be waiting for the call to hear that we don't get a lot of sense from the wire sorry. armit. >> i think the wild card for them is this is heavily a services business. service is essentially with customers. when and how that opens up will be very relevant on the cloud side, software side, better two things i was worried about red hat deceleration, why is that, how is that ship going forward and consulting services business in the midst of a global shutdown will be very relevant. >> keith, i want to bring back to you to settle on what this means for the market i guess a big tech company comes out relatively reassuring, relative to the oil price move today. is that what we've got to focus on or do we have to focus on the market technicals, things like we saw in the oil market today, in terms of what it means for s&p 500 tech levels. >> underscore previous comments. ibm has been singing the same story for the last several quarters here and it's not that enthralling. aerpgs didn e

that is ibm just out. more to come out on and more to come in general as we have 2.4 million cases of covid-19 worldwide. nearly 800,000 confirmed right here in the united states. at least 4.2 million people have been tested for the virus in the u.s. so important to get the testing ramped up. we'll have the latest on that as we continue through the hour. local leaders grappling when and how to reopen their economies and governors say more testing is the key. we'll have more on the state of play there. the small businesses are still bracing for relief. we'll be right back. ♪. here's the thing about managing multiple clouds for your business. when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds. that should clear things up. home values are up, and mortgage rates are at record lows. that's good news for veterans with

they were the ones who worked on ibm computers like this. this group of women at jpl wrote the very first program that sent american spacecraft to the moon and planets. and they do it on cards like this. in my research i was really curious as to why jpl was so different from other nasa centers. i found that at most nasa centers, they were formed for military basis so the culture was very different than at jpl, which was formed by the suicide squad. because of its association with caltech, it only had a quirky academic field. it still feels very different. despite working in such a progressive place, the women were still subject to gender norms of the day and one that i found most surprising with the beauty contests. the lab held misguided missile, later renamed the queen of outer space. women from all over the lab would compete in these contests. my favorite beauty contest story is in 1964. as part of the ranger series missions. the goal was to send the first camera to the moon in order to take the first close-up images of the lunar surface

at this point ibm had 70% lost its share and they told the federal government this is what we are going to sell you and how you are going to use it and how much we are going to charge. >> that is what a monopoly does. >> there is relevance to today in brooks's life story and that is as a congressman he served on a panel that was impeach a federal judge. he had to learn the rules of impeachment. you can take the story from a. >> this is w o douglas, 1970, a federal judge who had accepted -- >> william o douglas, a great liberal supreme court justice. >> brooks was put on a select panel meaning congressman and senators to decide if there was reasonable evidence that an impeachment investigation should be brought into this case. they spend months on it and came out and said there is not enough evidence but that was 1970. 1974 comes around and he is the only person on the judiciary with impeachment experience so people think the reason why those impeachment hearings were kicked into the judiciary was tip o'neill, majority leader of the time had such a rapport with jack brooks and so much fa

. $114 on ibm. >>> amazon. morgan stanley now says the stock has done well but it's probably time to cash out. some warehouse workers are planning a mass call-out this week over poor working conditions because of the virus. morgan stanley's statement there makes no difference to the stock this morning. it's up another 24 bucks. $2,418 per share. >>> boeing. add one more to its list of troubles. oil plunging, that's the last thing they need. it does affect the company. boeing is down 3%, $139. overall, we are looking towards a 500 point loss for the dow industrials and we will show you the full market coverage after this. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's

david: thank you so much, sam palmisano, former ceo of ibm. the premier the next episode of wall street week tomorrow night at 6:00, and then we will run it through the weekend. please join us tomorrow night at 6:00 eastern time. the restaurants have been hit particularly hard by this pandemic. we will talk with the leader in fast casual dining, the ceo of panera bread. that is coming up. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. for just about all of us these days, it is not an option to eat at a restaurant, which puts a lot of pressure on the restaurant business. we welcome niren chaudhary, the ceo of panera bread, the leader in fast casual dining. to your business, give us a sense of feeding america. i know that is a partnership that is very important to you. niren: that's right. times,e unprecedented there are 55 million americans that will suffer from hunger. banks may rund out of food in the next five weeks. that cannot be right. brands like ours

