during the month of april. and more earnings pain disney and general motors both taking $1 billion hits because of the coronavirus in the first quarter, but wall street is shaking off the bad news and we will explain why this hour and the paycheck protection program facing more scrutiny over fraudulent or questionable loans. we'll talk to the ceo of one bank, washington federal, which has processed, by now, more than 5,000 loans for small businesses but first, look who's here i am so glad you're back, melissa. good to see you. >> i only wish we could be in the same proverbial kitchen. some day, tyler. great to see you great to be here on "power lunch. more than 35% of s&p 500 companies has withdrawn guidance because of the impact from coronavirus, leaving investors to fend for themselves in this market let's get to bob pisani for more on this. bonn >> that's about 170 companies, melissa. first, let me show you where we

are in the markets for the second day in a row, we've had a nice rally in the open that's faded as we go into the close. this is part of that fading on the optimism of the reopening story here so banks have been weaker, retailers generally have been weaker, but still up fractionally, because the big five, the mega cap tech stocks are on the upside. we were talking about guidance, and once again, a number of the companies today pulled their guidance papa john's, mattel, office depot, genuine parts company, equity residential, waste management they join 170 other companies, that is one third of the ap 500 that has declined to give guidance and this is one of the reasons we're seeing so much stock volatility how do you figure out what the right prices and multiples are when you don't have any idea what the earnings situation is going to be like we also have problems with dividends. many companies are cutting their dividends as well, or even eliminating them altogether. morgan stanley put together a long list of companies this morning that have not yet but

might in the future. and a lot are top heavy in the energy group but also some industrials, like caterpillar and deere. finally, we haven't gotten a lot of guidance commentary, but here's my favorite of the day from planet fitness. they were talking about maybe the challenge of cheaper rent. all of their locations are closed, essentially, but they're seeking to double their base of location from about 4,000 to about 2,000. why? they're saying the pandemic is going to give them a lot of leverage in negotiating lower leases with landlords. that's a little bit of good news if you're in that particular business expanding by getting rent cuts we'll see if that happens. glass half full. >> thank you, bob. bob pisani so as an investor, how are you supposed to make decisions on what to buy and sell in a world without guidance for more, let's bring in lori calvasina. great to have you both lori, i will start with you. your year-end s&p 500 price target is somewhere below where we are currently, 27.50 is your price target

how do you even come up with a number when so many companies are pulling guidance how can you come up with a multiple >> sure, so we run scenarios is really the bottom line here. and only one of the seven scenarios we ran when we sat that price target was based on earnings and we put in our guesstimate an average p\e multiple but other things we looked at included, what is your typical move when you're in a recession in the stock market, when you see that first real year of pain we looked at the historical playbook and tried to look at as many non-earnings-related metrics, as we could >> how do you think about the risks ahead, lori, and whether or not we understand them all? in a world without guidance, to continue this theme, you know, is government data going to tell the full picture for instance, we got the stupendously terrible adp number this morning we were moderately higher, and yet, maybe job cuts aren't the whole story. there are a lot of people being

asked to forfeit some pay, which will obviously crimp consumer spending >> i think that's a great point. i think when the data is murky, when it's tough to model, you have to rely on logic and common sense. when we look at the economic data, i think the market is assuming that some of these indicators are seeing their worst point in time. and that while things will stay bad for a while, the rate of change will improve. and that's all well and good and that's often a catalyst to get markets higher, but i think you have to consider some of what i call the lasting wounds and scars that are going to hit the consumer, that are going to hit corporate america for this crisis i think you make a great point on potential pay cuts and how that may affect consumer spending when we think about what all of this means going forward, we think the market has been legitimate to sort of price in some initial signs of recovery it hasn't been illogical, but it might end up being wrong we're going to have to watch the data, see if that rate of change does improve but in general, as we see the

