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00:00EMILY: WELCOME TO BLOOMBERG TECHNOLOGY. ANOTHER DAY OF GAINS ON WALL STREET. INVESTORS WAITING ON THE $2 TRILLION STIMULUS PACKAGE TO PASS THROUGH THE SENATE. MEANTIME, THE WHITE HOUSE TASK FORCE ON THE CORONAVIRUS SCHEDULED TO DELIVER A BRIEFING MINUTES FROM NOW. WE WILL TAKE YOU TO WASHINGTON AS SOON AS THAT BEGINS. FIRST I WANT TO BRING IN ROMAINE BOSTICK TO TALK ABOUT THE MOVE TODAY. INVESTORS SEEM TO BE BANKING ON THE STIMULUS PACKAGE, BUT SENATORS STILL WORKING THROUGH SOME STICKING POINTS. IT HAS NOT PASSED YET. WHAT IS YOUR READ? ROMAINE: THE MARKET CLEARLY WAITED ON THAT. AROUND MID TODAY -- MIDDAY TODAY THERE WAS AN OUTLINE FROM BERNIE SANDERS SAYING HE HAD OBJECTIONS TO THE BILL SURROUNDING UNEMPLOYMENT INSURANCE, AND HE WAS WILLING TO HOLD UP THE BILL IF THESE ISSUES WERE NOT ADDRESSED. THAT SEEMED TO TAKE SOME WIND OUT OF THE RALLY. WE WERE DOING VERY WELL UP UNTIL ABOUT THEN. THEN A LITTLE LATER IN THE DAY, THERE WAS SOME NEWS CROSSING THE WIRE ON APPLE. IT WAS REPORTED THAT APPLE MIGHT PUSH BACK THE POTENTIAL RELEASE OF THE 5G IPHONE THAT SOME ANY PEOPLE WERE ANTICIPATING THIS YEAR. BASED ON THAT, WE ACTUALLY SAW THE NASDAQ COMPOSITE AND THE NASDAQ 100 GIVE UP THEIR GAINS ON THE DAY AND MOVE INTO THE RED, EVEN THOUGH THE BROADER MARKET, THE S & P 500 IN PARTICULAR, REMAINED IN THE GREEN. BUT THERE WAS CONCERN. APPLE WAS ACTUALLY UP ABOUT 5% ON THE DAY PRIOR TO THAT, AND CLOSED DOWN .5%. APPLE SUPPLIERS WE SAW ALSO GIVE UP THEIR GAINS OR MOVE INTO THE RED AS WELL. SO THERE IS CONCERN HERE, NOT JUST OH MY GOSH, WE ARE NOT GOING TO GET ANOTHER IPHONE, BUT THIS IDEA THAT THE ECONOMIC IMPACT IS GOING TO BE LASTING. THIS IS GOING TO BE SOMETHING THAT WE WILL NOT JUST RECOVER FROM IN JUNE OR JULY. THIS IS SOMETHING THAT WILL PROBABLY LINGER FOR LUMP -- FOR MONTHS, MAYBE INTO NEXT YEAR. I THINK THAT REALITY IS SINKING IN FOR TRADERS. NOT ENOUGH TO COMPLETE LEE'S SQUASH THE RALLY, BUT YOU ARE SEEING THE FRAGILITY IN TERMS OF HOW PEOPLE ARE TRYING TO GAME WHAT THE OUTLOOK WILL BE. EMILY: MEANTIME, MICRON, WHICH IS AN APPLE CHIP SUPPLIER, REPORTING FAIRLY STRONG EARNINGS, THOUGH THEY SAID SOME CUSTOMERS STOCKPILING, DATA CENTERS STOCKPILING CHIPS COULD BE MORE OF A SIGNAL OF DEMAND. BUT THEY EXPECT DEMAND TO RETURN TO USUAL AND THE SECOND HALF OF THE YEAR, ALTHOUGH OTHERS REPORTING MUCH LONGER THAN THAT. TWITTER AND ZILLOW WITHDREW THEIR FORECAST FOR THE QUARTER. ROMAINE: THIS WILL BE HARD. THE MICRON REPORT WAS ENCOURAGING, ALTHOUGH THEY HAD A LOT OF CAVEATS BAKED INTO THEIR STATEMENT, SAYING IT WAS BASICALLY A LAGGING INDICATOR SO YOU CANNOT READ TOO MUCH INTO IT. BUT IT DOES SHOOT -- DOES SHOW SOME RESILIENCY. MICRON AND A LOT OF CHIPMAKERS WERE BEATEN DOWN PRIOR TO THE COVID-19 ISSUE. SO THERE WAS ALREADY A LOT OF CONCERN ABOUT THESE COMPANIES. THEY ARE COMING UP FROM A BOTTOM. WHEN YOU TALK ABOUT SOME OTHER MID -- OTHER NAMES, YOU HAVE AD ISSUES WITH TWITTER AND FACEBOOK, AD SPENDING WILL NOT BE AS ROBUST THIS YEAR AS IT MIGHT HAVE BEEN, AND THAT WILL POTENTIALLY HURT THOSE COMPANIES. BUT WHAT YOU ARE SEEING FROM THESE COMPANIES IS THIS IDEA THAT AT LEAST OVER THE SHORT AND MEDIUM-TERM, YOU WILL PROBABLY HAVE A LITTLE BIT OF PAIN. THE ISSUE NOW FOR INVESTORS IS WHETHER THESE COMPANIES HAVE ENOUGH JUICE IN THE TANK, WHETHER IT IS A BACKLOG OF ORDERS, WHETHER IT IS CASH ON HAND, TO REALLY FACILITATE A LITTLE BIT MORE OF A RECOVERY LATER THIS YEAR. I THINK WHAT YOU ARE SEEING WITH COMPANIES LIKE MICRON, AND NOT A TECH COMPANY, BUT WOULD NIKE, YESTERDAY THIS IDEA THAT SOME OF THESE COMPANIES WILL BE POLICED FOR A QUICK RECOVERY, ASSUMING -- WILL BE POISED FOR A QUICK RECOVERY, ASSUMING WE GET PAST THIS COVID-19 SCARE. EMILY: I WANT TO BRING IN LAURA KANE, HEAD OF THEMATIC INVESTING AT UBS. YOU GUYS THINK THIS IS AN OPPORTUNE TIME TO MAKE SOME BETS. THAT SAID COME EVERY TIME YOU MAKE A BUY, THE PRICE KEEPS GOING DOWN. HOW DO YOU KNOW HOW FAR AWAY THE BOTTOM IS GOING TO BE AND WHETHER YOU'RE MAKING A CALL AT THE RIGHT TIME? LAURA: WE