seller of best buy >> dan nathan? >> yeah, that square call i think is interesting, you're going to have an opportunity to buy it lower, and i would be a buyer in the 60s pretty interesting company, they're going to be faced with a tough time in the near term. >> tnkhas fo my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramer. other people want to make friends. just trying to make you some money. my job is not to entertain but educate and teach you. call me at 1-800-743-cnbc. or tweet me at jim cramer. today wall street decided that it's better to be sorry than
safe with investors going all-in on the kind of stocks they'll be very sorry about if the good news for the past 24 hours fails to payoff. and that's how the dow surged 912 points the s&p rocketed up 3.15%. and the nasdaq 2.44% too many of the so-called pro covid stocks you know what i mean when you look at pictures of lines at bars in ohio or wisconsin this weekend, i'm sure you saw them how about the packed beaches there's none left in jersey, and florida. it's clear america is reopening for business they're putting in new rules and regulations to keep people safe, social distancing and happened washin hand washing people are ignoring them talk about better to be sorry than safe. living in new york i know the virus is contagious. i hope the rest of the country doesn't have to find out the
hard way this is reckless, but seeing the lines did make me more confident about the economy. it did seemed somehow good even though i know it could be dangerous second, we got a look at a totally reassuring fed chief when j. powell sat down with scott pelley on "60 minutes. good interview there's no limit to what can be done to fix the economy. he understands it's impossible for the fed to run out of ammunition he has our back. it was powerful when ben bernanke did that and said the banks won't fail that was the beginning of the next layer of the bull market. the next leg on "60 minutes" -- no, that would be history repeating -- nah, could it be? powell's positive commentary boosted markets overseas moreimportantly it sent the price of oil surging >> buy, buy, buy >> over 30 again at these levels most of our producers are solvent, thanks to all these sign posts of
strength, we knew we were going to have a real good day. dow was looking like it was going to open up 350 points. talking with becky and andrew, it was going to be a good day. boom, the news hits. moderna, the biotech company that uses artificial intelligence to find any gene therapies and vaccines promising news from the phase one trials, bear with me, for the covid vaccine. we did get a positive read through. normally in phase one we only care about safety. you're just making sure the vaccine doesn't hurt anyone. eight people got a higher dose of the vaccine were able to produce antibodies that hopefully can stop the virus over a longer period of time or even at all. now, nobody wants to be too optimistic the media did a good job they were responsible. all reports were muted, safe, promising, encouraging, might prove hopeful. this data doesn't prove anything, it just shows moderna
might be on the right track. that was the verbiage. the market reacted with reckless abandon like people who hit the markets and bars this weekend. the mumps vaccine took four years. the hiv vaccine, how long did that take? we've never been able to make one. moderna has something that sets it apart from its predecessors they use artificial intelligence powered by amazon web services like everything else in the world to make permutations to find the right formula that does speed up the discovery process. if anybody can develop a vaccine in record time it is indeed moderna. so far the only drug we have is remdesivir that gets patients with covid out of the hospital faster but a vaccine, oh, man, that is a game changer all the smart people told me forget this, jim, you're just getting too excited. don't believe the hype, this can't happen, then this happens this morning it was pretty eye opening.