second order impact of this crisis and the third impact, i think investors will be shocked. we are setting up for choppy markets for quite some time. we feel very, very comfortable with our 2750 number >> small caps tend to be more domestically focused and they have overperformed the broader markets year-to-date >> and small caps tend to be a little bit more economically sensitive. and right now, we're flying at zero visibility for a lot of companies, when we don't have earnings guidance and we don't really know what the short-term is going to look like. so i think this is the time that you really have to focus on balance sheets and how adaptive is the business model and look out beyond just the next quarter or so in order to really value companies. >> you've got to look beyond the next quarter, because we're not getting guidance at this point, once again eric, one of your picks is

keyla, and semis have been blazing higher helping tech turn positive for the year. and yet this is a stock that has underperformed its peers in the semi-conductor index so what do you see in this particular name? >> this is one that we think is kind of underneath the radar they provide capital equipment to semiconductor companies they have a lot of cash. they have a great balance sheet. and we think that there's some underlying secular trends that are going to allow them to gain market share over the next few years. so we like the stock at today's valuation. based on what we see over the next two years, with or without the virus. >> we're going to leave it there, guys. thanks so much for joining us, eric marshal and lori calvasina. >> shares of general motors higher today after that company managed to squeeze out a little profit in the first quarter. but the stock is still down nearly 50% from its 52-week high phil laboy joins us with more on

all of that. hi, phil >> hi, tyler despite that small profit in the first quarter, make no mistake, covid-19 has had a huge impact on general motors and certainly did in the first quarter how much did it cost the company? 1.4 billion. remember, the plants were shut down in china for a time being in the first quarter and here in the u.s., they've been out of service since mid-march. so the company's focus right now is all about liquidity, starting with the $33.4 billion they have on cash in hand right now. here's ceo mary barra. >> we'll continue to focus on preserving cash and our liquidity without sacrificing investments and key product programs and technology that will lead us into the future >> and the folk as they restart those plans, which are expected to get back up and running by may 18th or starting on may 18th, it will be a gradual ramp up, but they want to restock the full-sized pickup inventory.

there have have been dealers around the country that have had double-digit sales despite coronavirus. double-digit sales increases and they can't get enough of these they need to re-stock their pickup truck supplies. having said that, tyler, keep in mind as you take a look at shares of general motors, they do not expect much from the second quarter they know that sales will be slowing down they have, again, not had production since mid-march that knocks almost a half million vehicles out of production remember, they get paid when they come off the line, because that's when the dealers buy them they don't get paid when you and i go to the dealership >> so let me ask you this, phil. you said they're reopening their production, i believe you said, the 18th of may. >> that's the plan right now that's the plan. >> that means that all of their manufacturing facilities will be up and running or moving towards that on the 18th of may. all of them?

>> it would depend on whether or not the local conditions permit that let's say there's a plant in an area, there's been a flare-up and the local authorities say, we don't think this is the right thing to do, general motors is not going to say, we're opening it up nonetheless. also, tyler, they'll be doing this one shift at a time they want to make sure they can get up and safely operate, they're not endangering any of the employees there, and "b," they can operate as they should be operating you just can't flip a switch and say, okay, all three shifts come back into the plant. you've got to make a number of changes, which they are making in those plants. it will be a far different environment. on may 18th, it would likely be a gradual reintroduction of production here in north america. >> got it. phil, thank you very much. phil lebeau reporting on general motors melissa? >> all right, tyler, coming up, a mixed bag for the market as tech outperforms and energy stocks are under pressure after oil reversed later utilities and financials also a drag we'll have much more on that later this hour. plus, the small business administration handing out loans

for round two of the paycheck protection program we'll talk to the ceo of washington federal, which has processed about $750 million of worth of loans about what he is hearing from companies teth on "power lun,"ig ch rht afr is (soft music) - [female vo] restaurants are facing a crisis. and they're counting on your takeout

