Deserves enormous areas of. But there were also questions i questioned how they were approaching it. I might have tweaked it to the extent that it involved Foreign Policy. I might say to my Foreign Policy partners we have a problem of doing it this way but youre always secure of making sure that the credibility of the United States is sustained. When theres turnover in governments, the work thats been done continues and particularly when you have a close friendship and relationship with a partner like canada its not as if work were doing on the arctic or entry and exit visa vanishes. Just in case, that doesnt happen, the u. S. Canadian relationship will be fine. Thank you, everybody. All right. The president of the United States and his canadian counter part wrapping up that News Conference in the rose garden today at the white house. On the agenda, discussions about the environment, trade, and that on going lumber dispute which the president says will get solved in short order and also of course both men, especially the president commenting on the current state of the president ial race and john first wrap this up for us. What stood out to you the most . The most significant things were them touting their commitment to pursue regulation of methane gas in the name of curbing Climate Change. Both countries participated in the recent paris climate agreement so theyre in sync on that as president obama was not in sync with the previous Prime Minister of canada. And the president said that they would continue to work on softwood lumber. There would be a new agreement to resolve the complaints from u. S. Manufacturers about unfair competition from canada. The president rejected the idea that the things that he has done or the way that he has governed has created the kind of Republican Party thats lead to donald trump. He talked about a republican crack up. The circus thats going on but said that that was a function of what the Republican Party has done and he urged republicans to reflect on that and then finally he said he was determined to nominate a Supreme Court justice even though republicans have said in the senate they dont intend to consider that nominee. He said thats his responsibility and he has hopes that cooler heads will prevail later in the year. Perhaps even after the election although he didnt say that specifically. Maybe he has a shot to get a nominee considered. Sure. John, thanks. And over now to our bureau in vancouver and that subject of that lumber dispute which has been on going for some kind came up in this News Conference. Absolutely. What this goes back to is it comes at a very crucial time. The canadian economy has been struggling and big picture wise a lot of canada is focused on the opportunity to really recast this relationship between the u. S. And canada which are each others most important bilateral relationships. That has been a big focus before the press conference here at the white house saying that it was a very special relationship between the two heads of state. On twitter, a lot of folks in canada are calling it a bromance but looming in the background is that lumber dispute as well as the Climate Change initiatives big on the agenda as well as border controls. This all plays into especially for the canadian side of things how canada is going to be able to boost growth at a time when the economy is suffering from the Oil Price Route and the government is about to announce a huge physical stimulus plan so all of this is playing out in the background. There are skeptics though and i want to note how much of this press conference especially during the q and a portion of it was focused on looking forward. Yes they have this very warm fuzzy relationship, even joking about hockey which canadians loved in the beginning but what happens going forward. It was mentioned that he was coming to the end of the presidency and he was just beginning to do a lot of fanfare and whether he can be as tough as his father and how he can deal with a trump presidency. It was also interesting that he mentioned a quote from jfk at the beginning. The Prime Minister did. He has been likened to the jfk of canada but hes also been likened to the antitrump. Back over to you guys. Our thanks to john harang getswo harwood as well. This is the halftime report. Were watching the markets closely today. Joe is here along with josh brown and john and pete. The narrative in the market has an international tone to it today as well. That being the thought that mario draghi runs the ecb went all in and brought out the proverb proverbalbazooka. What do you make of it. German market in particular. I was also watching a number of the baichks in the euro zone but the dax screamed all the way up to 10,000 and then bent all the way back down and went very negative. Our market similarly had that nice boost and then sold off but now were back positive i believe pretty strong as well right here. So it was much lower for much longer. Having draghi put a time frame on it where hes saying four years on this lowest amount of money thats going to be lent out to these banks to encourage them to lend, thats huge i think. I want to add steve to the conversation as well. He is up in boston today. Steve, you know, im curious of your reaction to whats taken place in the market over the last say, you know, three hours or so and maybe the market has taken the point of view now that all in is not necessarily all good. It could be that, scott but another alternative explanation and as curious as to your opinion of this too is that he fired the bazooka four times and hit his mark but he misfired on the fifth one and let me just go through these real quickly. First of all, look at the way the euro traded today is which is exactly what youre talking about. 