DO SEE OPPORTUNITIES, SELECTIVE OPPORTUNITIES FOR BUYING. I AGREE WITH ROMAINE THAT THE MARKET IS STILL VOLATILE. IN LIGHT OF THAT WHAT WE ARE FOCUSED ON IS LONG-TERM SECULAR TRENDS THAT WE BELIEVE ARE GOING TO PLAY OUT OVER THE NEXT DECADE AND BEYOND. THAT BEING SAID, WE DO SEE SOME ATTRACTIVE ENTRY POINTS RIGHT NOW FOR SOME OF THESE THEMATIC IDEAS. E-COMMERCE WOULD BE ONE OF THEM IN LIGHT OF QUARANTINE MEASURES. WE ARE SEEING MORE SHOPPING TAKING PLACE ONLINE, WE ARE SEEING MORE RELIANCE ON INTERNET SERVICES MORE BROADLY, EVERYTHING FROM EDUCATION SERVICES TO MOBILE FOOD ORDERING, FOOD DELIVERY. THERE'S REALLY A WHOLE HOST OF OPPORTUNITIES WE SEE ACROSS THE INTERNET SPACE AND E-COMMERCE SPECIFICALLY. WE ALSO HAVE A POSITIVE VIEW ON 5G BUILDOUT, MORE SPECIFICALLY ON THE INFRASTRUCTURE SIDE THAN THE SMARTPHONE MAKER SIDE. WE SEE REALLY ATTRACTIVE VALUATIONS ON THE INFRASTRUCTURE SIDE, WHICH WOULD BE NETWORK EQUIPMENT COMPANIES, AND TOWER COMPANIES AS WELL. OUR OVERARCHING VIEW IS IF THERE ARE LONG-TERM TRENDS WE SEE DEVELOPING, THIS IS A GOOD TIME TO GET EXPOSURE FOR INVESTORS THAT DO HAVE SOME RISK APPETITE RIGHT NOW. EMILY: THAT SAID, LET'S TALK ABOUT E-COMMERCE. AMAZON SHARES ENDING THE DAY DOWN 3%. AMAZON CLOSING A WAREHOUSE IN THE U.S. INDEFINITELY DUE TO EMPLOYEES AT THE WAREHOUSE TESTING POSITIVE FOR THE CORONAVIRUS. THIS HAS HAPPENED A COUPLE PLACES ACROSS THE WEB AND IS HAPPENING IN EUROPE. IF YOU ARE A CUSTOMER IT IS DIFFICULT TO GET WHAT YOU WANT ON AMAZON RIGHT NOW. AND IF YOU ARE BUYING ONLINE, TALKING ABOUT ALMOST ANY VENDOR, IT IS DIFFICULT TO GET WHAT YOU WANT. I WONDER HOW POSITIVE THE E-COMMERCE STORY ACTUALLY IS UNDER THE CIRCUMSTANCES. LAURA: I WOULD SAY IT IS CERTAINLY NOT IMMUNE. THAT BEING SAID, WE HAVE SEEN A PICK UP IN DEMAND AND ACTIVITY. THERE IS A LOT OF DIFFERENTIATION WITHIN E-COMMERCE I WOULD POINT OUT. WE HAVE SEEN THE LARGER PLAYERS DO BETTER DURING THIS PERIOD, BUT E-COMMERCE PLAYERS FOCUSED SPECIFICALLY, ESPECIALLY IN APPAREL, YOU CAN IMAGINE A LOT OF PEOPLE ARE STAYING AT HOME THESE DAYS SO THERE IS NOT AND NOT -- A LOT OF DEMAND FOR NEW CLOTHES, SO WE HAVE SEEN THOSE ONLINE RETAILERS STRUGGLE. IN CONTRAST, NOT NECESSARILY COMPANIES FOCUSED ON E-COMMERCE BUT ARE REGULAR RETAILERS WITH A STRONG ONLINE PRESENCE, HAS SEEN STRENGTH. YOU HAVE SEEN REPORTS FROM SOME COMPANIES IN TERMS OF THEIR ASIA SALES, THEIR ASIA ONLINE SALES. SO THERE IS DIFFERENTIATION THERE. IT IS NOT 100% ALL POSITIVE STORIES, BUT LONGER-TERM THIS IS A SPACE WE EXPECT A C 15% ANNUALIZED GROWTH OVER THE NEXT DECADE. WE LIKE THE STORY BUT YOU ARE RIGHT, IT IS NOT IMMUNE FROM DISRUPTION AMID ALL THE UNCERTAINTY. ROMAINE: ONLY A LITTLE BIT OF TIME LEFT HERE. TALK TO ME ABOUT SOME OF THE BUYOUT PACKS AND PHARMA NAMES ON THE TIPS OF INVESTORS TONGUES. ARE THESE GOING TO BE LASTING UPWARD PLAYS FOR INVESTORS, OR IS THIS MORE OF A SHORT-TERM, INTERMEDIATE-TYPE MOVE? LAURA: IT REALLY DEPENDS ON THE SPECIFIC COMPANY. IN THE BIOTECH SPACE THERE IS A LOT OF IDIOSYNCRATIC RISK. ONE FOCUS IS GENETIC THERAPY. THERE HAS BEEN MORE FOCUS ON GENETIC RESEARCH IN GENERAL, AS SOME OF THESE TECHNIQUES HAS BEEN USED TO BETTER UNDERSTAND THE CORONAVIRUS. BUT OVER THE LONG TERM WE EXPECT TO SEE AN INCREASE OR INCREASED SUCCESS RATE FOR SOME GENETIC THERAPIES. WE HAVE SEEN TREATING CERTAIN GENETIC DISORDERS. WE HAVE ALSO SEEN INCREASED REGULATORY CLARITY IN TERMS OF FDA APPROVALS. AND FINALLY WE HAVE SEEN INTEREST FROM LARGER BIOFARMA COMPANIES IN INVESTING IN A SPACE WHICH WILL PICK UP M & A ACTIVITY. WITHIN THAT BIOFARMA SPACE AND BIOTECH GENETIC THERAPIES IS AN AREA WE HAVE BEEN FOCUSED ON. EMILY: LAURA KANE, THANK YOU SO MUCH FOR SHARING YOUR VIEWS WITH US, AND ROMAINE BOSTICK. COMING UP, WE ARE GOING TO TALK TO U.S. SENATOR MARSHA BLACKBURN, AS THE STIMULUS PACKAGE MOVED TO THE SENATE SLOWLY. WE WILL ALSO TAKE YOU TO WASHINGTON AS SOON AS THE PRESS CONFERENCE STARTS. WE EXPECT PRESIDENT TRUMP TO DELIVER HIS LATEST COMMENTS ON THE CORONAVIRUS THIS HOUR. THIS IS BLOOMBERG. ♪ EMILY: WELCOME BACK TO BLOOMBERG