this could be one of the shortest recessions in history, even as it will also be the sharpest when you look at the stocks that soared today, they're in the blast radius, travel, oil, autos, homes, the banks. the first day i felt maybe the banks aren't going to go under they were looking like going down the drain with draino it actually works -- oh, it was liquid plumber without powell's bullish statement and the news from moderna, the only news would have been from the financials. it was the disspiriting fact warren buffett dumped his stocks >> sell, sell, sell. >> goldman fell 4% you figured it would go back up 5% -- you'd figure it would something. goldman stock's hot again. how about that i was chalked by some of these moves. marriott and royal caribbean are
up 18% you'd think the vaccine is in the bag. in a few months to the start book of things, not that silly i looked at prices for norwegian cruise this morning. i found the cruise going to alaska next year you can take it a year from now. it was one-third of what it would have gone for before the pandemic not only that, you think the vaccine is available next year get this why not book now, cancel later, there's no charge. i think it's a great idea. if moderna doesn't come through, there are so many companies working on this you have to believe there would be another regeneron, j & j, anovia filed a big offering buy back into the losers and get closer to normal that's not what happened today there is too much momentum in the winners. the drug stocks, cloud stocks have been the biggest winners. retailers big enough to thrive in this environment are going to report this week people who own these names aren't willing to sell except in
the case of zoom or peloton do you want to dump nvidia before the quarter do you want to bet on google, might come up with something out of this recession sooner than expected i don't know, of course not. so you have a weird session where the covid winners rallied a bit and the cyclical covid exploded so high it almost felt like a gigantic bear short squeeze. the vaccine is really coming faster than we thought it makes sense for nucor to run up 100%. valuations were so cheap that they deserved to move up but in the end, though, today proved why you need what i call barbell strategy like the one i laid out for my charitable trust which you can follow by joining action alert.com club winners on one end, stay-at-home stocks, economic recovery winners on the other here's the bottom line the barbell portfolio was the best strategy for today. the ones that if the vaccine fails, what if the vaccine makes it, all right. that's what you want
but, you know what i know we got good news from moderna, but let's hope this safety lasts attitude goes away. because if there is another big outbreak and we have to go back into lockdown, many of today's winners will come right back down let's go to elaine in california elaine >> caller: yes, booyah, jim. >> booyah, elaine. >> caller: my husband and i are long-time listeners and first-time callers >> great to have you on board. what's going on? >> caller: the first stock my husband bought was clorox. it was 1975 and he graduated from college he bought less than 100 shares because that was what he could afford every year since he's reinvested the dividend obviously the coronavirus had a huge impact and the company is working 24/7 to meet the demand for its wipes. our question is whether now is the time to take the money and run even though we don't need it or ride it out a bit >> no, no, this is one of the
stor stocks that if the moderna vaccine works, things will get better in the country. do you think we'll go back to the way we were? maybe, but i think you have a long time where clorox will do very, very well, particularly overseas where things are not so strong i want you to hold onto it could be rocking a bit, but own it matt in florida, matt. >> caller: hey, booyah, jim, thanks for taking my call. >> booyah. >> caller: first time caller >> second first time caller, all right. >> caller: my question is sorento therapeutics they've had tons of recent gain there from $2 a share to $7 a share, peaking at $9.80 today, up 138% since friday my question is, is this a stock that's actually viable or is this short-term excitement over the covid antibody >> look, if companies play with a total open hand and show us everything and the stock goes up
that much like moderna did, i'm totally fine with it without a total open hand i want to be careful. everyone who owns sorrento since friday, i want to be careful look at friday i'm jimmy chill and i love you anyway wall street today thought it was better to be sorry than safe yeah, safety took a vacation on wall street. the barbell strategy is what i want you to do half the ones that do well and half the ones that do not so well, both would have done great today. tonight as states reopen how is a company like denny's grand slam positioning itself? i'll talk with the c.e.o as the market headed higher? is the narrative changing? i'll give you my take. and the covid-19 pandemic in cloud technology, i'm talking to the c.e.o. of a smaller cap company that is uniquely positioned to take advantage of the space. so stay with cramer. >> announcer: don't miss a
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where retailers and restaurants can operate at maximum occupancy again. is it time to speculate on restaurant stocks? denny's, full service diner i love locations worldwide when the pandemic hit and we went into lockdown, denny's saw its stock plummet back to the march lows it's a sit-down restaurant chain. sell first ask later situation since then the stock has been rebounding aggressively. more than doubling since the bottom including a fabulous 10% run today off this moderna vaccine news plus just last thursday denny's reported better than future quarter. now that the second quarter is underway, don't get me wrong, this is a very tough business to be in right now. but if we can fully reopen this economy sooner than expected, denny's can make a comeback sooner than expected let's check in with john miller, c.e.o. of denny's to get a sense