109 trading down. 108. It shot up to 111 during the press conference. Lets look at what he is announced before the press conference began. He lowered the deposit rate to negative 40. He lowered to 0. Expanded the purchases by 20 billion to 80 billion a month and a new series in Corporate Bonds in there but then he got to the press conference and started talking about this idea of whether or not Interest Rates may go down further. Heres what he said. From todays perspective and taking into account the support of our measures to growth and the return to our price stability objective. We dont anticipate it would be necessary to reduce further rates. New facts can change the outlook. You know, he was talking there about this idea of lower for longer. Thats cool but then you take off the possibility of anticipation of further rate hikes. That might be why the market rethought these measures from the ecb or could be what youre talking about which is that they look at what hes doing and they dont think its effected. Thats where i wanted to two next. I just think that youre at a point now where the efficacy of Central Bank Policy is being more doubted and more scrutinized than perhaps at any other time in the cycle. I think thats possible scott. If you think about where we are in monetary policy, right, think about where they get to the end of the grid that they know which is further into places they have never been before now we dont know the effects of negative Interest Rates. We dont know how far theyll go. Theres talk that the cap may be negative 2 . It may pay for people to take cash and hold on to cash at that point in time. Theres a lot of doubt about it. Thats a big question. Notice that when you keep excess reserves, scott, negative Interest Rates, you pay more because of the excess reserves. What creates the excess reserves. Whats weird is you see s p futures drop 1. 8 from the premarket highs this morning. See 85 of the s p go red. The bulk of the market is not making the big bets. Not pressing. All the polls confirm that so realelly we just muddle through. The big gap ups get faded. The big gap downs. They get smacked the next day and that can continue for a long time. We have seen that in multiple areas in the market and people have to come to terms with there is no trend. We want to break away and go to our breaking news desk where josh has details regarding apple. They may be sending out the invitations. Well, scott, apple is sending out invitations to what looks like the first big media event of the year. March 21st. The invitation reading let us loop you in. Its going to take place in coopertino. We had reports that an event was going to take place. The expectation is you could see some new products at this event. A new smaller iphone already. Were seeing analysts on the street trying to crunch numbers about what the new phone could mean. This will be a smaller phone. People that want a faster phone. Some of the bells and whistles of the iphone 6 but maybe dont want to pay the price of a six or a larger display. The team in rbc is estimating that new phone, a new 4 inch phone could add about 6 billion in sales this physical year. Just to put that in context, rbc is saying apple will generate about 240 billion in total sales this physical year so they see only a modest bump from that. Also the expectation is the new ipad and updates to the apple watch. This event on march 21st, the very next day we know apple and the government are going to be squaring off in court in Riverside California so a busy week. Back to you. Well be decoding for the next couple of weeks. What loop you in is supposed to mean as well. Today plus the g20 meeting in shanghai this week is marking an inflection point. This is actually a big deal but its being telegraphed in a subtle way so a lot of investors are not quite there yet. We saw draghi from the ecb, they have to be seen through a new lenses and more of the focal point. Europe would love a weaker euro but if the euro weakens too much they say we could have much more negative rates well then its going to react. The chinese currency and if you have a weaker rand worries of capital flow out of china, europe knows that now. So i think that were morphing into a new world where policy makers im sure europe and japan would sell weaker currencies. They may have to settle for stable currencies or more range bound than recent years. I think this is not bad news. A stable dollar could be really good for u. S. Multinationals and commodity producers but its a change in the regime and its going to take the market awhile to adapt to that. What sort of target should we be focused on where the dollar will go on the markets mind. And seeing the euro at 105 or 1 106 wouldnt shock me at all. The fed is diverging from the central banks. Rebecca, thank you so