she has been a real ibm and at the school for poetic computation. additionally your essays and reviews have appeared in

that is the difference between ibm and apple. and that is exactly why tim cook in many ways has done a good job, because he has kept so much cash, always available to do a deal warren buffett is another great example. you only do these things when the stock is low, when it's below some sort of intrinsic value, and when the incremental cash is just absolutely not necessary. you don't do it with the primary oxygen that you need to survive. and that's what most of these companies have done. and that's why this whole issue is just one of these things that really upsets people, because when you work inside of a business and you yourself are giving them your entire life, you're giving them your most valuable asset, which is your time, you expect and you should expect that the ceo and the board are exercising good judgment and in my opinion, buybacks are the primary example of a growing strain of incompetence amongst ceos and amongst boards and it's where we need to start thinking about how the rules need to change, so that average shar

we begin with another hurdle for ibm. the company pulling its profit forecast because of the year because of the coronavirus pandemic. ibm also reporting a drop in first-quarter revenue. the company expects in the near term clients will postpone projects. germanup at the top of software giant sap. co-ceo jennifer morgan is leaving abruptly. last october she was appointed to the top executive role along with christian klein. the prana virus epidemic causing problems with the leadership structure. klein will become the sole ceo. virgin australia becoming asia's first airline to fail after the coronavirus outbreak. administration is taking control of the carrier. within months they plan to restructure the business and find new owners. virgin australia is entirely owned by foreign airlines. i am viviana hurtado and that is your bloomberg is this flash. businessloomberg flash. alix: time for bottom line. we look at sectors and companies worth watching. one of them is netflix. set to earnings after the bell. joining me is micha

while the averages flew up it doesn't help ibm and coca-cola told us things got bad in the first quarter solid numbers from snap. from netflix, texas instruments and especially chipotle this very evening might change the down beat narrative. the governor of georgia is coming out and lifting the lockdown even though his state has some of the worst hot spots in the country he's talking about opening bowling alleys, hair saw sons. clearly we're past the graveyard. maybe not. were we due for a pull back this week absolutely we were overbought i've been telling everybody that don't read too much negativity into the stuff you can't take your que from the oil market it's insang. the futures collapsed after rookies who didn't know what they were doing got fleeced. storage for crude, whether tanks in cushing, oklahoma, or giant tankers on the ocean, they're pretty much fool and the rookies didn't know that more importantly, they are disconnected from reality and this is what really matters. i've been telling you we're pumping way too much in this country. the oil market has been saying the same t

ibm pulled back to 116 last week, it's now $126. you need income? ibm glorious, 5% between the fed and the treasury our government is moving heaven and earth to get people back on their feet carnival is visible. on the street, bond offering according to wall street journal, talk about nonessential service, the cruise line said they're getting heavily booked for next year. forgiving people the stocks indicate they're right. the treasury is bouncing checks that meant so much to small businesses thank you, mr. mnuchin the vaccine, we get it sooner than expected? moderna, johnson and johnson, inovia these are all trying to beat this thing that's a lot of good companies if in the interim we can get antivirals to keep us alive and get us out of the hospital quicker with fewer deaths, that justifies opening america for business long term we need a vaccine. that could take a year, two years, because vaccines require testing. you're testing healthy people. you're giving them something unhealthy. a year is lightning fast it took two years for polio, five year

ibm, microsoft are the big once. charles: microsoft, reporting, ibm reporting tomorrow. david, erin, we have to leave it there. thank you both very, very much. we're done with ppp we're talking about big businesses, right? they're cashing in and shutting out so many small businesses from the much-needed loans. coming up shake shack returns millions but other big companies are keeping the money as small businesses can only hold on to hope right now. it was dismissed by the main street media as a fringe movement, the lockdown protests are erupting across this company. will protesters sway governors to stop the stay-at-home orders? more on later in the show. this is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. she's confident, protected, her strength respected. depend. the only thing stronger than us, is you. she's confident, protected, her strength respected. i have always wanted to be a teacher. i've been teaching for over 20 years. with everything going on, we've had to alter our classroom settings. we have to transition into