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than 5,500 loans with the average loan size about 145,000. with us now for more on the path forward for small businesses is brent beardall, the ceo and president of wafd bank brent, good to have you back i guess when the ppp program started, it was a bit of the wild west. people really didn't know whom they were supposed to approve for these loans. in and out with the second tranche of money coming through and maybe some of the rules being spelled out better, has that aspect to this program receded at all >> it has. it's receded quite a bit i give a lot of credit to the sba. they have worked like crazy to come up with exactly what the rules should be. we just needed firm guidance and now we have it so the processing times on these loans has literally gone from a number of days to where we're able to process loans in less than one day at this point, if

the borrower has the package ready for us >> let's talk about those borrowers. what are you doing to ensure that the borrowers actually qualify under the program? because one of the criticisms, of course, of some of the loans was that larger companies were manipulating the regulations one way or another to get loans when really they shouldn't have, or that they didn't qualify and were doing fraudulent things to get the loans. how are you make sugar that the right people are getting the right amounts? >> that's a good question. and let me first say that bank fraud is a very serious issue and i applaud the prosecutors that are going after the bank fraud. let me also say that this program, as you pointed out, was like the wild west a lot of people were trying to figure out the rules as we go, and we have a lot more rules today than when the program was rolled out three weeks ago so the sba came out and said, it is first come, first serve

banks, we want you to get the money into the hands of small businesses and we worked like crazy to do that and i think there's some people that ideally you look back on and say, do they deserve the money probably not but they fit within the rules that congress and the sba put out. you had to have the certification from the borrowers to know they had a diminished business their revenue was down and they were worthy of these funds to keep their employees employed. and i think that's what we need to look at was the intent of the legislation, which was to provide funds for small businesses to keep their employees employed for eight weeks, to get through this crisis, so they wouldn't have to go into the lines of the unemployment administration. >> and whether those borrowers actually did not have access to other pools of capital that they could draw on, which must be something that you check out ra'ad assiduously, i presume

let's talk about the bank and its operations you made a profit in the first quarter. you paid a dividend. i assume that the dividend is secure you've been paying dividends for 100 plus years >> we've been paying now for about 35 consecutive years on our cash dividend. we feel very comfortable with that we have been very active in terms of share repurchases in the past we've taken a pause in terms of share repurchase none of us know exactly what the impact of covid will be on our balance sheets we feel very secure in terms of our underwriting and the sponsors we have behind our loans. but we need to see what the depth and the duration of this crisis is, but ultimately, i think banks are very well positioned now to be part of the solution we have a great deal of capital. with the new accounting loans, banks are well positioned to be able to withstand this crisis and to be there to be able to deliver liquidity for our

borrowers. >> my memory fail there hed thee go ahead, finish your thought. i was going to say, it's 148 consecutive quarters you've paid a dividend not 148 consecutive years. finish your thought and melissa has a question >> one of the things we've seen is our borrowers are looking for liquidity on their balance sheets what are they doing in these uncertain times? they're calling on their lines of credit to put the cash on their balance sheet to be able to know that they have the cash in times of distress that are coming to us we did the same thing as a bank. we have all kinds of untapped lines of credit. so right before year-end, we borrowed over $1 billion for ten years at very, very low fixed rate below 1% to put that liquidity on our balance sheet for our borrowers. and they have applauded that it's one thing to say you have the strength, it's another thing to see it sonnet balance sheet >> brent, i have a follow up question on that point in your last earnings point, you had indicated that 7.5% of loans

are identified as quote/unquote high risk. how does that definition of high-risk change as the pandemic deepens? and how do you view a high-risk borrower now versus some of the stress tests that you might put into place, vince, an individual that might be borrowing, might have a salary today of $100,000, be asked to take a pay cut or lose their jobs, and it becomes a completely different story >> yeah, that will evolve over time, as we see how this crisis evolves and how getting back to normal, what it looks like in the state of washington where we're headquartered. that's in four phases. the highest risk portfolios we have now, of course, are hospitality. and many of our hotels are just shut down in their entirety. the key for us getting hospitality back on their feet is to have business travelers to start again. we're working very closely with borrowers, and that's one of the real positives out of this recession.

banks are being very communicative with their buyers and vice versa and a lot of people have asked, why have community banks been so successful in getting the ppp loans out there, where many of the larger banks have not? i think it comes back to relationships. relationships matter you need great technology, but you also need to be able to call up a banker in times of distress and ask, what does this ppp loan program work like and do i qualify or not >> final question, and i need a quick answer, what are you doing with respect to mortgage forbearance for borrowers who are having trouble making their monthly payments >> we are happy to work with our borrowers. we are a portfolio lender, so if they reach out to us, we are happy to defer their payments up to three months to begin with, but then it can go on beyond that, if they show us that they're truly experiencing distress >> brent, thank you so much for being with us. for the latest on -- >> thank you so much