much. Rebecca patterson is the cio with bessemer trust. Plus two jack dorsey trades. Square reporting as a company and twitter paying up to keep its talent from leaving. Those stocks are on the move and thats ahead in the blitz and just put a buy rating on one of the oil majors for the first time in three years. Hes one of the top ranked analyst on the street and hes going to tell you why he made that move. As we head to break take a look at the s p sectors. Defensive tone at the top. Its telecom leading the way. Were back after this. Vo know you have a dedicated advisor and team who understand where you come from. We didnt really have anything, you know. But, we made do. Vo know you can craft an Investment Plan as strong as your values. Al, how you doing. Hey, mr. Hamilton. Vo know that together you can establish a meaningful legacy. With the guidance and support of your dedicated pnc Wealth Management team. We believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. Welcome back. The slide in crews made energy the biggest lager among s p 500 sectors today. Shares in energy, transocean, chesapeake, a wide variety of them leading to the down side off as much as 11 . As you can see there stock pile fears and output freeze doubt really push wti crude to around 37 barrel an brent crude to around 40 barrel so overall the energy trade still a huge focus given todays market. Back to you guys. It is. Thanks so much. One of the key questions for investors is whether to Start Buying Oil stocks again and one top analyst that covers the sector thinks it is at least when it comes to one name in particular. Just upgraded chevron to a buy. And it is our call of the day and paul is with us live on the phone. You say it was a contest between chevron and exxon and chevron one. They gave you a lot more exposure in term of what the outlook is in the company. Its been all about trying to develop russia and really thats gone quite badly wrong where chevron has major project start ups in australia and a lot of longterm potential in kazakstan so we think that the upstream asset base is fundamentally stronger and thats why we prefer it. You think this week in new york that john watson the ceo did the kind of thing that he or leadership hasnt done in past Analyst Meeting in some respects. That the communication strategy itself was better. Yeah. We described him as having gotten his mojo back. Watson had been bullish on oil and the company had got to as much as 40 billion a year by 2014 and thats too much money. With far too much Capital Expenditure and nothing like too much cash flow. What the company has done is cut cap exby more than half from the peaks. Reiterated that it can grow at these levels as Capital Expenditure which is important because a lot of u. S. Production companies are now shrinking. And above all, really underlined that with all of that, with the growth, with the lower cap exchevron can also meet its Dividend Commitment and we think that 5 dividend yield, about 5 dividend yield on chevron is very attractive if you believe its sustainable and we do. Paul, the one push back i would have is the exxon mobil call on your part and talking about that being a sell. And the reason i say that is it seems to me just last week he layed out exactly what theyre planning on doing and trying to bolster their Balance Sheet in an opportunity now to have acquisition of at least assets. Maybe not companies but assets like a freeport who will have assets for sale. Wouldnt this be an absolute opportune time to make moves like that and bolster their positioning in the gulf and other places around the world . It would be an opportune time but it tells you that theyre short. Chevron doesnt need to buy anything because its got enough asset base of its own. Off a much smaller production level. Dont forget that chevron produces 2. 6 Million Barrels a day. So exxon we think needs to buy and we think its fine that the company is short barrels. I hear you but its a need to buy at a time when oil is at the lowest levels its been for an extremely long period of time. Theyre getting as big of a discount now to be able to position themselves as they ever could have in the last decade. Well, yeah but as you know, oil people are very smart and whats attractive is very expensive still so what we have seen is names for example where exxon would most like to buy, for example, in the permian remained elevated and are at high valuations and the stuff that they dont want is cheap. So its not as easy as saying the price of oil is 35 barrel. We just showed on our screen some of the ratings on other stocks in the universe and everything has a buy, whether its chevron, its hess, its oxy, its conoco and im wondering by having a sell on exxon if youre making a statement as well about the dividend, well, your steadfast in saying that you dont think that the dividend is at chevron and you do think that its at risk. No, i dont think its a problem with a dividend at all. Its got a lower pay out. Its relied more on buy back over the last ten years to generate cash returns. I think the issue is very much related to exxons ability upstream. Given that the overall strategy was pointing toward russia. They have problems not wanting to grow their Gas Production much more and theyre relatively short of