TECHNOLOGY. WITH SO MANY PEOPLE WORKING FROM HOME AROUND THE WORLD, WE SPOKE EARLIER WITH THE CISCO CEO ON BLOOMBERG TELEVISION. > > WE HAVE SEEN UNPRECEDENTED VOLUMES. TO YOUR POINT, CRITICAL INFRASTRUCTURE, WORKING FROM HOME, AND INTERNET SERVICE PROVIDERS SERVICING ALL OF US WHO ARE TRYING FROM WORK FROM HOME. WE LAUNCHED BOTH FREE CLOUD SECURITY OFFERS AND FREE WEBEX OFFERS. IN THE FIRST 24 HOURS OF PUTTING THAT OUT, WE HAD 240,000 NEW USERS SIGN UP. THIS IS A PLATFORM THAT BEFORE THIS WAS RUNNING 300 MILLION USERS PER MONTH. WE ARE NOW AT 4.5 MEETINGS A DAY. THAT DOES NOT EVEN INCLUDE ONE-ON-ONES. WE ARE AT 12 BILLION MEETING MINUTES THROUGH MARCH SO FAR. JUST TO PUT IT IN PERSPECTIVE, DURING THE U.S. DURING ANY ONE HOUR PERIOD, WE WILL DO 100 MILLION MEETING MINUTES IN JUST ONE HOUR IN THE UNITED STATES RIGHT NOW. WE HAVE SEEN INCREDIBLE DEMAND. OUR TEAMS ARE TIRED, BUT WHEN YOU ARE TALKING ABOUT A PLATFORM THAT IS NOW TRYING TO SUPPORT THREE TO FOUR TO FIVE TIMES THE VOLUME THAT IT WAS EVER BUILT FOR FOUR WEEKS AGO, THEY HAVE DONE ENORMOUS WORK TO BE WHERE WE ARE. > > HAVE YOU BEEN ABLE TO IDENTIFY ANY WEAKNESSES IN THE SYSTEM? BECAUSE NO ONE WAS PREPARED FOR THIS KIND OF ONSLAUGHT. WHAT ARE THOSE WEAKNESSES AND WHAT ARE YOU DOING? > > PRIMARILY IT IS JUST ABOUT CAPACITY. WE HAVE TREMENDOUS RELATIONSHIPS WITH THE LARGE SERVICE PROVIDERS AROUND THE WORLD. AND THEY HAVE BEEN INCREDIBLE PARTNERS FOR US. WE HAD MINOR -- ONE OF THE MAJOR ONES IN THE U.S., WE NEEDED CAPACITY THIS WEEK. I SENT HIM A TEXT AT SIX -- AT 6:00 AT NIGHT AND BY MIDNIGHT THEY HAD DONE THE WORK AND INCREASED CAPACITY. THERE ARE MINOR THINGS THAT WILL HAPPEN DURING THE DAY THAT WE NEED EVERYONE TO BE PATIENT, AS WE ARE SEEING THESE VOLUMES THAT THESE PLATFORMS WERE NOT BUILT FOR. I FEEL FOR OUR TEAM. I SHOULD HAVE TOLD YOU WITH THESE TECHNOLOGIES, YOU NEED TO BUILD THEM TO HAVE EVERYONE IN THE WORLD WORKING FROM HOME, AND WE DID NOT DO THAT. BUT I AM SO PROUD OF WHAT OUR TEAM HAS ACCOMPLISHED. WE ARE TRYING TO PUT MORE RESOURCES WITH THEM, BECAUSE I'M WORRIED ABOUT THEM. > > I KNOW CISCO HAS MADE A SUBSTANTIAL CONTRIBUTION TO HELP THE EFFORT. LET'S TALK ABOUT YOUR EMPLOYEES. AT THE SAME TIME WE NEED YOUR MORE THAN EVER, YOU HAVE TO WORRY ABOUT THE HEALTH AND SAFETY OF YOUR EMPLOYEES. HOW DO YOU STRIKE THAT BALANCE? > > OUR EMPLOYEES HAVE BEEN IN THE MIDDLE OF THIS CRISIS RESPONSE. WE HAVE EMPLOYEES IN THE HOSPITALS BUILT IN CHINA HELPING STAND UP NETWORKING EQUIPMENT, DELIVERING VIDEO UNITS. WE HAVE BEEN DOING IT IN COUNTRIES ALL AROUND THE WORLD. WE ARE WORKING ON TRYING TO NETWORK AND ENABLE THESE PARKING LOT LABS THAT ARE BEING PUT UP RIGHT NOW. SO, OUR TEAMS, MANY ARE WORKING FROM HOME, BUT THERE IS A SMALL PERCENTAGE OF OUR EMPLOYEES WHO ARE WORKING IN THE MIDDLE OF THIS CRISIS RIGHT NOW TRYING TO HELP GET US TO THE OTHER SIDE. SO WE CONTINUE TO DO EVERYTHING WE CAN TO TAKE CARE OF THEM AS WELL, BUT WE HAVE TO MAKE SURE WE ARE DOING OUR PART. EMILY: CHUCK ROBBINS, CEO OF CISCO THERE. MEANTIME, THE SENATE POISED TO PASS THIS TO TRILLION DOLLARS TO MS. PACKAGE. BUT THERE ARE SOME STICKING POINTS. JOINING ME FROM WASHINGTON, U.S. SENATOR MARSHA BLACKBURN OF TENNESSEE. THANK YOU SO MUCH FOR JOINING US. ALWAYS GOOD TO HAVE YOU HERE. YOU HAVE SENATOR SANDERS THREATENING TO HOLD THIS UP, YOU HAVE REPUBLICAN SENATORS THREATENING TO HOLD THIS UP. WHAT DO YOU THINK THIS DEAL GETS RIGHT AND WHAT DOES IT GET WRONG? SEN. BLACKBURN: WHAT IT GETS RIGHT IS ALTERING THE DEFINITION OF SMALL BUSINESSES TO INCLUDE SELF PROPRIETORS, INDEPENDENT CONTRACTORS, AND THE SELF-EMPLOYED. THAT IS A GOOD, POSITIVE CHOICE. -- CHANGE. IT ALSO GETS RIGHT TELL HEALTH. SOME OF THE PROBLEMS DEAL WITH THE UNEMPLOYMENT INSURANCE. THERE WAS GOING TO BE A PLUS UP OF $600 SO THAT YOU COULD GET TO THE MAX OF WHAT SOMEBODY CAN EARN. WELL, SOME OF OUR FRIENDS ACROSS THE AISLE, SENATOR SANDERS I THINK BEING ONE OF THEM, WHO WANTS THAT TO BE ON TOP OF. SO, THERE ARE PEOPLE WHO WOULD END UP MAKING MORE ON UI THAN WHAT THEY WOULD MAKE WHEN THEY ARE EMPLOYED. THERE'S ALSO