>> you got it. for the lathe on small business news and advice and other resources, go to cnbc.com. melissa? >> the ten-year yield hitting its highest level in a month let's get to rick santelli for more hey, rick! >> hi. and welcome back, melissa lee. yes, that's correct. look at a one-week chart of tens you can pick out that refunding announcement its high yield today, 74 basis points currently up 5 at 71 keep 71 in mind, because as you look at an intraday of 30s, 30 is up 9 at 132 exactly double the yield on a ten-year note. also, three-week-plus high and the 20-year-old bond hasn't been auctioned since the '80s and it's really going to be wild in the 20s sector, because we're going to have on may 20th $20 billion of 20-years for the first time since the '80s. and do keep in mind since ten-year yields are half of

30-year yields, 20--year-olds will be quite successful juice that up and maybe we get some ultrabonds with some more enjoyable yields for investors, because it really is quite boring to play in the rest of the curve where the fed's purchases have such a detrimental effect to those who would like to be called savers this could be the eighth week in a row that at least one session has closed above 100 that doesn't happen very often guess where we're trading right now, right around 100. tyler, back to you >> mr. santelli, thank you very much still ahead, gold mining stocks taking a hit today, but as stocks have we bounded from the march lows, the group, as a whole, is up more than 100%. we'll take a look at what is behind that particular move. plus, as the future of sports hangs in the balance, especially for college athletes, the big ten commissioner, kevin warren, will be here to tell us if he expects college football to kick off this fall and if so, when and under what mu mciumans. chore "power lunch" right after this

welcome back, everybody. let's go to sue herrera right now for an update on the coronavirus. sue? >> thank you very much, ty good afternoon, everyone new jersey's governor phil murphy says he is extending his state's public health emergency by another 30 days he says it is needed to keep the state on a war footing in its fight against the pandemic in southern california, some beaches that had been closed because of overcrowding are reopening with new restrictions. in laguna beach, hours are limited to 6 through 10 a.m. visitors can walk, run, swim,

and surf, but they are not allowed to put down towels and hang out in maryland, nurses arriving at the greater baltimore medical center were greeted with cheers as part of national nurses' day. people lined the streets waving pom-poms and holding signs and drivers seeing those displays honked to show their support for the nurses and we thank them very much for everything that they are doing during this pandemic as always, for more on the coronavirus coverage, you can head to cnbc.com ty, back to you. >> sue, i second that thought, as well. let's go to seema mody, who is covering us on trading nation today. hi, seema. >> tyler, hello. we're checking on the gold miners down sharply today, as some countries ease lockdown measures and economies begin to reopen the gdx still up 16% year-to-date, but could the safety trade be in trouble mark newton of newton advisers and mark tepper of strategic wealth partners are the trading nation team today.

mark internshitepper, would your own gold or the gold miners? >> i think the safety pltrade is still in play. gld is your pure player. all the miners, the issue is they actually hedge the commodity. gold does very well as a calamity hedge, and i think we would all agree this is definitely a calamity right now. it also does well during periods of inflation, but also deflation. and there's absolutely no question about it. there has been a ton of money created over the last few weeks. and when you look at the stock market over the last few weeks, the stock market's gotten cocky. i mean, it's been brushing off bad news and it just continues to move higher and higher. and i think we're at the point right now where stocks have gotten way ahead of themselves the stock market does not reflect what's happening in the economy, so i do think double-digit unemployment will be the norm for quite a while, unfortunately, much longer than consensus thinks and because of that, with you kn know, i think the safety trade will be valid. it will be good news for gld holders. >> martin newmon, what do you