u. S. Unconventional oil compared to a name like chevron. So we think that its structurally we think chevron is a better place to be from an asset base point of view and chevron has more oil price leverage and were bullish oil longterm. I appreciate your time. You think oil is bottomed. We were debating that this morning. There is a lot of risk over the next six weeks because were going into u. S. Refining turn around season and after that the market just tightens forever more. Well talk to you soon. Senior oil analyst. Joe your trade. Pete brings up a good point. The activity m a. Why isnt there any right now. Oil people people are preserving capital arent they . No, when you look historically at turns and bottoms for sectors it usually ends with a name like an exxon mobil. A name like chevron recognizing that oil is incredibly low. Recognizing others as selling assets out of a forced liquidation and take advantage of that. Having that confidence to step in always marks the bottom. Thats why i look at free port. They made their acquisitions of great assets but they also made the acquisitions when oil is 90 and 100 oil. They already got a billion dollars worth of assets and they have 20 billion in debt. Copper is still in the low twos. How long can free port sit here with that debt. They have to spin off something. That would be a great asset for exxon. All of these assets are not bad. Do we see something with we believe the price of oil we have seen it. My point is they have seen it for the last 12 months and chevron, you know, in the last couple of days said theyre cutting capex for two years. Optics are far better than yours or mine and its their industry. Doesnt that tell you that theyre being careful about the kind of money that theyre going to spend . So while pete says the landscape is attractive for deals to be had and of course it is. The oil has been so low, the stocks have been beaten down so why do you have to do deals if youre more worried about preserving your Balance Sheet and making your stock attractive. Whats the rush . If you havent seen defaults pick up to the degree that a lot of people expect them to so long as crude stays down here why do you need to have public equities if you can be picking amongst the rubble. It hasnt picked into high gear yet but it may not. And if youre buying public equities. If you continue to pursue your own buy back and dividend plan. Its not really a question of any of the strategic stuff. Its do you want to be risk on in oil or risk off. Its a beta of. 9. Chevron has 1. 17. If your bullish you buy chevron and if youre neutral or slightly bearish you buy exxon. I think Bigger Picture you look at the spread between these stocks over the last two years its lez than 100 basis points. They have a correlation since august of. 86 so its no difference over the shorter term. Ill give you a different answer to that question. If oil is over 40 i want to be in conoco phillips. Why do i want to be there rather than chevron . Look at the torque you got since the oil started to make the move. Under 40 i think exxon. Lastly you dont make a quick point. I know you want to say something. Its a shortterm mentality to think of where you juan to be. Look at the industry. Were talking about something that for the better part of 18 months has ham strung the economy and ham strung the capital markets. Does exxon mobil have confidence. He believes theres a confidence. Confidence is in an oil. Do you think the bottom is in for oil. One of these Big Companies is going to step out and all the assets we think are so bad theyre not bad and all the defaults where are they . Where are the defaults. Havent happened yesterday. Coming up the breakfast wars, taco bell raising the stakes with a morning dollar menu. Should mcdonalds be concerned . Well trade that as we head to break take a look at bank stocks. A pretty desen runs. Those are mostly regionals there. Were back right after this. Owen hey kevin. Hey, fancy seeing you here. Uh, i live right over there actually. Youve been to my place. No, i wasnt. Oh look, you dropped something. Its your resume with a 20 dollar bill taped to it. Thats weird. You want to work for ge too. Hahaha, what . Well were always looking for developers who are up for big world changing challenges like making planes, trains and hospitals run better. Why dont you check your new watch and tell me what time i should be there. Oh, i dont hire people. Im a developer. Im gonna need monday off. Again, not my call. This is your cnbc news update this hour. They fired two short range missiles into the sea of japan. Kim jong un ordered his military to be prepared to launch pree t preemptive attacks against the countrys enemies. Lawmakers opposed government deals releasing tear gas to disrupt a parliamentary session. Its the ninth time since september that they used tear gas to disrumpt the sessions. A brawl broke out on a Spirit Airlines flight yesterday all caught on camera as you can see. The video showing several female passengers hitting each other and pulling air. Upon Landing Police escorted those involved off the plane. There were no arrests or charges in that incident. The fda approved the first generic version of viagra. They can sell the generic version of the tablets. Halftime report is back in a minute. Man 1 