of how he's navigating this difficult period welcome back to "mad money." >> thank you for having me today. >> john, how closely do you follow the whole vaccine thing >> well, i think there's good news today obviously a cure would give everybody a lot of relief and confidence to go out and shop and return to a normal -- whatever our new normal may look like post-pandemic >> how many of your restaurants right now are serving people in the store? >> 521 of 1600 domestic locations have some inside dining service at the moment >> what happens if a group of eight people come in like i used to after having a couple and we just loved denny's wanted to get some sop-up? would you break us up or turn us away >> we're trying to keep parties of six inside same family social distancing as an absolute must we're doing temperature checks for all of our employees before they come back to work we're going to what i call best
practice measures for health and sanitation yes, by all means, customers would be welcome they would come in to the states where it's 25%, and a little more distance between them states that are 50% municipalities, closer together 6 or 8 feet. we have tables marked that are not open so that guests can feel safe yeah, you'd be welcome and have a normal denny's experience overall. >> so how about the 82% of domestic franchise restaurants, how is that paycheck protection program working for them >> yeah, so p.p.p., of course, all our franchisees are small business owners. in fact, 70% own five stores or less and so when the register is not ringing and you're closed, it's pretty difficult to make it for very long. our franchise community did apply for a loan we assisted them where we could with a national broker to assist with franchisees that may not have had the best relationship
with an s.e.c. lender or p.p.p. right out of the bat larger franchisees figured it out. smaller ones did it without our assistance we're there stride by stride working to help them secure as much liquidity as possible 82% of our, let's call it -- yeah, right at 82% of our restaurants have received the loan another 7% have been approved and are waiting for funding. and then those that haven't we're still assisting, figure out if they need it or not some are part of larger systems with other franchises aren't affected as much as full service is and may not have needed it quite as badly >> you've done remarkable things with your balance sheet over the years. buy back over the years. something like this comes along. this is a business interruption from hell frankly. what have you done to shore up your balance sheet >> well, of course, you know, right away we focused on
liquidity and focused on our franchisees' liquidity primarily. we are a 95% franchise business. as the franchise goes so goes the brand. on the corporate balance sheet we did a draw down on our balance sheet roughly $40 million. we took an additional $20 million draw then we secured a new credit agreement. we feel like we've done everything we can in our power to make sure we go uninterrupted for as long as possible, and we have all the confidence that we will not have a liquidity challenge at dennys as a result. >> you guys have been a pioneer delivering digital infrastructure are some of the kptz taking advantage of the situation and charging too much? >> every business model has its own business model, right? the third-party delivery companies are doing a great job with technology and creating --
eliminating pain for consumers we adopted in multiple ones where they each have their own business clientele, and some that overlaps and some that does not. we try to have as many of those as possible. i would say they're doing their best to make their model work and we're doing our best to negotiate for our model to work. cost, packaging, lower beverage sales, all those things create a different business model, different economic for sales clearly it's in demand for the consumers in our on-demand program. it's more than double. it's up about 110% versus last year since the pandemic started. >> at the same time same store sales have been very tough, right? >> yes, as bad ads 80% down stores that are open we're in the 50% range. >> 80% down, how do you come back from that how do you come back from that, john that's a tough -- pantry, what are we doing here? >> so obviously we have all the confidence we'll rebuild
momentum in our brand. we have great franchisees that were smart and managing cash it has been challenging, no doubt about it but we're on twice weekly calls with our steering committee body we have great franchisees, been in the system a long time. they get a lot of support from us they support us in return with great initiatives and move quickly to adjust to the real-time issues i've been very impressed with the number of dine through, curbside drive-thru, hostess stands, touchless credit card systems. all the things we've done very quickly in real-time to adjust to consumer needs. we've tried delivering some groceries or providing groceries through drive-thru service not because we think it's a permanent important part of our business model, but provide services for our guests to give them a little convenience for when they are getting out. as confidence returns, as normal returns, whatever that might be defined as, we believe people will want to dine in we're allowed to have pressure
on the weekends when we have full capacity, but right now we are open, we're open all the time between the 22nd of may, 85 stores could open as this lifts across the state in other countries. we're looking forward to having 100% of the markets reopen we are ready we are ready and clean and able to take care of our guests >> we back you all the way we hope you come back. we want it double. thank you so much john miller, c.e.o. of denny's. >> good to see you >> "mad money" is back after the break. ♪