think? will the equity market limit gold's ability to continue to rise here? >> i think the gold miners and gld should still do well in my opinion in the weeks ahead you've seen gdx, the gold miner's etf rose to the highest level we've seen since 2013 yesterday. despite today's weakness, it's been performing quite well if you look back at when gold peaked back in 2011, we're still down about 50% off of those all-time highs so gdx to me represents a pretty decent momentum trade, as part of an environment where not a lot of things have been working lately over the last couple of months so this is still something that i own and i think can make further progress in the weeks and months to come >> got it. the two marks, thank you for joining me today for more trading nation, head to our website or follow us on twitter at trading nation. >> staill ahead, as parts of the country start to reopen, how far away are we from live sports

and will colleges be able to play in the fall kevin warren joins us next plus, shares of papa john's hitting its highest levels we'll sit down with the ceo of papa john to see how the company is delivering amid the coronavirus pandemic and remember, you can always watch or listen to us on the go live on the cnbc app our special breaking news coverage will be right back. there's tv. and then there's x1,

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semiconductor index up by about 2% right now meantime, we have oil closing for the day. >> so melissa, we haven't seen red on the screen for oil prices in over a week, but we are today. this is a five-day winning streak that has been snapped at this point wti prices are $23.82. that's 3% down world benchmark brent crude, just about $29.56 or 4.5% to the downside and where anticipated demand growth has been a big driver of the big upside action, today it's more supply side concerns dragging things lower. earlier today, u.s. energy department data showed a build of 4.6 million barrels of oil inventory last week. that was smaller than the 8.7 million barrels analysts were expecting. but the pullback today comes as wti crude rallied over 15% in the last week. so tyler, as those oil prices come in focus, watch those energy company stocks, as well they have been a recent beneficiary in that rise in

prize prices back over to you >> and of course the cyroronavis pandemic has taken a huge toll on universities across the country as they think about how or even whether they will open come fall. for many college athletic departments, football, of course, the biggest revenue driver, meaning that the impact of skipping the season or doing it on different terms could be devastating financially. the sudden disappearance of sports because of the virus will erase at least $12 billion in revenue across the economy and if there's no college football or nfl this fall, that number could more than double. here to talk about the path forward for college sports is kevin warren he's the commissioner of the big ten, the conference made up of 14 schools and 11 states mostly, but not entirely in the midwest. kevin, it is great to see you again. welcom welcome. >> so good to see you and hear your voice i just appreciate your coverage and everything you've done to keep everyone up to speed, as

far as the financial markets and also what's going on with this covid-19 pandemic that we're dealing with so it's good to see you. >> thank you so much, you just started this job less than a year ago you couldn't have picked a rougher time to come in and take over a job that is complicated under the best of circumstances, but now is doubly so how far are you away from making a decision on whether college football will proceed as normal this fall, and what different scenarios are you considering? games without fans, whatever >> one of the things that's important from a big ten standpoint is that we always want to make decisions based upon experts so i'm relying heavily on my medical experts. one of the things we did early in march, even before this pandemic got going on full speed is we formed an emerging

infectious disease committee, made up of 14 members from our 14 institutions in the big ten, led by chris kratovil, a professor at the university of nebraska, which is a key player in this whole medical research area the other things that we have done is i've had daily calls with my athletic directors, regular communications with all of our chancellors and presidents and i'm just making sure that we rely on our experts in this area i'm looking to be in a position, i would say in the next six to eight weeks to see if we have spors in the fall, but even bigger than that, we're focusing on what we need to do to have school in the fall if we don't have school in the fall, then we don't have sports in the fall. we have a whole another level of issues that we're focusing on.

what can we do to make sure that we return to our campuses in a safe manner, where we can educate our students, and what do we need to do to make sure we can return to practice in the fall in a safe manner? but one of the things we will always do in the big ten is to make sure that we put the health, safety, and wellness of our student athletes a to the epicenter of all of our decisions. >> a couple of quick questions here if i might, kevin college football is usually the bell cow for athletic department budgets. roughly, what percent of the athletic department budget comes in the big ten from football revenues and if you don't have football, does that imperil the other sports throughout the calendar year >> well, one of the things i think, and i saw your interview earlier this week with the president of michigan. and he talked about the impact that overall that it has on our campuses and universities.