A $400 MILL ION ALLOTMENT FOR ELECTION SECURITY. AND MOST OF THE STATES ARE TELLING US THEY DO NOT NEED THE MONEY. THEY HAVE GOT THEIR SYSTEMS SET, THEY ARE READY FOR THE ELECTION. SO THAT IS CAUSING CONCERN. AND THEN OF COURSE YOU HAVE $150 MILLION FOR ARTS AND HUMANITIES, AND WE NEED THAT MONEY GOING INTO RESEARCH, BRINGING OUR PHARMACEUTICAL MANUFACTURING BACK FROM CHINA, SO THAT WE DO NOT FIND OURSELVES IN THE POSITION AGAIN WHERE WE NEED SOME OF THE ACTIVE PHARMACEUTICAL INGREDIENTS, SOME API, AND THE ONLY SOURCE FOR IT IS IN CHINA, AND WE CANNOT GET IT FOR DRUGS AND COMPOUNDS THAT ARE NEEDED TO FIGHT SOMETHING LIKE COVID-19. SO YOU ARE RIGHT. EMILY: ARE YOU SAYING THAT YOU DO NOT THINK THAT THIS STIMULUS PACKAGE SHOULD PASS THE SENATE AS IS? SEN. BLACKBURN: NO, I'M JUST SAYING YOU ASKED WHAT WERE SOME OF THE STICKING POINT, AND I AM ARTICULATING THOSE STICKING POINTS TO YOU. THE THINGS PEOPLE HAVE MENTIONED THAT THEY HAVE PROBLEMS WITH. I HAVE PROBLEMS WITH SOME OF THOSE ITEMS ALSO. THERE ARE VERY GOOD THINGS IN HERE. TELEHEALTH IS GOOD. $100 BILLION GET INTO HOSPITALS IS VERY GOOD. IT IS NEEDED. MAKING SURE WE DO NOT SEGMENT THE HEALTH CARE CHANGE SO YOU HAVE PPE GOING TO NURSING HOMES AND HOSPICE AND ASSISTED LIVING. AND ALSO TO OUR HOSPITAL AND CLINIC WORKERS. THAT IS A VERY GOOD THING. HAVING THE EXCHANGE STABILIZATION FUND AND THE $454 BILLION THERE THAT WILL HELP STABILIZE LARGER COMPANIES. HAVING THE LOAN FORGIVENESS AND THE ABILITY TO HAVE EMPLOYEE RETENTION LOANS AND TAX CREDITS FOR SMALL BUSINESS, THAT IS A VERY GOOD THING. SO YOU HAVE GOT SOME GREAT THINGS, YOU HAVE SOME THINGS THAT ARE WORKABLE, AND YOU HAVE SOME THINGS THAT ARE CAUSING SOME PROBLEMS AND PEOPLE ARE SAYING, HEY, WE NEED TO LOOK AT THIS LANGUAGE A LITTLE BIT BEFORE WE TAKE A VOTE. EMILY: GOVERNOR CUOMO IN NEW YORK SAYS THE PACKAGE DOES NOT DO ENOUGH FOR NEW YORK. WHAT IS YOUR RESPONSE TO THAT? SEN. BLACKBURN: THERE'S A SET ASIDE FOR STATES AND CITIES. LET ME LOOK AT THAT NUMBER TO BE SURE I GIVE IT TO YOU RIGHT. WE ARE STILL MAKING NOTES. IT'S $150 BILLION STATE AND LOCAL SET ASIDE. NOW, FOR MOST CITIES, CITIES THAT ARE UNDER A HALF MILLION PEOPLE, THE MONEY GOES TO THE STATE, $1.25 BILLION TO EACH STATE. THEN CITIES THAT ARE A POPULATION OVER 500,000 APPLY DIRECTLY TO TREASURY. SO NEW YORK CITY WOULD BE IN THAT. THAT IS A $150 BILLION POOL OF MONEY ON TOP OF MONEY THAT IS GOING INTO HEALTH CARE AND INTO ALL THE OTHER COMPONENTS THAT I HAVE MENTIONED. THE 13-3 PROGRAM, WHICH IS THE EXCHANGE STABILIZATION FUND. SO, THERE ARE ALWAYS GOING TO BE SOME THAT SAY IT DOES TOO MUCH. THERE ARE ALWAYS GOING TO BE SOME THAT SAY HE DOES NOT DO ENOUGH. OUR GOAL IS TO MAKE CERTAIN THAT THERE IS A WAY FOR SMALL BUSINESS OWNERS AND EMPLOYERS TO BRIDGE THIS. YOU KNOW, WE HAD A VERY STEEP SHUT DOWN OF THE ECONOMY. AND PEOPLE ARE REALLY LOSING THEIR BUSINESSES AND CLOSING THEIR DOORS BECAUSE OF NOTHING THAT THEY HAVE DONE. THEY WERE SO ORDERED BY THE GOVERNMENT. AND IT IS HEARTBREAKING TO ME. I AM TALKING TO PEOPLE WHO ARE WATCHING THEIR AMERICAN DREAM EVAPORATE. THEY ARE VERY CONCERNED ABOUT MAKING PAYROLL. AND THEY ARE WANTING TO DO RIGHT BY THEIR EMPLOYEES. THE CALLS ON TEXTS AND EMAILS ARE NONSTOP. IT GOES 24 HOURS A DAY. TO ME, IT IS -- EMILY: SENATOR, ON THAT NOTE, THE PRESIDENT HAS SAID HE WANTS TO REOPEN THE ECONOMY AND THE COUNTRY BY EASTER. BUT YOU HAVE HEALTH EXPERTS AND DOCTORS SAYING NO, WE ARE NOT GOING TO BE READY BY THEN. WE COULD SEE A RESURGENCE OF THE VIBRANCE. SOME OF THE PRESIDENT'S OWN ADVISORS, THE PEOPLE SPEAKING TO US AT THESE DAILY PRESS CONFERENCES, SEEM TO BE NOT ON THE SAME PAGE AS THE PRESIDENT. WHAT DO YOU MAKE OF THE INCONSISTENT MESSAGING, AND WHAT IS THE RIGHT CALL? SEN. BLACKBURN: I LOVE THE WAY THE PRESIDENT IS ALWAYS OPTIMISTIC. AND I HAVE TO TELL YOU, TALKING TO TENNESSEEANS, HIS WORDS ABOUT GETTING THE ECONOMY OPENED UP, THAT WAS SO ENCOURAGING TO SO MANY PEOPLE. BECAUSE TO THEM, THAT IS A LIGHT AT THE END OF THE TUNNEL. I THINK THAT THE DECISION TO OPEN UP AREAS WILL BE LEFT TO GOVERNORS