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way. not just sell in may go away it's a genre prediction. every year i push back because you can't extrapolate that it doesn't work. 2020 is nothing like 2019 or 2018 or 2017 or 2016 it's even more important because tons of companies that reported last month, well, they were incredibly down beat you can't blame them they made their predictions at a time most countries hadn't bent the curve. we had no way of knowing we could contain the coronavirus. they were very bleak almost no companies raised estimates. instead businesses abandoned their forecast and a ton of others ee liliminated their dividends outright the first weeks of april when most big companies reported seemed like they were the worst period of all for the economy. states come back and lift the lockdown orders. unlike the financial crisis where everyone in washington was in total denial about how bad
things had gotten, the federal reserve acted swiftly to attack the problem. fed chief j. powell back stopped the trillion dollars of bond issuance that's the equivalent of all the bonds issued last year already by now he acted immediately took over a year for the fed start today do anything really decisive 2007, 2008 many markets froze up commercial paper, price of so many others. this april every time one of those horrors sprung up, j. powell pulled out the bazooka. he didn't play whack a mole. he propped up the markets if he had to we'll see a replay of the financial crisis here, which many of the hedge funds were, powell crushed you 2020 is not like 2008. the most amazing thing the fed didn't have to spend much money to make it happen, powell saved the system by doing whatever it takes. the problem takes care of itself like we saw yesterday when he spoke on "60 minutes." look at today's action
at the same time, the treasury department doled out trillions to businesses. lehman brothers nearly took down the whole financial system in the second half of april, too late for these companies to include in their forecast. doesn't really matter. despite everything, the government did, tons of money managers would say it didn't matter since the sell in may, go away seemed to have more gravitas this year than ever. that was a mistake legendary peter lynch ruled the money management from his perch at magellan fund a great rule, far more money has been lost by investors preparing for corrections or trying to anticipate corrections than has been lost in corrections themselves, end quote. in other words, rather than trying to get out ahead of potential decline, sometimes you just need to stay the course because that way you don't miss out on incredible rallies that come out of nowhere like we had today. now, many of they'd companies that were extremely negative in
april have since had much more compelling things to say or are going to tell you many more compelling things. the beginning of earnings season has been busted. we'll see walmart, home depot target report this week, the narrative has changed and changed for the better unfortunately if you sold in may and went away, i think it's too late too late to get back in. david in illinois. dave >> caller: dr. cramer. >> dave. >> caller: so, jim, i'm curious about your vegetable garden. plant, partial plant or no plant? >> 100% full plant except for one little area where i just got some special artisinal seeds when i go making my cans later this year. if you're nice, i'm going to have to send you one >> -- >> caller: can't wait to see it on twitter >> what's up >> caller: last month chipotle reported a star quarter beating on top and bottom lines. you recently favored the likes
of wendy's and starbucks, gradually reopening its stores in china as such, western brands international is leading challenge supply disruptions, upgrading their technology and expanding tim horton's and popeyes louisiana kitchens and recently reopening markets in china. jim, i see opportunities ahead >> you're right. the guy was on, he acquitted himself well chipotle, i said when it was, i don't know, 300, it would go to g, it would go to 1,000, and it went to it today all i'm going to do is say it's going higher that's the one to be in. greg in georgia, greg. >> caller: booyah, jim, thanks for taking my call they announced a transformational rewire. it drives positive cash flow and ignites me a younger consumer. they have ample liquidity for 2020
with today apartments la's lackf entertainment options, should we hop on after today's big move? >> you know, that's a big move today. i think it could have another good day, but i'm not a big fan because of the demographic of who rides it it's just too old. i know that that's -- hey, listen, it's okay, i can say t right? i have the ability to say it because i went to one and everyone looked like me. all right. good dealer. sell in may and go not. [ buzzer ] >> today's action, how long? shows you just how wrong that statement is, and i hate it. i do think, though, after today's rally it may shabe too t to get back in if you sold in may. more on "mad money," the company up 60% over the past month do not miss my sit-down with avaya. all your calls in tonight's rapid edition of lightning round. so stay with cramer. (soft music)
avaya. they're the largest pure play, unified communications and contact solutions. there is a good chance your employer uses avaya for their phone system who needs phones when everyone is working from home last week they put the concerns to rest. a solid earnings beat and very good guidance for the next quarter. in response the stock soared 22% in a single session. up another 5% today. why? the new avaya is a whole lot more than phones they have remote working and business collaboration they have a partnership with ring central, cloud software communications play. it's also good for avaya can the stock keep running now that it's less than a buck away from its february highs? let's take a look with the president and c.e.o. of avaya for more about the company and where the quarter is headed. welcome to "mad money. >> thanks for having me on