you're right at most of our universities across the country, but especially in the big ten, football is the critical component from a revenue standpoint but one of the things we're working on on a daily basis is to explore scenarios, all types of scenarios how do we return to campus when do we have a chance to play football all other sports and you said it even into the lead-in into this interview, there have been studies done that the impact of not having sports is a $12 billion impact sports overall in our country is $100 billion industry. and we know the impact it has not only at the professional level, the collegiate level. but one of the things, i'm very confident, not only with our financial experts, but also the various individuals that run our campuses our chancellors, our provost, our athletic directors that we're working together from a

collective standpoint to make sure that whatever impact that sports has in the falls, whether it be a positive impact or a negative impact, that we're prepped to handle it in a very professional manner. this is something that we're working on every single day. these are major decisions. we're trying to make the best decisions, based on the best information, not only from our campus standpoint, but also we have other partners. our network partners that we're collectively working on. and i'm very confident that we'll make the right decisions from a big ten conversation standpoint and from a college athletic standpoint. >> kevin, just in terms of the impact the impact is not just on college sports program, but also on the entire college. and especially at a time when colleges are really grappling with when to open and whether students will return and the numbers that they have gone to college in the past, i would think that having a winning team is really important in terms of fund-raising in general, in terms of creating that halo effect, for alumni to feel good

about their alma mater and open up their pocket books. and that goes away if there's no season played. >> melissa, that's a great point that you've made and i think one of the things that we have found out, if there was ever any question over these last couple of months, whether it's collegiate sports or professional sports, and even high school sports, is that sports plays a major role in our society. in all different industries, from a travel industry standpoint, hotel industry, restaurant industry standpoint, television industry. sports is really important it's something that our country has been really relies upon. we love getting together, we love supporting our teams. and so the interesting thing about this pandemic that we've been dealing with, the impact here is coming from various locations and directions we have financial impacts that we're having to address. we have issues that you're alluding to as far as our

students coming back to campus in the fall. our whole education system so again, you know, this is a complex time in our society. it's a complex time really in the world. and i know it may shock some people when i say this, is that i really am excited to be in this position at this time, because the decisions that we will make will dictate the 10, 20, 50 years of college athletics and maybe even how universities operate from that standpoint so we're working on this seven days a week. we have great partners we're in a great conference. and unfortunately, we're dealing with this in a manner that we're able to rely on our experts and do what's right to make sure that when we do return, and i'm extremely confident that we will return to play, that we always make sure that we put the health safety of our -- not only of our student athletes, but our coaches, our fans, our professors, our administrators, that everyone involved with that, that we all feel good that the time is right for us to be

able to come back and compete in the big ten. >> kevin, on that note, we'll leave it we wish you good luck as you move through this very thorny decision process and we appreciate your time today kevin warren, commissioner of the big ten. melissa? >> all right, ty, coming up. one industry actually benefiting in the current environment, pizza delivery papa john's rolling out no contact delivery we'll talk to the company's ceo, rob lynch, coming up ♪ you should be mad they gave this guy a promotion. 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.

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technology leading the way, the nasdaq is up by more than a percent. information technology, the sergeant, is higher nor the year now thanks to today's performance. and take a check on shares of fleir. there's a lot of analyst commentary about how flir can boost sales, including widening its customer base beyond airports, et cetera, to schools and businesses with the pandemic going on and employers' desire to check temperatures of employees before they get to work flir up almost 10% meantime, shares of papa john's hitting its highest level in nearly three years. the company seeing a boost in delivery as a result of the lockdown and having its highest sales growth since the removal of founder john snader for more, let's bring in kate rogers along with papa john's ceo and president, rob lynch

kate >> melissa, thank you so much. and rob, thank you for joining us today by phone. we're happy to have you here >> hi, kate. how are you? >> we are great. let's begin here papa john's is one of the ones that analysts say would be able to withstand issues due to covid. how many of those new customers do you think you hang on to as we moua forward and things begin to open up >> i think we hang on to a great majority of them we're seeing our customer service scores go through the roof our customers really see us going the extra mile to take care of them and protect them and keep them safe, while keep our employees safe so with that, customer service scores are going so high, we have a great chaps of keeping those folks long after we get through these challenging times. >> there's no doubt that consumer behaviors willshift because of everything that's