i came as fast as i could. Whats up . Man 2 this isnt public yet. Man 1 what isnt . Man 2 weve been attacked. Man 1 the network . Man 2 shhhh. Man 1 when did this happen . Man 2 over the last six months. Man 1 how did we miss it . Man 2 we caught it, just not in time. Man 1 who . How . Man 2 not sure, probably offshore, foreign, pros. Man 1 what did they get . Man 2 what didnt they get. Man 1 i need to call mike. Man 2 dont use your phone. Its not just security, its defense. Bae systems. Implths welcome back to the halftime report. Theres your market picture. Stocks at the lows of the session now. The Dow Jones Industrial average is a loss of 136 points. There is the s p under pressure as well. So one of the questions we wanted to entertain at the top of the program is whether this rally is going to run its course. Whatever draghi did or you believe its the bazooka is more of a sell signal or a buy. Potentially but look at where the market was. Where was oil . Jeff talked about it yesterday. Oil is really controlling this marketplace and it feels like thats the story. Both were negative including the rest of the market was just screaming to the upside. Were up over 100 points and up over 10 points on the s p or whatever it was on the high end and as we started to sell off you saw the acceleration from everything but including the xle and the oih and you started to see the rest of the Energy Sector start to get pushed. And we have not broken away from this tie we got with oil. Even the technicians that were saying, you know, you had some near term positive momentum showing up on the charts are starting to reverse. Im looking here at a comment like rich ross. We had him on the show and he was decidedly negative even now so because of the reversal we saw the way the market has reacted to the what the ecb did. Commodity currencies and buy gold. That was somebody else and not him. Its a sideways market. Markets have bullish trends and bearish trends. Historically they dont go right from bullish to bearish. They go sideways and what were experiencing not just now but in 2015 is a sideways market. To that point, todays price action is awful. I was very bullish coming into this week. A lot of it on this goldilocks formation. The ecb gave you more than you expected. Because you could say maybe things are really horrible so they have to go all in but theres also i think more of it is this notion that Central Bank Policy just doesnt have the same as it once did and even thats being debated. To move markets so its an example of good news and bad price action. But back to the fundamentals for a second, underneath what the ecb did they addressed concerns that many had regarding european banks with liquidity. They extended the maturity. Three years to four years. This is boring stuff but good stuff in concerns with europeans banks. Its good for the bnps and also hooking at buying Corporate Bonds that does well for Financial Institution debt in europe. Fundamentally thats a good thing. Doesnt this go back to the conversation we were having over the last couple of days as to whether the majority of the rally was built not on fundamental on short covering. Whether the commodities in their own right whether it was all based mostly on that. And not a single bit of change. And we talked about early in the week this is a short rally. You have been all over the story. Scott look at where we have seen the most dramatic push in the marketplace and it looks like they have gone after the names that were the most. Because it was that it diminishes what was behind the rally to begin with. When i look at the volume today scott and i see a 10 or 15 boost over normal volumes and thats not just options, thats equities throughout all the Electronic Communications networks as well as on the floor of the nyse and nasdaq. When you see volumes up that much it tells me that people just sit the sell switch and got out. Probably because this was a catalyst today and because we got that other catalyst coming up next week. So when you have got people basically taking some chips off the table, take a look at where we are. We were here yesterday. The vix was over 19 yesterday. Closed much lower of course and went down to 18 but when youre looking at the move, this is a nothing move. Its a big move in germany but not in the United States at all. The technicians are torn about the s p because you do have unequivocal good news when you make a fresh year high on New York Stock Exchange composite advance decline. Thats what you want to see. More participation and see that broadening out so you got that for sure. That speaks to the idea that a lot of sectors had massive short squeezes but its not a negative. The true neg save that were still on a down trend. Still looking at a lower high from november versus the prior may. That hasnt changed and until it does youre going to have a tough time finding people that study price that are going to tell you sure but maybe it has less to do with price and charts and all of that other and more to do it has a lot to do with who do you think is Trading Software programs. Something to do with what he was talking about yesterday regardless of whatever you think is happening in the economy, Profit Margins and earnings are going down. The fed is tightening if nothing