. >> i got a take in on ibm. where's the panel see ibm post-covid with the new leader and director do you have a take on that stock? >> yeah. it is more constructive now and certainly at the prices. management is good solid valuation. the dividend's -- i mean, it is coming back. microsoft is not your father's microsoft. i'm sorry. ibm. >> freudian slip we'lta al ke quick break and come back with final thoughts. our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. ever something's gone mogotten into the office.m, i hear you. feels like there's no barriers between departments now. servicenow. the smarter way to workflow. >>> want to remind you, our cover

i think there's enough room for everyone in the cloud business that's growing so fast ibm has a leg up with businesses that need good encryption. think chinese stealing your data at the same time heeds committed to preserving the juicy dividend ibm reports a good quarter, stock gets clobbered i tell you to buy it balance sheet is good and business it fine it's now back up to 121. i think it's going higher. >>> second example, the rails. union pacific, long my fave. >> all aboard. >> yes, the big west coast railroad reported so-called weak sales, cargos were out weak to subpar, exception of grain going to our friends in china, and beer hey, who doesn't like beer both of which are thriving but union pacific's done a remarkable job of cutting costs in recent years. it's so efficient that even with lackluster sales it was able to crush the earnings estimates >> hallelujah. >> i bet they keep delivering even if the economy takes a long time to recover. they pretty much said that oh, and by the way, management committed to keep paying its dividend which currently yields 2.55%, great balance

engineers are doing to keep us all going when it comes to this data we are consuming. >> shares in ibm fell in extended trade after the giant failed to meet first quarter expectations it blamed the slump on clients shifting priorities due to the outbreak cloud service surged almost 50%. saying the company's cloud offering is said to only grow further as working remotely is due to become more common place. saying that business companies were well-placed as the world races to be more digital >> caller: when you look at many of the projects, you went back to application modernization driven by hybrid cloud you talk artificial intelligence as the world wants to get digital and get digital faster even in this crisis days of covid-19 i would say this is a big chance the portfolio we have selected should make us more robust than many others. >>> coming up, fresh data reveals the full scale of the virus outbreak here in the uk. we'll discuss that next. i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i migh

that was the former ibm ceo speaking earlier. let's look at currencies. >> we project trade in 2020 will fall steeply in every region of acrossld and basically all sectors of the economy. >> let's take a quick check of how markets are trading. aroundgaining -- losing half a percent. this coming as we see the state of emergency in seven different prefectures across japan and retracing last week's decline around 19,000 level. kospi gaining 1.5%. rate decisionbok this hour or next and a on what will happen. they may stay after following the rate cut. asx 200 gaining 1.5%. gold producers falling. ozzie bonds steady. we have seen s&p cutting countries credit rating outlook negative. up a quarter percent after the s&p 500 entered bone markets again. u.s. dollar down 1/10 of 1%. 10 year treasuries set for the first weekly drop in four. oil extending. brent up 2.7%. we are headed to the opec-plus meeting thursday. cut will discuss and output of 10 million barrels per day. is the cattle driving markets higher. new study says the coronavir

year because of pandemic.19 ibm also reporting a drop in first quarter revenue. the company expects in the near clients will postpone projects. that is your bloomberg business flash. francine? tom? viviana, thanks so much. the data is extraordinary. lows, an too many year note on commodities across america. the oil we are watching -- not the may contract negative, but the new june contract front and center, plunging from $19 to $16 a barrel in the last 20 minutes. across the board, francine, we see lower yields. stillne: yes, oil definitely in focus. if you look at the s&p 500 futures, they are surrendering early games. -- early gains. u.k. government keeps saying they do not want to extend. if you look at futures here as well, futures in the u.s., they and euro0.4%, declining as well, tom. tom: we may get legislation from the president, from the house. senator grassley, later on bloomberg. good morning. ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a mi