>> all right, sir, we've had ring central on a number of times. i want to know from your side what it has meant to team up with vlad because it seems like it sure is great on his side >> yeah, you know, jim, partnering with an industry leader especially in a space like ring central is really truly industry defining. who would ever thought we would partner with a competitor. when you look through the lens of our customers, it makes a lot of sense for the company we have more than a million in the market place today a key strategy is to activate our base avaya cloud offers with ring central allows us to do that it's what our customers wanted we launched in the end of march. we're seeing great traction. we're only 40 days in. we closed last week our seven-digit tc video we did it with ring central, avaya and one of the leading channel partners we stood it up in less than 24
hours. it was driven in support of covid-19 for one of the local governments. so we're really excited about the opportunity. we think it's going to unlock tremendous value it's certainly a growth opportunity for the company. it's early on, but another exciting opportunity for us between now and the end of the year, we're going to deploy this in nine additional countries so excited about the opportunities. >> let's put it in english for our viewers not familiar with phone business the state of mississippi, massive spikes in call volume from people about covid-19, since nobody knows anything. what did your system do? >> well, with covid-19, with the state of mississippi, you know, obviously they were getting inundated with folks trying to call in and determine what their test results were. so over the weekend we installed our cloud platform with a.i. and really implemented a s.m.s. implementation system so the state of mississippi can get their results back real-time
so a huge stress reliever >> don't other states say, i just did this avaya thing, you ought to try it? how does it work >> it does, jim. state of mississippi isn't the only state we deployed this. in other governments an example, a work from home solution, which this is, back when we started to see the pandemic taking hold in early february, i contacted a number of my peers and said, each and every one said if you can do three things for me, get my employees safe and productive working from home, since february, jim, we supplied more than 2.5 million work from home remote licenses to do just that. so it's for governments like in brazil and u.k., and even closer to home, the state department s.s.a. social security administration, as well as house of representatives are using avaya work from home technology. for larger enterprises, companies like human a, we immediately moved 21,000 of
their employees to work from home deutsch telecom, 7,000 comcast over 20,000. and the industry-leading global bpo teleperformance, over 100,000 remote agents we deployed in days, not weeks or months only avaya has this >> where are we today? all i want to talk about was moderna. ring central is down wh why? people say this move is over i look at it differently if you deploy these systems, if they work, and if business -- if revenues don't go down, i know expenses are much lower if you do it at home. particularly because of rent i mean, is it a here to stay option >> i think, quote, the new normal is indeed here to stay. there may be a bit of folks working a little from home, a little from the office, but in this new digital and distributor world, we are seeing great demand for our work from home -- work-from-home solutions moment of them now are driven through subscription offers which couple cloud technology
with on-premise capabilities we're now becoming a leader in hybrid i believe it's here to stay. >> tell me a little more about how the ring central deal works with you you have a lot of existing clients. you're giving ring central more business than they're giving you. >> well, you know, jim, we had an uncovered base out there of 100 million seats. our customers really wanted an avaya solution when they wanted to move to the cloud, we couldn't fulfill that demand and they looked for alternative pure cloud plays i can tell you we have over 100 deals sofar, and each and ever one of those have been competitively bid and avaya is wingin winning. it's a win/win situation for both companies >> your customers would be gravitating toward keeping avaya and use zoom ralgtther than ring
central? you're doing b-2-b >> our b-2-b solution is enterprise it's video as well as voice collaboration. we released it back in february and we're seeing significant traction what's different from our application than your typical consumer is the fact that security, data privacy, redundancy, they're all table stays. a number of your consumer applications are more susceptible to having outages, pop-ups, private data being sold so ours is an enterprise solution we're deploying it around the globe. we are at 500,000 licenses deployed since the release of february, and we continue to see demand increase week over week >> excellent >> we think it's really applicable for the large enterprise >> i'm glad you're on the show the stock has been a rocket. deservedly so because where we are in america right now, that's jim cherico, the president and c.e.o. of avaya. thank you so much, sir >> thank you, jim. >> "mad money" is back after the break.
the story where the chances are low, and the cost is high. the sacrifice is real. it's all around us. but this isn't a story about how tougher times beat us. this is our comeback story. the time when we rally and come from behind. the time when we defy the odds and get back to work while the whole world watches. yeah, this is your comeback story. and when it's time to come back, we'll be ready.