else. You put all of that together combined with other factors and risk looks high. Im willing to wager a dollars that jeffrey gunlock although maybe having a bearish view of energy made money on crude oil going from 26 to 38 because hes being tactical and hes trading around it and to joshs point technicals are something that people are following right now. S p went right up to 2000. Thats where the resistance was. 1940, 1950 thats where the resistance previously was. Theres your line in the sand. Theres your support. You cant tell me that you think the marginal moves in the market on a daytoday basis, when you look at the gut punches to the s p like we saw yesterday morning and this morning, you cant tell me thats because fundamentals have changed to that degree within a five minute period of time. Right. And if Lee Cooperman were here and oh by the way he will be next week. Nice. He will tell you and tell all of you who are watching that it is all alabagorithum driven and its a big problem. Do you think theres anyone with better pipes of information coming into him . Theyre all telling him that and its because its the truth. Youre going to hear from him next week about the markets and all of that afford everything else. Coming up were hitting all the big movers in todays sell off. Josh can get a sausage flat bread qeusidilla. Why is my name in the tell prompter next to taco bell . Why wouldnt it be . But its not like oh lets go to taco bell like every day. Not every day. Saturday, sunday. Equals great rates. Its a fact. Kind of like social media equals antisocial. Hey guys, i want you to meet my fiancee, denise. Hey. Good to meet you dennis. When the doctors dont you know its not good. When i went out i had to put on a wig. I had no hair. Then when i got home, i got to take everything off and just be me. Two days before christmas i found out i was cancer free. We live carefree and where were happy, and. Thats home. Whatever home means to you, well help you find it. Zillow. With extraordinary offersmance on the exhilarating is. The thrilling gs. And the powerful rc coupe. This is the pursuit of perfection. Coming up on power lunch we are live in tampa where tile letter is talking everything from the building boom to the big business of baseball. Plus the nations Top Union Leader says he knows why voters are so mad. Afl cio president joins us ahead. Hes called trump a bigot so should be an interesting interview. Theres something going on in african nation that could impact your money. First back to the half. The battle over breakfast is heating up and mcdonalds announces it will offer up its entire Breakfast Menu all day in some locations. That will be offered nationwide starting on tuesday. Whats your take . Its gotten to the point literally where they even script it to go to him first. I just want to take a picture and put it on. So you were in both places this morning. Fill us in. Its great. So this morning, can we steer this back toward finance. Crunch wrap. And less body shaming. Shaming. So the reality is that yum is not even close to as far along as mcdonalds is in the turn around thats clearly necessary and yum has got a lot of asian scandals and its a 30 differential in what mcdonalds has done over the last six months versus what yum has been able to do and that can continue because the narrative around mcdonalds is that they are crushing it with breakfast. Theyre hurting Dunkin Donuts which is a stock that i own and clearly this is a really competitive thing to be in. So i dont know that dropping the price to a dollar spurs a huge amount of up tick. Maybe its not a reason to own yum. I dont understand yum. They finally got themselves back on solid footing and they manage to step on their own feet and slow the momentum. Theyre going to have to spend money. When you think of breakfast, you dont say to yourself lets go to taco bell in the morning. Im from the southshore of long island. Youre not thinking. But youre not thinking. Youre not thinking it only because they have never done it. Correct. Why wouldnt they want to go in and actually go compete against mcdonalds. Why not . Its not going to cost you much of anything. They have been doing breakfast for 18 months. They have to be aggressive. They have to get the coffee story out there. Its not a huge spend and its a great opportunity for them. Look what it did for mcdonalds. Doing the prep in the stores whether its clean up and or prep for their main day part to quote josh. What is the prep for taco bell breakfast . The truck pulls up and unloads frozen disks and they put them theres no way that first of all it doesnt sound like a very high margin product when you give it away for a dollar and second of all i cant see it becoming as big as mcdonalds breakfast. It doesnt have to become as big as mcdonalds breakfast, it just has to take advantage of the hours and the opportunity thats sitting right in front of them. Does it become all day then . All daybreak fast . It could. Look what its doing for mcdonalds. Scrambled egg. Joe says that but its like what are you talking about . Thats exactly what mechanic dorn mcdonalds did. But they perfected it. Chipotle launches breakfast. It comes with a tetanus shot. Thats wrong. Just wrong. Thats not good. Or put scrambled eggs on a chicken sandwich