, not facebook, not that are ofpanies the backbone of infrastructure and doing business, microsoft, ibm, so when you break those , those industrial-level technology companies, these did hit and arebig of a , and software is still expecting profitable growth for 2020, and there are only four sectors out of 11 with the what iy come so that is am talking about, old-school technology companies, not the new ones. you need: what would to see to see a broader recovery in small caps? >> that is a big question. certainly they are some of the most vulnerable when it comes to an economic recession. they are too high risk earlys point, way too worth looking at, and some are vulnerable of having to file for , ikruptcy, so at this point am very much risk off and would capd them, not only large s, but some kind of economic recovery, either unemployment going down, you indicatorstrial showing the u.s. economy is starting to re-grow and recover. johnson and johnson searching after stronger-than-expected results. this is one of your favorite stocks, right? yes -- >> yes. shery ahn: are there other stocks

as well, we have the following revenue and the pulling away of the forecast for ibm. tech has been resilient in the equity market. if that falls, we may question the recent rally. front and center is the oil market. we had the unprecedented drop with negative prices on the wti on the may contract. we will question and dig into what happened there. did it have to do with people long wanting to roll over to june. and it reflects what we know what is been happening in the physical market for quite a long time. if you look at the markets, we are seeing a little bit of a rebound in the may contracts so we are back in positive territory. $21.contracts, around elsewhere, you are seeing red on the screen in terms of asian equities. dollar strength. the kiwi underperforms. we had some comments from adrian or in terms of the monetization of debt. around $25 a barrel. president donald trump says he will sign an executive order temporarily suspending immigration into the united states. this comes as the country tries to contain the spread of the coronavirus. in a tweet he said hi

the ibm, radio shack, and the commodore computer. and some quarters, she was referred to as the computer commodore. you mentioned earlier her work as a compiler, assemblers. trying to take a simple english language and use a machine to translate things into language that computers can work with. she was so focused on making that connection and communicating to people. among other things, whenever she had a public display, she would distribute what she would call an nanosecond. a nanosecond is and her -- the distance it takes the speed of light to travel in a nanosecond. it is about 12 inches. so she distributed these as a way to communicate to people that when you see tv reporters talking to each other and there is some delay in the conversation, it is because of satellite transmissions taking time. clearly, she was a real rule breaker. she trained and tell the people who worked on her team to break the rules that were in the navy and still observe the chain of command. the final rule that she broke was after she retired, she insiste

ibm, thank you for being with us. stuart: the next one, it is thursday, dan, the wall street journal, dan you got your new piece out, the next virus war. i have read it and it seems to me you are saying that trump, it is about infrastructure, but nancy pelosi is about power. you are implying speaker pelosi will use stimulus plan for as a vehicle to be an entitlement program or heavy-duty spending, is that the line of attack in your article today? >> that is right, after 9/11 we had a period of bipartisanship in which the parties came together, it is clear were living in an age where that is not going to happen anymore. bipartisanship is dead, we live in an error of polarization. a nancy pelosi is a general and the democrats army and she intends to use this crisis for the war that will take place after the crisis passes and i think the argument they are going to make is that if the federal government was able to lead us through something like the coronavirus crisis then we should be willing to ask the federal governmen

los donÓ la ibm. gracias a ibm. detrÁs de su piano en su casa tenemos a kacey musgraves. kacey: [ habla en inglÉs ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ you hold tight to your umbrella, well, darlin' i'm just tryin' to tell ya ♪ ♪ that there's always been a rainbow hangin' over your head ♪ ♪ if you could see what i see, you'd be blinded by the colours ♪ ♪ yellow, red and orange and green, and at least a million others ♪ ♪ so tie up the bow, take off your coat and take a look around ♪ ♪ 'cause the sky is finally open, the rain and wind stopped blown' ♪ ♪ but you're stuck out in the same old storm again ♪ ♪ you hold tight to your umbrella, well, darlin' i'm just tryin' to tell ya ♪ ♪ that there's always been a rainbow hangin' over your head ♪ ♪ that there's always been a rainbow hangin' over your head ♪ ♪ presentador: esta noche es un testamento al poder que tenemos dentro de nosotros. las crisis requieren actuar desde todos los frentes. tenemos que aprender de los esfuerzos de la oms para eliminar la pandemia y evitar brotes futuro