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>> i like seattle genetics very much they have some new formulation anti-cancer drugs. they're not going to shine on a day like today because people want auto companies. i think they have an amazing pipeline one of the best i have ever seen i think you should own the stock. let's go to ray in connecticut, ray >> caller: hey, jimmy, how are you? >> i'm good, howl are you? >> caller: let me say hi to my mom and dad in queens astoria. i'm calling about cuervo >> it's fantastic. sky works, cuervo, levered to 5g marvel technology, levered to 5g quorvo not the best one. i want them on i haven't had them on in ages. let's go to blake in wyoming. blake. >> caller: booyah, jimmy, howl are we doing >> real good, how about you, blake? >> caller: oh, i can't complain. i have penske automotive group we tapped in at the leadership zone i think it's a buy what are your thoughts >> i think it's a very
inexpensive stock. i don't understand i had i know it had some -- that stock is way too cheap i know the franchise dealers have had troubles, but that's ridiculous i think that stock is too cheap. let's go to brian in hawaii. brian! >> caller: aloha, jim. >> how are you you have zero covid in hawaii. congratulations. >> caller: virtue financial. >> i think it's a very smart good company with a lot of really smart people and i'm surprised it's still only -- it should be more of a fin tech company. it doesn't deserve 9 mobile. should be 12 mobile. let's go to raymond in new york raymond. >> caller: how are you, jim? >> great >> caller: -- >> chevron is a better run company. exxon was king it's good to be the king
let's go to ron in new jersey ron. >> caller: big booyah from blairs town. >> i love blairs town. >> caller: what are your thoughts on earnings potential for -- >> i would dump that into the delaware water gap go up a couple points then drown it let's go to kate in california kate >> caller: hey, cramer, i'm so happy you're still on the air to keep my brain from exploding a >> really? put that down there. >> caller: can you tell me what's happening with mastercard up 4% today, down 18% -- >> it's levered to world travel and world commerce and that's hurt the stock [ buzzer ] but look, my charitable trust owns it. i think it's a terrific situation. but remember we have to be cognizant that, again, it had -- came into this covid with a 30 -- 40 multiple. that's too rich given the fact that worldwide commerce is slowing. how about mark in florida. mark >> caller: hi, jim, it's great
to talk with you i wish i had acted when you recommended moderna when it was in the teens and i didn't. >> thank you >> caller: but my question is about ring central >> i think ring central is terrific ring central is one of those companies that's going to be down on a day like today why? because it's very good for the office and home. that's what ring central stock and trade is that's why it was down 22. nothing wrong with it. vlad is doing a fantastic job. give it a couple days, it will start moving up again. it is up 55% for the year. i'm going to throw in opta i feel the same way. opta is a little bit stronger because there are people like -- went down a couple bucs. i like these, but they're going down right now and that, ladies and gentlemen, is the conclusion of the lightning round. [ buzzer ] >> announcer: the lightning round is sponsored by td ameritrade t. 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 better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪
♪ ♪ for the first time i can remember, we're having a health care recession in order to deal with the pandemic. hospitals suspended all sorts of non-emergency procedures that's a problem if you need knee replacement, existential problem for the hospitals. these surgeries are how they make their money hospitals have been working overtime to beat this virus. in the process they're losing fortunes when they're doing it now that it's looking for like our health care system won't be overwhelmed, what do they need to do to bring back these
procedures what's the safe way for hospitals to go back to something closer to normal i want to hear from an expert which is why i'm thrilled to have scott sperling, the co--president, the chairman of masters and general brig ham which happens to own one of the most important hospitals in the country. mr. perling, welcome back to "mad money." >> thank you, jim. >> scott, fill me in we bent the curve so we wouldn't be overwhelmed it looks like that's been accomplished we have a huge number of empty, i guess i.c.u.s all over the country. at the same time, the hospitals are bleeding from the eyeballs for cash what are we supposed to do >> you're exactly right. so, let me give you a couple of small data points. at the peak we had built capacity, we had more than doubled our i.c.u. capacity to handle covid-19 patients that needed high acuity care. every one of them had ventilators. so we had almost 900 such i.c.u. beds we utilized at the very peak
about 70 to 75%. we never got close to 100% so we had the capacity to handle what was the largest surge that we had imagined. we are currently only utilizing about 33% of that peak capacity, so we've been able to take some things down. but to your point, the net result of the success that we've had addressing the truly great need of covid-19 patients has been that we have lots and lots of other patients who have had delayedprocedures that we may cauley electricti call elective, but to them it represents significant pain and very expensive and longer-lasting complications so i will give you, you know, some sense of that we have seen a 30% reduction in cancer diagnoses it's not because there's less cancer it's because people aren't coming in with the symptoms. >> amazing >> we haven't had that we have not been able to do