AND MAYORS. THEY ARE GOING TO KNOW WHEN IT HAS TAPERED OFF, OR IF THEY HAVE NO PRESENCE OF COVID-19 IN THEIR COMMUNITIES. THEIR HOSPITALS ARE GOING TO KNOW. WHEN THEY ARE EQUIPPED AND ABLE TO WORK -- ABLE TO WORK THE WORKLOAD AND THEY HAVE FOUND THE RIGHT TEMPO FOR THEIR STAFF, THEY HAVE THE RIGHT PROTECTION FOR OUR STAFF. THERE ARE GOING TO BE THOSE INDIVIDUALS THAT ARE HEALTH CARE PROFESSIONALS THAT ARE LOCAL AND STATE ELECTED OFFICIALS WHO ARE ON THE GROUND EVERY DAY WITH THIS. AND I THINK WE SHOULD BE LISTENING TO THEM. MANY TIMES I WILL SAY WHEN IT COMES TO LOOKING AT FIGHTING BATTLES AND WARS, LISTEN TO THE COMMANDERS IN THE FIELD. AND THIS INDEED IS BASICALLY A WARTIME SETTING. SO LET'S LISTEN TO THESE GUYS WHO ARE ON THE FRONT LINE AND FOLLOW THEIR GUIDES. EMILY: SO DOES THAT MEAN WE SHOULD BE LISTENING TO OUR LOCAL DOCTORS AND NOT TO THE PRESIDENT? SEN. BLACKBURN: NOT AT ALL. I HOPE THAT YOU WILL SEE DR. FAUCI AND DR. BIRX AND THE SURGEON GENERAL, THE PRESIDENT, THE VICE PRESIDENT, THEY ARE IN REGULAR COMMUNICATION WITH THESE GOVERNORS. AND I HAVE A FEELING THEY ARE GOING TO MAKE WISE DECISIONS. NOBODY WANTS TO GET THIS UNDER CONTROL AND THEN SEE AN UPTICK. SO, LET'S NOT JUMP TO CONCLUSIONS ON THIS. LET'S GIVE THEM TIME TO GET THERE AREAS UNDER CONTROL AND TO SLOW THE SPREAD AND TO WORK FORWARD HOW THEY THINK IT IS BEST GOING TO WORK FOR THEIR COMMUNITIES. WE ARE ALL IN THIS TOGETHER, AND WE HAVE GOT TO GET OUT OF IT TOGETHER. EMILY: MEANTIME SENATOR, I LIVE IN THE BAY AREA. OUR SCHOOLS JUST ANNOUNCED THEY ARE CLOSING THROUGH MAY 1, WELL BEYOND EASTER. DO YOU THINK THE STIMULUS PACKAGE DOES ENOUGH TO GET THE INTERNET AND BROADBAND INTO RURAL AREAS, TO SCHOOL DISTRICTS WHERE PEOPLE DO NOT HAVE THE TECHNOLOGY TO LEARN AT HOME OR BE ENGAGED WITH THEIR EDUCATORS? AND ARE YOU CONCERNED THAT AT THE END OF THIS WHEN WE REOPEN THAT THERE WILL BE AN EDUCATION GAP AS THE RESULT OF A DIGITAL DIVIDE? SEN. BLACKBURN: AS YOU KNOW, EXPANDING BROADBAND AND EXPANDING 5G TECHNOLOGIES IS AN AREA WHERE I HAVE SPENT A LOT OF TIME WORKING. AND THIS LEGISLATION EXPANDS TELEHEALTH, IT EXPANDS THOSE OPPORTUNITIES FOR BROADBAND SO THAT WE CAN PUSH TO GET THIS FURTHER INTO AREAS AND MAKE CERTAIN THAT THE TECHNOLOGY AND THE TOOLS THAT CHILDREN THAT ARE IN UNSERVED AND UNDERSERVED AREAS ARE GOING TO HAVE. AND I THINK THERE WILL BE A GOOD BIT OF INNOVATION THAT COMES FROM THIS. I HAVE SPOKEN TO SO MANY WOMEN WHO ARE SMALL BUSINESS OWNERS WHO ARE FINDING NEW WAYS TO HANDLE REMOTE WORKING. AND KEEPING THEIR COMPANIES GOING. AND GETTING INFORMATION TO EMPLOYEES. I TALKED TO MOMS WHO HAVE CHILDREN WHO ARE IN ELEMENTARY SCHOOL AND MIDDLE SCHOOL, AND THEY ARE GOING THROUGH THE PROCESS OF HOMESCHOOLING AND FINISHING OUT USING TECHNOLOGY WITH THEIR CHILDREN AND COMPLETING THOSE LESSONS AND THOSE LESSON PLANS. AND THEY ARE FINDING A WAY TO MAKE IT WORK. SO, I THINK WE ARE ACTUALLY GOING TO SEE SOME INNOVATION WHEN IT COMES TO DISTANCE-LEARNING AND WHEN IT COMES TO REMOTE WORK, DEFINITELY IN THE AREA OF TELEHEALTH. AND I HAD EARLY ON WEIGHED IN W ITH THE VICE PRESIDENT AND PRESIDENT, AND WITH CMS, THAT WE NEEDED TO GO IN THE 11-35 WAIVER, THEREFORE MEDICARE, AND OPEN UP THE OPPORTUNITIES FOR TELEHEALTH AND REIMBURSEMENT. ONE OF THE THINGS IS TELEHEALTH REALLY STARTED AS A CONVENIENCE, AND NOW WHAT WE ARE SEEING IS IT'S A PRIMARY SAFETY TOOL FOR THOSE WHO ARE NOT CLOSE TO THE DOCTOR'S OFFICE HAVE COMPLEX MEDICAL CONDITIONS. EMILY: SENATOR, WE WILL HAVE TO LEAVE IT THERE, WE ARE RUNNING INTO A HARD COMMERCIAL BREAK. BUT I APPRECIATE YOU GIVING US THE LATEST ON THE STIMULUS PACKAGE. COMING UP WE WILL TAKE YOU TO THAT PRESS CONFERENCE WHEN IT STARTS. THIS IS BLOOMBERG. ♪ > > WELCOME BACK TO BLOOMBERG TECHNOLOGY. I AM EMILY CHANG. STOCKS RISING TODAY ON HOPES THE $2 TRILLION STIMULUS PACKAGE WILL PASS THROUGH THE SENATE TODAY. THE SENATORS ARE STILL WORKING THROUGH SOME STICKING POINTS. I WANT TO BRING IN LEWIS. THANK YOU FOR JOINING US. CAN WE TALK ABOUT HOW YOU SEE TECH IS COMPARING TO OTHER INDUSTRIES. DO YOU SEE ONE SECTOR