. , together with ibm, both pushed box sales this month to a record. it is a credit group, so it is ibm as well as anthem and bond delay. to the market in this latest session. deals,re also seeking and that pushed investment grade sales in the month of april. they were shy of yet another record, and that boeing issuance put it right over the top. this activity has everything to do with the federal reserve last giving unprecedented support to the credit markets, and that has made investment-grade and high-yield supply soar. we are expecting to see more companies go to the window in the coming weeks. you.: su keenan, thank let's get a check at the latest business flash headlines. airbus aims to survive the pandemic by tapping into eu rescue packages. the ceo says he hopes airbus will not need direct space support but will take advantage of payroll health for the wider aviation industry. cash-strapped customers benefiting from state relief are seen as less likely to cancel orders for new planes. united airlines reported an adjusted first-quarter loss of $

clyde is the former systems engineer with ibm. he graduated from university of western state here in portland as a doctor of chiropractic and he's a trained psychotherapist. he is also the award-winning author of 12 works of fiction and nonfiction. he is the recipient of the award in african american literature as well as numerous other awards for his books. he's been a guest on the oprah show on

clyde is a former systems engineer with ibm. he graduated from the

thank, ibm. and from now behind her piano at home casey musgraves. >> i want to say a sincere thank you to all the people out there risking their lives to get everyone through this crazy time. thank you. it means so much to me, and i've also been loving seeing everyone's rainbows in their windows. it inspired me to sing this song for you. ♪ ♪ the rain pours but you didn't even notice, it ain't raining anymore it's hard to breathe when i'm unnoticed ♪ ♪ when the skies finally open the rain would stop pouring and you're stuck out in the same old storm again ♪ ♪ you hold onto your umbrella but, darling, i'm just trying to tell you there's always been a rainbow hanging over your head ♪ ♪ if you could see what i see you'd be blinded by the colors, ye yellow, red and orange and green and at least a million others ♪ ♪ so tie up the bow, take off your coat and take a look around cause the skies have finally opened, the rain and wind won't stop blow [you're stuck out ♪ ♪ in the sam

at this point ibm had 75% market share they basically told the federal government this is what organ to start this is how you can use it, this is how much were going to charge her. see what there's also a lot of relevance to today and brooks his life story. that is something that when as a congressman he was on a panel that was impeaching a federalmp judge. he had to learn the rules of impeachment. then, you can take over the story from there. so this is douglas 1970 a federal judge liberal federal judge who accepted speaking fees. so the great liberal supreme court justice. so brooks was put on the select panel with congressman and senators to basically decide if there was reasonable evidence that an impeachment investigation should be brought into this case and they spent months audit. finally came out and said no there's not enough evidence. but that was 19 or 1974 comes around and he is the only person on the judiciary with any impeachment experience. people think the reason they were pushed into it was the tip o'neil was the majority leader of the time and have such report jack

charles: i love ibm, even though it got hammered on earnings and dividend is great. they are coming on the cloud. quickly for both of you, we saw in mark, record shorts out there. folks not familiar with it, essentially people are betting on the market or individual stocks to go down. record bets on those. erin, anything that you see could be a short squeeze? today, for instance, way fair is up. at one point beyond was up. they are both downgraded but massive short positions getting squeezed? >> i think carmax is the one i really like. the price keeps going up and the shorts, rather, as price went down the shorts kept going up. there is exceptionally high short percentage, or, number of shares borrowing short list. the price goes up, that will be a real squeeze for quite a few short sellers. charles: it is one point number one percentage gainer today. shah, any short squeeze ideas you're looking at? >> not right now. i'm scared the market is so strong. i'm scared if we come back down, leadership falters, i'm looking to put shorts on. it is far too dangerous, charles,