at shake shack. A waffle on it. Hey. I may have done it before. Thats a mcgriddle. You put egg whites on a chicken sandwich, ill eat it. Thats no fun. Trades coming up next. Stocks on the move include Dollar General and expedia. The headlines next. Know your Financial Plan wont keep you up at night. Know you have insights from professional investment strategists to help set your mind at ease. Know that planning for retirement can be the least of your worries. With the guidance of a pnc investments financial advisor, know you can get help staying on track for the future youve always wanted. Whats going on here . Im val, the orange money retirement squirrel from voya. Were putting away acorns. You know, to show the importance of saving for the future. So youre sort of like a Spokes Person . More of a spokes metaphor. Get organized at voya. Com. It is time for the trader blitz. First up, Dollar General. Pete, boosting the dividend. They beat on the top, beat on the bottom. You talk about the guidance of same store sales, everything going very, very well. The discount space has been killing it throughout the earnings season. Square reports, mixed results in its first Earnings Report since going public. The stock is down 8 . Stock is down 8 . However, the stock is at a nice run since the beginning of february. Lets focus on the earnings. Youre seeing a little bit of growth, a little bit of expansioning. The volumes, i like that. Stocks pulling back 10 1 2. I like it there. Doris whseydorsey, the ceo. Also of twit ter. The stock is down 7 today. I guess there is concern there is brain drain because twitter stock is down. You have disgruntled engineers and the risk is they go elsewhere. I dont know how i feel about this. I cant imagine theyre underpaid engineers as it is. We just saw something similar with linked in, the stock got cut in half. Jeff gave 14 million worth of his own bonus. Youll see more of this. It is misguided. Because valuations for all the stocks public and private are going lower with the exception of facebook. Theyre not going higher. I dont know where the competition is coming from. Expedia upgrade today. Opened at about 108. Held most of that despite the market selloff. Thats a good piece of good news. Piper gave them a target upgrade from 130 to 140. Look at homeaway. Thats what piper cited as far as one of the driving forces for even expansion. Look at the major averages. Well take a quick break. Well give your top trades for the second half with stocks at the lows of the day. Dow is down 150. 151. Back after this. Trolling for a gig with braindrone . Cant blame you. Its a drone you control with your brain, which controls your thumbs, which control this joystick. No, im actually over at the ge booth. Were creating the operating system for industry. Its called predix. Its gonna change the way the world works. Ok, im telling my brain to tell the drone to get you a copy of my resume. Umm, maybe keep your hands on the controller. Look out ohhhhhhhhhh. You know what, im just gonna email it to you. Yeah thats probably safer. Ok, cool. Were back. Those guys right there will be with us next week. Cant wait. Leon cooperman, with omega advisers and richard pasina of pasina assess management. Theyre going to be on. Lots to talk about. Markets, politics, algo trading, man versus machine. Show you the gold minors now. In a down market, theyre up 4 . Youve been playing this trade. Playing this for a while now. Im starting to trim a little bit to be honest with you. It seems like it has been an absolute incredible run over the last couple of months. Started in december and now continued. But how much further is it going to be able to continue. I think if i do sell out of the present position i have, i think ill roll up. I want exposure there. Markets close in three hours. The word of the day, well play a little game of halftime hangman. The word of the day is what . Pete . Oil. No. Draghi. No. Crunch wrap. No. That is but not for this. Foolish to say oil again. Reversal. Reversal is the word of the day. Why . Because almost every asset class has reversed from the morning. Except oil. Oil has not. You look at i totally agree. Thats the word of the month. I think oil might touch the highs by the end of the day. You look at what happened with rates. Michelle carusocabrera, about to take over the reins with power lunch points out that the euro hits 112. Now it is at just shy of 112. It has been a stunning move. The stock market as you know has wildly reversed. Were going to end our program with the stock market at the lows of the session. The dow is down 140. And the other markets are following suit. Power lunch picks up that story now. Thank you, scott. Welcome to power lunch. Im Michelle Carusocabrera with melissa lee. Brian sullivan is on assignment. Tyler is taking on tampa today and well get to him in a moment. First, lets get you caught up on what is happening in the market now. As scott was saying, the Dow Jones Industrial average is in negative territory by 139 points. 16,861. The nasdaq off 51 points, decline of more than 1 as we once again talk about session lows here. The s p 500 lower by nearly 16 and the russell 2000 lower by 15 points, decline of nearly 1. 5 . This was not how weta
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