STANDING OUT? > > YES, IF YOU LOOK AT THE NATURE OF THE VIRUS, THERE IS MORE ONLINE E-COMMERCE. WE SEE TECHNOLOGY STOCKS HOLDING UP BETTER THAN OTHERS LIKE AUTO COMPANIES. THERE HAS BEEN IN UNDERPERFORMANCE OF THE VALUE BUT IF YOU LOOK AT PAST RECOVERIES WHEN WE COME OUT OF THIS ECONOMIC CRISIS, THE VALUE STYLE HAS TENDED TO PERFORM MUCH BETTER THAN GROW STYLES COMING OUT OF THE CRISIS. EMILY: WE ARE WAITING FOR THE STIMULUS PACKAGE TO PASTOR AND THEN IT WILL GO TO THE HOUSE AND IT WILL HAVE TO HIT THE PRESIDENT'S DESK. INVESTORS WERE WAITING FOR THAT. YOU HAVE SENATORS THREATENING TO HOLD IT UP. HOW CRITICAL IS THAT? LOUIS: OVER THE LAST TWO DAYS, YOU HAVE SEEN MARKETS AROUND THE WORLD RALLY IN HUBS THAT THE STIMULUS BILL PASSES. IF IT DOES NOT, I THINK THE MARKETS WILL BE VERY THIS APPOINTED. THIS TEAM THIS BILL PROVIDES SUPPORT FOR THE MARKETS AND FOR THE ECONOMY. THEY WILL STILL BE LEFT WITH -10% FISCAL DEFICIT FOR 2020. THAT MIGHT MEAN INTEREST RATES WILL HAVE TO STAY LOW. THERE IS DEFINITELY A COST . I THINK THE FED AND THE U.S. GOVERNMENT HAS PULLED OUT ALL STOPS. EMILY: WORKING ON THAT THESIS THAT THIS WILL HAPPEN IF NOT TODAY, MAYBE TOMORROW, WHERE DO YOU THINK THE OPPORTUNITIES ARE? WHAT YOU THINK SHOULD BE AVOIDED? LOUIS: GIVEN THE HUGE DISPERSION OF VALUATIONS BETWEEN GROWTH STOCKS AND VALUE STOCKS, TECHNOLOGY STOCKS ARE BEING VALUED OVER THE SPREAD. YOU WILL SEE INVESTORS TURN INTO THE MORE BEATEN-DOWN SECTORS. AMONG THOSE COULD BE SELECTED AIRLINES. THE BALANCE SHEETS FTSE DEALER SIDE OF THE CRISIS. TRAVEL RELATED SOFTWARE. THOSE COULD SEE A GOOD RECOVERY. WE CAN ALSO SEE SOME MORE CYCLICAL COMPANIES, PARTICULARLY ENERGY. YOU MAY HAVE TO WAIT ONE OR TWO YEARS FOR THE OIL PRICES TO RECOVER BUT ENERGY PRICES ARE LOOKING OVERSOLD AT THIS POINT. THOSE ARE SOME OF THE BEATEN-DOWN SECTORS. IF YOU'RE LOOKING FOR SOMETHING A LITTLE SAFER, WE WOULD SUGGEST LOOKING INTO MEDIA AND INTERNET COMPANIES WHERE THE SPENDING HAS BEEN TEMPORARILY DOWN FOR THE PAST TWO QUARTERS. THESE DOGS MAY HAVE SEEN 20 OR 30% SELLOFFS BASED ON AD REVENUE SLOWING BUT WE THINK THAT COULD PERSIST FOR THE PET -- NEXT COUPLE OF QUARTERS. > > WOULD ABOUT GLOBALLY? WHAT DO YOU SEE ON A COUNTRY BY COUNTRY BASIS? CHINA IS A DIFFERENT STORY, EUROPE IS A DIFFERENT STORY. LOUIS: I THINK CHINA HAS BEEN MUCH MORE RESILIENT BECAUSE PEOPLE SEE CHINA AS BEING FOR THE LONG -- FURTHER ALONG IN TERMS OF ITS RECOVERY. THE CHINESE GOVERNMENT HAS LIFTED ALL THE LOCKDOWN RESTRICTIONS IN WUHAN AND HUBEI PROVINCE. IN CHINA, THE MARKET HAS RISEN. WE THINK A LOT OF THE OTHER EMERGING MARKETS HAVE SEEN THIS. COUNTRIES LIKE RUSSIA AND INDIA ARE TRADING AT VERY BARGAIN-BASEMENT LEVELS. I THINK AT THIS POINT WE ARE ACTUALLY SHIFTING A LITTLE BIT MORE AWAY FROM CHINA TO SOME OF THESE BEATEN-DOWN EMERGING MARKETS. EMILY: THANK YOU SO MUCH FOR JOINING US. I WANT TO TALK ABOUT AMAZON, A STORY JUST ACROSS THE WIRE FROM OUR BLOOMBERG NEWS REPORTED. AMAZON CLOSING A WAREHOUSE IN KENTUCKY INDEFINITELY AFTER THREE EMPLOYEES TESTED POSITIVE FOR THE CORONAVIRUS. I WANT TO BRING IN MATT DAY. WHAT IS THE LATEST? MATT: THEY CLOSED RIGHT BEFORE THE EVENING SHIFT ON MONDAY. THREE EMPLOYEES TESTED POSITIVE FOR COVID-19. THEY HAVE SPENT 48 HOURS CLEANING THE THING. EMPLOYEES RECEIVE AUTOMATED VOICEMAIL SAYING THAT WE WILL CLOSE FOR AN INDIFFERENT -- INDEFINITE TIME. AMAZON SAID THEY WILL SHUDDER ONE OF THESE BUILDINGS FOR AN INDEFINITE TIME. EMILY: THERE HAVE BEEN LOCAL REPORTS ABOUT WAREHOUSE ISSUES ACROSS THE U.S. AND WAREHOUSE ISSUES IN ITALY AND OTHER PLACES IN EUROPE. GIVE US THE BROADER PICTURE. HOW MANY TIMES HAS THIS HAPPENED WHERE AN EMPLOYEE IN THE WAREHOUSE HAS TESTED POSITIVE? MATT: IN THE U.S., WE ARE AWARE OF AT LEAST NINE STATES THAT HAVE CONFIRMED A TOTAL. WHAT IS INTERESTING IS THIS IS NOT A WAREHOUSE DOING ESSENTIAL GOODS. SOME OF THE EMPLOYEES WHO WERE EXPECTED TO GO BACK TO WORK THIS EVENING, GOING BACK TO WORK AND RISKING THEIR HEALTH WAS MAYBE NOT A WISE MOVE. EMILY: TELL US A LITTLE BIT MORE. I KNOW YOU HAVE BEEN TALKING TO WORKERS A LOT. WHAT