like the tomorrow after ibm reported, when the stock tumbled to 116 after seemingly bad quarter, i was aghast, as nobody expected perfection from ibm especially the software slag the results were good enough the stock should have been able to rally. sure enough it did it's up more than ten from its low. try not to take the first move post earnings too seriously. the market does often get it wrong, and that initial action is more about the expectations gained than the fundamentals if you've done the work, if you know the craft, you note it's wrong. that's why i'm so grateful for the piece in the wall street journal slamming amazon. maybe now the stock has been immunized against those negatives and what i think will obviously be a very strong quarter. stick with cramer. aren't cancel. hope isn't quarantined. first words aren't delayed. caring isn't postponed. courage isn't on hold. and love hasn't stopped. u.s. bank thanks you for keeping all of our spirits strong. we've donated millions to those in need and are always here for our customers and employees. confident financial plans, calm

will and ibm increasing the quarterly dividend u.p.s. down and ibm up on the announcements. >>> the coronavirus outbreak has created a crisis on america's college campuses at what is supposed to be one of the most exciting times of the year and clear that some schools won't survive. scott cohn has the story scott? >> reporter: hi, kelly we are at the university of california-santa cruz. home of the banana slugs and around this time of year it would be packed with students and also anticipating students coming in in the fall and still face a may 1st decision deadline in california to get the deposits in but of course everything now is up in the air and virtual here since the middle of march. uc system president janet napolitano said the cost in march more than half a billion dollars and the worst may be yet to come. the american council on education projects nationwide enrollment in the fall down 15% and that includes 25% decline in international students for a revenue loss conservatively of $23 billion. >> a number of institutions that w

ibm watson is different. it's ai that works on any cloud to help your business tackle problems... from building smarter cars to predicting sales trends to improving customer service... without slowing you down. ♪ ♪ melissa: an act of kindness when andrew cuomo ordered the shutdown of restaurants except for takeout, our next guest saul an opportunity to give back, here is the owner in new york city, i have to say it's one of my very favorite restaurants, people that are watching from outside of new york, when you come to the city when it reopens, this is one of the places that you absolutely have to go, it is not a tourist trap eczema replaces you hear about. tell us about your story, you originally had to shut down your restaurants because you weren't getting enough traffic as anyone in new york but you found a way to give back to local hospital workers and also keep a lot of your people in place, tell us about that. >> when the governor told us that we were going to shut down in 24 hours, a friend of min

i know all the- rules of food came from the dictator for this sixty when the like ibm tomorrow in the mosque. a like a re. for death for the country focus on bringing you. so. we did like a million speak to call it. and the- is now i is. this is a disk. record noted as a not as- my you first of was to create a like a pull of a mother of my and were where to fix. like the social for. and you. what's the religion- how the religion they've enjoyed a couple of penetrations inside to did did moses on this part of dad forrester or just. i want to. a number in the in the daily life of the people 04/20/20 04/20/20 [captioning made possible by democracy now!] amy: from m new york, the epicenteter of the pandemic, ths is demococracy now! >> want to put cuffffs on me, ii call for my y wife. she e came out a and pretttty mh de-escalate in the sitituation. even before she cacame, he was likeke inches from my face, basically, yelelling i should cl him sergeant, , i should call hm sir, a and with nono mask on. he had no gloves on. i could feel hisis saliva onon y lilips.

going to live up to the billing and in the very near-term i'm not so sure if you look at salesforce and ibm, they're talking about businesses dial back and their tech infrastructure spending and that number could stagnate in the cloud space over the next couple of quarters and maybe the stock needs to get back in the near-term and long term, great company, and near-term, you're optimistic >> you're a trader and an investor go put your trader cap on, will you? >> i think guys -- i'm with guy when you look at the way amazon has traded and you know it's gone in too far too fast and the other name that's interesting about them is they've all been growth stories so when people are concerned that we'll stay at home and the growth isn't going to be there they've all piled into these names. so you have to be concerned about that, but the one i'm really, really watching is apple, right this has been the darling. they've now come out with a cheaper phone and what i'm concerned about is that average selling prices are not going to be there in the future given the environment that we're in, you absolut