gone on over the past few months what changes do you think will stay in terms of routines, perhaps more ordering in and you mentioned contactless delivery what do you think the future looks like for papa john's and other pizza players. >> i think as long as customers have some concerns over their personal safety and health concerns, there's going to be -- there's going to continue to be, you know, online, digital, ecommerce behavior and i think commerce, particularly in the restaurant industry, are going to continue to rely on services like ours, where we can deliver safe, high-quality food to their homes. >> within the restaurant industry, there's a lot of concern right now about supply chains how secure is the papa john's supply chain right now and do you have any concerns moving forward? >> you know, we are really a vertically integrated company. we have a lot of control over supply chain we work very closely with our supply partners. and, you know, we knew a lot about how this was going to play out from our markets in asia,

particularly china, korea. and we got out in front of it. i give a lot of credit to our team, reinforcing our supply chain and building inventories and working with newsuppliers to make sure we had redundancy so we feel very confident in our ability to deliver our business model moving forward >> continuing the theme, rob, of what continues once the pandemic crisis abates, management on the earnings call indicated that they believe about 10% of orders right now are stay-at-home orders 10% of additional sales in april, and i'm just wondering how much you think that goes back to normal when people no longer stay at home. will we lose that? >> so 27% comps in april best month in the company's industry and we said that about 10% of that can be attributed to the tail wind of covid and the new behaviors. so that means that there's double-digit growth that is built in around other things and those things are primarily

focused on our product innovation, our partnerships with our aggregator partners and our loyalty program, which is really picking up momentum as you mentioned, we have 1 million new customers coming into the franchise a lot of those are coming in through our loyalty program. so those are things that we had put in place prior to the pandemic and will be around regardless of how long the situation continues. so we feel very confident that we have the infrastructure in place to deliver long-term, sustainable growth >> rob, to just circle back to supply chain, because i'm sure investors are curious, with regard to meat and cheese, you know, you've been talking about these papa deiah sandwiches you just moved on to the menu. have you stockpiled or do you have enough going forward? >> we doubled our inventories in the month of march to ensure our business continuity and we also have brought on new suppliers and are working with our long-term suppliers to make sure that we can continue to deliver,

not just our pizza, but our innovation papa dias have been a huge win for us we launched them back in february, becoming a big part of our business model very incremental to our core business of pizza. >> you've also hired 12,000 new employees over the past six weeks. do you anticipate needing even more workers moving ahead as demand pix up and will demand be there for those workers that you've brought on? >> you know, moral at our company has never been higher. skpem and everyone from top to bottom feels great about our ability to help out our communities in need and that includes creating a lot of jobs and hiring a lot of people and, you know, we are focused on that, we need to hire staff and even more people to meet demand. we'll continue hiring and continue making sure our employees and customers are able to safely deliver food and help out the communities in need. >> so papa john's did not apply

for a paycheck protection program loan you mentioned on the call obviously, that's an option that many of your franchisees had do you know, have that applied, have they been successful? what are their biggest concerns right now? >> you know, as a company, we decided not to go that that rou. we felt like those programs were going to be needed by a lot of people out there that were in a lot different circumstances than us, so we chose to pass on applying for those loans our franchisees, small business owners, the story has been covered well they have had challenges over the last couple years. they're coming out of those challenges we're seeing our franchisees return to profitability and are excited about the future, but each one needs to make their own decision based on the circumstances surrounding their own businesses on how they approach the government programs >> okay. rob, thank you so much for joining us today we appreciate it >> thank you so much >> tyler, back to you. >> all right thank you very much, kate and melissa and rob lynch.

up next, there doesn't seem to be very much these days that republicans and democrats can suwie about, but there is one ise th bipartisan support. we'll give you the poll numbers. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org . find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. confident financial plans,