IS THE SENTIMENT? WHAT ARE YOU HEARING FROM AMAZON? > > THERE IS A LOT OF UNCERTAINTY. AMAZON IS NOT BROADCASTING THESE CASES WIDELY. THEY HAVE BEEN QUIET WITH THE MEDIA. EVEN IN CASES WHERE EMPLOYEES WORK IN THE SAME BUILDING AS SOMEONE WHO HAS CAUGHT THE DISEASE, IT IS A TEST MESSAGE OR AN AUTOMATED VOICEMAIL. IT IS A VERY COMPLICATED PICTURE. THEY'RE WORKING ON THAT. THERE IS JUST A LOT OF UNCERTAINTY OUT THERE AND A LITTLE BIT OF FEAR. EMILY: DO YOU EXPECT AMAZON TO TAKE A MORE AGGRESSIVE STANCE? WE KNOW THAT JEFF BEZOS HAS BEEN HAVING THESE DAILY BRAINSTORMING MEETINGS ABOUT HOW TO HANDLE THIS. WE KNOW THAT AMAZON HAS BEEN STRUGGLING TO MEET DEMAND TO DELIVER WITHIN WEEKS. COULD WE SEE AMAZON CHANGE COURSE? > > I WOULD NOT EXPECT AMAZON TO BACK DOWN. THEY SAID THEY ARE COMMITTED TO SERVING PEOPLE DURING THE PANDEMIC. THERE IS EVERY INDICATION THAT THE WAREHOUSES WILL BE OPEN. THEY WANT TO GIVE THOSE MOVING. I WOULD BE SHOCKED IF AMAZON WENT BACK ON THAT PROMISE. EMILY: WHAT IS THE LATEST ON SELLERS? I KNOW THEY BOOTED 4000 SELLERS YESTERDAY. WE ARE HEARING THESE STORIES FROM SELLERS ABOUT HOW -- ABOUT THE MOVES THAT AMAZON HAS MADE TO PRIORITIZE. WHERE ARE SELLERS? MATT: PEOPLE ARE STILL FRUSTRATED. ESPECIALLY PEOPLE WHO HAVE PUT SO MUCH STOCK INTO AMAZON LITERALLY AND FIGURATIVELY. THEY ARE SITTING AND PERHAPS NOT MOVING AS PEOPLE GO BY WITH HAND SANITIZER AND WIPES. I THINK A LOT OF THAT IS YET TO SHAKE OUT. WE ARE ALREADY IN WEEK TWO OF THIS. I THINK A LOT OF SELLERS ARE JUST WAITING AND WATCHING THEIR AMAZON BALANCE. EMILY: THAT WAS BLOOMBERG'S MATT DAY IN SEATTLE. COMING UP, WE WILL DIG DEEP ON BIG TECH AND THE STATE OF IT IN THIS VERY UNCERTAIN TIME. WE WILL TALK TO THE LEAD CAPITAL INVESTOR. ALSO, WE WILL TAKE YOU TO WASHINGTON. WE ARE WAITING FOR THAT PRESS CONFERENCE TO START NOW. WE ARE WAITING FOR THE PRESIDENT TO TAKE THE PODIUM AFTER A DAILY CORONAVIRUS BRIEFING. THIS IS BLOOMBERG. ♪ EMILY: INVESTORS ARE STILL WAITING FOR THE GOVERNOR STIMULUS PACKAGE TO PASS. THIS COULD BE POSITIVE FOR SOME BIG TECH NAMES OUT THERE. I WANT TO BRING IN MITCHELL GREEN. GOOD TO HAVE YOU WITH US. I WANTED TO START WITH AIRBNB. THAT IS A ROLLER COASTER FOR THEM THESE PAST FEW WEEKS. THE TRAVEL INDUSTRY COMING TO A STANDSTILL. THE LIV-EX GETTING DELAYED BY AT LEAST A YEAR. THIS IS A COMPANY THAT HAD A $30 BILLION VALUATION. HOW BAD IS THIS FOR THEM? > > WE ARE NOT INVESTORS IN AIRBNB. I WOULD EXPECT THAT AIRBNB'S CHALLENGES ARE SIMILAR TO WHAT YOU ARE SEEING IN BOOKINGS OR EXPEDIA OR OVER. I SUSPECT ASSIST RINGLING -- AN EXTREMELY SUBSTANTIAL DECLINE. EMILY: LET'S TALK ABOUT UBER. THEY HAVE BEEN DOING SOME THINGS TO HELP DRIVERS AND CUSTOMERS. YOU HAVE DRIVERS OUT THERE WHO ARE UNHAPPY. HE IS TOUTING UBER BEING AN APP -- HOW DOES UBER FAIR IN THIS CRISIS? > > TAKE IT AND THINK OF IT AS TWO SEPARATE BUSINESSES. UBER EATS, OVERRIDES. -- UBER RIDES. I THINK UBER EATS WILL DO FINE. EACH SIDE HAS A SUPPLY AND DEMAND SIDE. I THINK THE INFORMATION WAS PUBLISHED WITH SALES UP 10%. I THINK THIS WILL ALSO CONTINUE. TRENDS CHANGE. PEOPLE WENT FROM OFF-LINE TO ONLINE AND REALIZED IT WAS VERY EASY. I THINK IN OLDER GENERATION OF PEOPLE ARE USING UBER EATS. OF COURSE, PEOPLE WILL GO TO RESTAURANTS STILL. I THINK IT IS A NET POSITIVE FOR EADS. RIDE, YOU CAN LOOK AT THE CREDIT CARD DATA. RIDE VOLUME IS DOWN. DOWN 70-80%. IT DID NOT GO TO ZERO. PEOPLE ARE STILL TRAVELING AROUND THE CITIES TO GET TO ESSENTIAL JOBS, NAVY TO GET TO CHILDCARE OR OTHER THINGS LIKE THAT. THAT IS WHAT IS HAPPENING. I THINK AS THE ECONOMY -- AS RESTRICTIONS ARE LIFTED, PEOPLE WILL COME BACK, 15 OR 20% OF THE BUSINESS IS AIRPORT RIDES. THAT WILL TAKE LONGER TO COME BACK. ON THE FLIPSIDE, THAT IS ON THE DEMAND SIDE. ON THE SUPPLY SIDE, IT IS REALLY TOUGH FOR COMPANIES LIKE UBER AND LYFT TO OPERATE IN A TIGHT LABOR MARKET. YOU CAN ASK COMPANIES LIKE WALMART AND MCDONALD'S. 2019 WAS BRUTAL FOR THESE COMPANIES. UBER WILL HAVE A LINE OUT THE DOOR FOR PEOPLE THAT WANT TO DRIVE FOR THEM. ON THE SUPPLY SIDE, IT WILL HELP A LOT. EMILY: LET'S SPEAK