surgeries on things such as significant orthopedic procedures, or even brain surgeries that often can be delayed, but do cause significant pain and suffering for patients the result is not only the economic crisis for the health care system that you mentioned, but it is a truly worrisome national health care crisis for so many patients of so many different age categories we've done a remarkable job. and when i say "we," not me, but our care givers, those running the system the c.e.o., and betsy, the president of brigham, so many other people, greg myers of the world, the tim ferrisses these are people in our system who have done a remarkable job to make sure that we can improve the outcomes for the covid
patients that's something we've done quite well >> scott, talk about that for a second because i think your outcomes, it varies so much from state to straight. other states -- people listening to you will know that you guys figured out a lot of stuff that they should figure out >> so, you know, for the most vulnerable group over age 80, in march half of those people were not able to survive. today 75% of them are able to survive based on what we know to do with these patients we know much better when to use respirators, how to use them we know how to treat the kidney disease that has come around with this. things like remdesivir which, you know, the early indications are very strong. we've seen all of that we do know that given the nature of how it works, which is to stop replication of the virus. the earlier you use it, the more powerful the impact potentially will be so we see that
we've taken the med surge patients who have covid-19 down from six days of staying in the hospital to four we've taken the i.c.u. patients from 14 days to 10, and again, we're seeing much better outcomes we're much better prepared to deal with whatever comes next, whether it's another surge or more likely a chronic level of patients at a much lower level, but that will last until we have a vaccine. >> that's what i wanted to ask you about, because, see, i see all these pictures this weekend bars with big lines, packed beaches. to me, you're chairman of a great hospital system. is that a nightmare waiting to happen or are we just in the northeast just too cloistered? >> look, you've seen wide variations so, for example, new york had over 1400 deaths per million florida had 82 i know people were critical of governor desantis in florida,
but one of the things he did that was so smart that i think he may have done better than, for example, new york, is he targeted a population where you can isolate and protect them so much more aggressive at making sure nursing homes, no visitors, everybody gets tested. so we really need to learn lessons from this, that we can look at the most vulnerable populations where the death rates are dramatically higher and deal with those. in the middle, we should use common sense >> right >> it's low cost to wear a mask. it's low cost to keep 6 to 7 feet away from somebody else you can go to an outdoor stadium and hopefully not be too close to people. probably not crowd back into an indoor venue at any point in the near future. so there's a number of things we can do that are common sense that are low cost that will help us as we manage through this and, again, keep in mind that as you know, flattening the curve is about spreading this out.
it's not about eliminating the eventual number. it's about spreading it out so the health care system can deal with it. but as i mentioned, the thing that people have to understand is the health care system has so much more capacity and capability to deal with this now what we have to make sure is the health care system itself doesn't die. and to your point, if you look at the financial situation, community hospitals all through massachusetts are on the verge of not being able to make payroll. our room system is losing billions of dollars, so, you know, we need to make sure that we have the ability to take care of the people who need our help and who depend upon us so there's a financial element but as i said before, you know, more importantly to our people, it's taking care of the 30-year-old who doesn't have covid-19, but who has a serious ailment, who has a serious neurological issue, who has diabetes we have a huge spike in the
number of amputations, and the reason for that is people with diabetic infections of some sort are not coming into the system those are not things that we've been able to deal with and we need to get back to dealing with that. and it's so important that we recognize we have the capabilities it's time for us to get back to helping all of the people of this country >> i agree all right, scott, it's always great to have you. you have more insight than anyone else in the situation he's the chairman of mass gen brigham. really understands what's going on stick with cramer. this is decision tech.
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♪ ♪ coming up next on cnbc, moderna reporting early positive results from trials of its vaccine. hear from one person who actually got the shot. that will be great plus abbott labs top infectious disease doctor on the accuracy of the company's virus test, you know they've been under a lot of fire there and the future of fitness. one gym owner's plan where he is allowed to reopen. all new with scott wapner. look, the moderna news is block buster nobody expected anything yet we don't know how well people will be. it's about as good as it gets considering, and that's the way we have to look at it. i like to say there's a bull market somewhere and i promise to find it for you here on "mad money. i'm jim cramer and i will see you tomorrow.
good evening i'm scott wapner on day 141 of the coronavirus crisis a giant rally on wall street as hopes for a vaccine take a big step forward a huge rally on wall street to start the week. >> breakout. >> this is very exciting data. >> if this gets approved. >> and breakthroughs tonight, one of the people who just tested a coronavirus vaccine tells us how he felt as we discuss the risks and the path forward this cnbc special report begins right now.