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exactly who should get money from a next stimulus package from the u.s. government the answer may not surprise you, but the fact that it has bipartisan support, well, that just might the late nest our "states of play" poll kayla. >> in our fourth installment of battleground state polling with change research, we found that one particular area of stimulus gets bipartisan support and that

is everyone who qualifies in america getting a stimulus check from the federal government. according to the poll that was run over the weekend, asked whether the government should keep sending stimulus checks for the duration of the pandemic, 74% of respondents said, yeah, they should. more than half of republicans supported this idea, and nearly all democrats did. house speaker nancy pelosi has argued that the government should provide replacement income for americans until unemployment gets back below pre-pandemic levels. another area that got bipartisan support, stricter regulations for the small business loan programs more than three-quarters of respondents across all parties say there should be more rules to that money ends up in the right hand and while swift, continued vigorous action in washington is warranted, they say their own household is looking okay. optimism about job security and personal finances rebounding in the last month but only a third

optimistic about the u.s. economy as a whole finally, with president trump suggesting last hour that schools should reopen while teachers over the age of 60 should not go in to school, we had some polling about whether there was support for schools reopening. you might not be surprised that that does fall on bipartisan lines. 40% of democrats say yes, and 47% of republicans, but that's up to individual states. >> in the state where i live, and i think where you are, they have canceled school, just yesterday, i believe it was, for the rest of the school year. let me ask you a question. talking about giving a guaranteed payment to individuals, and that having bipartisan support kind of surprises me because it sounds a lot like the leading edge of what's been called the guaranteed basing income, which i don't think a lot of republicans do support >> reporter: it sounds very much like this, but republicans who

support it say this is temporary, this is an act of god, an external force that no one saw coming and that no american by fault of their own should end up having to pay for this so that's how ideologically a lot of republicans can wrap their minds around this, although until we know exactly how long this will last, how much it will cost, and what it will do to the deficit, you will still have some skeptics about that the idea. >> kayla, thanks very much kayla tausche rertg.poin melissa? >> up next, a final check on the markets. stay tuned

i love these fries. you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have the burger. before you invest, get the full report. check out an investment professional's background for free on investor.gov. before you invest, investor.gov.

♪just in case i see your face♪ ♪i may be acting crazy now it's getting late♪ ♪they took my heart away ♪but i'll be okay, 'cause♪ ♪in my dream world ♪i'm still your dream girl ♪ooh, i'm still your dream girl♪ ♪ooh ♪ the dow is in negative territory right now, close to the flat line again. the nasdaq up by 1.2%. information technology on the s&p 500 as a sector is now positive for the year, tyler i was talking before about a risk-on sort of day. the tlt, the bond etf, we are

seeing signs that people are getting rid of their bonds in order to buy stocks. that's down by about 1.8% with the ten-year yield, the highest level sense aboince about a mono >> i would guess there's going to be a bit of an acid test in the next two days with the unemployment claims data that comes out tomorrow and then the big megillah on friday, which would be the unemployment numbers for the month of april and they will be a real i think test for investors' mettle and their stomachs as we see obviously tens of millions of americans who have lost their jobs and probably an unemployment rate that is something we haven't seen in this country in decades. >> and what won't be in those numbers, tyler, will be the number of americans being asked to give up parts of their salary while still employed that, of course, is a concern because they have less money to spend and could be facing hardships themselves, which have ripple effects throughout the

whole economy. >> yeah. no, it's absolutely true the way this is going to ripple through the economy is really unfathomable right now and how long it lasts is another matter. melissa, great to have you back on "power lunch. see you tomorrow >> see you tomorrow. >> thanks for joining us the team from "the closing bell," take it away, folks >> thank you and welcome to "the closing bell." i'm wilfred frost with sara eisen. stocks struggling around the flat line except for the nasdaq, surging again, up over 1% with 59 minutes left of trade the dow and the s&p roughly flat let's have a look at what's driving the action new data from adp showing record private sector job losses, more than 20 million americans losing their employment in the month of april. oil has turned lower, snapping a five-day winning streak as supply fears weigh once again on the energy sector. with today's gains, the nasdaq is