If that is loops of bowel they need to be pushed back into the abdomen and either a stitch or a sticky band aid/steri-strip used to keep the skin edges together. Otherwise the bowel will dry out/get dirty and become gangrenous. This should not be hard if done ASAP.
If it is yolk sac (I don't think it is) the chick may be OK as it will dry up and seal itself off.
Hope that helps.