ABOUT AMAZON. SPEAKING OF SUPPLY AND DEMAND, YOU HAVE AMAZON STRUGGLING TO MEET CUSTOMER NEEDS. THEY HAVE WORKERS AT THESE WAREHOUSES TESTING POSITIVE. THEY JUST CLOSED A WAREHOUSE IN KENTUCKY INDEFINITELY. > > I THINK AMAZON WILL DO EXCEPTIONALLY IN THIS TIME. I WOULD NOT WANT TO SEE ONLINE RETAILER DURING THIS. I DON'T KNOW IF JCPENNEY'S WILL EVER OPEN AGAIN OTHER THAN FOR A LIQUIDATION SALE. AMAZON WILL TAKE SHARE IN THIS MARKET. THEY OBVIOUSLY HAVE CHALLENGES TO. IN THESE WAREHOUSES, PEOPLE ARE WORKING AND THEY NEED PEOPLE TO WORK. A LOT OF THESE WAREHOUSES ARE AUTOMATED TO SOME DEGREE. IT WOULD NOT SURPRISE ME IF THEY ARE TAKING THE TEMPERATURE OF EMPLOYEES AS THEY WALK INTO FACILITIES NOW. I THINK AMAZON COMES OUT OF THIS BOOMING. THAT IS WHAT THE STOCK MARKET IS TELLING US. AMAZON STOCK IS BARELY EVEN DOWN FOR THE YEAR. EMILY: OF THESE COMPANIES WE JUST DISCUSSED, WHERE DO YOU SEE THE BIGGEST OPPORTUNITY? > > WE ARE SOFTWARE INVESTORS. WE TEND TO ONLY FOCUS ON THAT. I HAVE FRIENDS WHO KNOW A LOT ABOUT CRUISE LINES AND TRANSPORTATION COMPANIES. I AM ASKING THEM IF I SHOULD PERSONALLY BE BUYING NEW STOCK. THEY SAID I WOULD NOT TOUCH THEM RIGHT NOW. WE DON'T KNOW HOW LONG THIS WILL LAST. A LOT OF THESE COMPANIES HAVE A LOT OF DEBT. RIGHT NOW WE LIKE ENTERPRISE SOFTWARE COMPANIES. ONE AREA WE LIKE IS SECURITY SOFTWARE. PUSH -- DURING THIS TIME, RUSSIAN HACKERS CAN STILL DO BUSINESS. COMPANIES LIKE CROWD STRIKE WE HAVE HAD IN THE PAST. WE THINK SECURITY SOFTWARE WILL BE VERY A LOT. ALSO, COMPANIES LIKE SALE POINT AND WORKDAY, THESE ARE AWESOME BUSINESSES THAT HAVE RECURRING REVENUES. THEY MAY NOT SIGN ON AS MUCH NEW BUSINESS OVER THE NEXT COUPLE OF MONTHS BUT THEY HAD NO RISK OF GOING BANKRUPT. THESE STOCKS ARE DOWN PROBABLY 20 OR 30% RIGHT NOW. THESE TRAVEL COMPANIES ARE DOWN 70 OR 80 PERCENT. THEY ARE JUST VERY ROBUST BUSINESS MODELS WHERE WE THINK THE RISK ADJUSTED RETURN IS REALLY GOOD. WHAT IS ALSO INTERESTING ABOUT THESE BUSINESSES IS THAT THERE IS A HUGE AMOUNT OF PRIVATE EQUITY MONEY IN BRAVO AND VISTA. IF THESE STOCKS DON'T REBOUND WITH THE MARKET, THEY WILL BE POUNCING ON THEM TO DO BUYOUTS. > > THANK YOU SO MUCH FOR SHARING YOUR THOUGHTS WITH US. COMING, MORE BLOOMBERG TECHNOLOGY. ALSO, AS SOON AS THAT PRESS CONFERENCE BEGINS, WE WILL TAKE YOU TO WASHINGTON. THE PRESIDENT HAS BEEN TWEETING SOME OF HIS DISCONTENT WITH THE MEDIA. WE WILL TAKE EMILY: TESTING CONTINUES TO LAG HERE IN THE UNITED STATES. TESTING FOR COVID-19. IN THE MEANTIME, WE HAVE VARIOUS PRIVATE COMPANIES TRYING TO STEP IN AND HELP, JOINING US NOW IS MARIO. THEY ARE TOUTING THE FIRST COMPREHENSIVE TESTING WEBSITE FOR CORONAVIRUS. LOCATING TESTING CENTERS ACROSS THE COUNTRY. MARIO IS WITH US NOW. TELL US WHAT WE CAN ACTUALLY FIND ON THIS NEW WEBSITE AND HOW YOU PULLED TOGETHER ALL OF THIS INFORMATION. MARIO: IT IS NICE TO BE ON THE SHOW, THANK YOU FOR HAVING ME. WE ARE A HEALTH INSURANCE COMPANY. WE NOTICED VERY QUICKLY THAT OUR OWN TELEMEDICINE DOCTORS ARE GETTING A LOT OF INBOUND PATIENTS WHO ARE SEEING SYMPTOMS. WE WANTED TO HELP FIND THE NEXT TESTING SITES. WE HAVE ABOUT 650 TESTING SITE LOCATIONS ACROSS THE COUNTRY. IT IS COMPANY ACCESSIBLE. YOU ACTUALLY GO THROUGH A QUICK RISK ASSESSMENT THAT TELLS YOU WHETHER YOU OUGHT TO GO AND SEE TESTING. YOU CAN FIND A SITE CLOSE TO WHERE YOU ARE. EMILY: IT HAS BEEN VERY DIFFICULT IT SEEMS FOR BIG COMPANIES, MAINSTREAM COMPANIES TO PULL TOGETHER. HOW HARD WAS IT FOR YOU TO TRACK DOWN ALL OF THESE TESTING CENTERS GIVEN HOW DIFFICULT IT HAS BEEN FOR INDIVIDUALS TO GET TESTED? MARIO: WE BUILT ALL OF OUR OWN PHYSICIAN AND HOSPITAL NETWORKS IN ALL THE CITIES WE ARE IN FOR OUR MEMBERS. IT IS THE SAME TEAM THAT GOES AROUND AND BUILDS THESE NETWORKS. THEY GO OUT AND FIND OUT WHAT THE CAPACITY AND HOURS ARE. THE OTHER THING IS WE WORK WITH A NUMBER OF HEALTH SYSTEMS IN THE VARIOUS CITIES WE ARE IN. WE WORK VERY CLOSELY WITH THEM.

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'Bloomberg Technology' Full Show (03/25/2020)

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