Oil, though, now down more than 16 yeartodate, spencer. What looked like a bounce last week we know now is potentially not a bottom. You know, it just goes to show how confusing the difference in the divide is between wall street and main street. Most regular americans think the price is oil is down, i get to save money at the gas pump and yet were telling them thats really bad for everybody and thats why stocks are down. Clearly investors have rediscovered risk. They are caring about valuations for the first time in a long time and it starts in the Public Markets and certainly trickling upstream to the private markets. I see this in my Angel Investments and in the Venture Capital community for sure. We seem to have this reliance again, mike, on rhetoric as they kick off the twoday meeting this week. I think the muscle memory is very strong. And there was a lot of anxiety going into the december fed rate increase. So i feel like the backdrop is, okay, it seems like theyre kind of taking a leap of faith here by being able to go up by 25 basis points, doing Something Different than the rest of the world is doing. And the markets verdict was maybe the risks were pretty i dont think anybody can be traced directly to short term funds or 25 basis points more expensive today. But i think the signalling probably is what has to change or is likely to change. Trying to stick to this idea that everything is great, because the u. S. Economy domestically is pretty good footing by the things we look at that they want it three or four more times this year. Thats probably going to change. So i think were on the same treadmill. Am i the only one that cant get into the total doom and gloom aspect of this market . Yes, its down 7 . Wasnt everybody saying we needed a correction . We got one. Now were worried about oil. Hey, i get happy every time i drive up to the gas station. I know its bad for some people. But its good for some people when the price of oil is really high. And paying a lot for gas. That doesnt cheer me up. I think youre right. Home values are up. The American Consumer is healthier than i think people realize. Clearly, china is growing more slowly than some people thought or the Chinese Government would have had us believe up until now. That should surprise nobody. Of i think the American Consumer is doing much better than people realize. And part of that is price of oil being lower, which actually helps American Consumers. Whats happening is investors had five years of free money, and that boosted valuations, created this huge bull market, boosted private company valuations, because late stage investors and mutual funds had started looking for more yield by going into the private markets. And you saw mutual funds investing in private companies. That era of free money, as the fed raises rates, that is ending right now. There is a real effect on companies. The Fourth Quarter was the worst quarter for tech ipos. And there is a worry that consumer looks at these headlines, looks at the market performance, and their psychology starts to shift and they start to move their money. That hasnt happened yet but still could. No, it has not happened yet. I think one of the reasons it seems to matter more, were not operating a fat cushion here. Best Case Scenario for most people, 2. 5 growth. Nominal growth not that strong. The idea being that the swing factors dont have to be that big to drop us into what feels like a not so great economy. Dallas fed survey looks horrible right now. So pockets of the country are feeling like theyre in retrenchment mode. But to your point, spencer, i totally agree. We had a few years when wall street really partied when on main street, the recovery wasnt that evidence. I do think maybe a year ago that process started to reverse. Yes. Meanwhile, twitter shares are down 5 this morning. The Company Announcing a Major Management overhaul and changes to its board. Twitter now tumbling 26 for the year, down more than 50 in the last one year. Cnbcs Julia Boorstin joins us from los angeles with the latest. Julia. Kayla, thats right. Twitter shares trading around an alltime low this morning as Investors Show a lack of confidence in leadership amid some big departures. Jack dorsey twitter ceo tweeting about the departure of four top executives. Alex rotor, skip shipper, Katie Stanton and kevin weil. Dorsey tweeting they have, quote, chosen to leave the company, and quote, all four will be taking welldeserved time off. And the head of vine, jason toff leaving to work at google. Adam bane has responsibility for all revenue related product teams, as well as oversight of media and hr. And to help fill the executive void and to also help address criticism that dorsey is not delegating enough, cto messenger will be engineering. Dorsey saying, quote, i will be partnering day and night to build the right experiences. Twitter shares a loss of half their value since he returned july 1st. Raising some questions about whether the company will be a target for an acquisition or an activist investor. Now were awaiting the announcement of a new chief marketing officer, as well as a new head of pr, and potentially the announcement of some new additions to twitters board, and of course, all eyes will be on that february 10th announcement of twitters Quarterly Earnings report. Im sure there will be a huge focus on those user numbers that twitter has been struggling to grow. Back over to you guys. All right. Thanks, julia. Spencer rascoff, how quickly does twitter need to restore confidence . I feel badly for people working incredibly hard at twitter and the fact that their company is constantly in the spotlight, executive turmoil and boardroom it turmoil makes it hard to do good work at the company. The challenge for twitter, they need to explain to my mom what twitter is and why should she should care. You havent done that . I have tried. It is hard. My mom is kind of sorta on twitter. She follows me and no one else. But its not my job to do that. Its twitters job to articulate to its users and nonusers what it is and why they should care. And thats the challenge for them. They have actually improved dramatically over the last two years. But i dont think they have articulated the Value Proposition and what the purpose of the service is. Thats the challenge before them. So half of your executive team your number two quits, right . God forbid. Whats the impact on your work force and morale . What is it you have to do the next day, the news leaks out over the weekend, days before you are planning to spin it to the troops . Its a mess. And i feel badly for them. I mean youre ceo. What do you do in that situation . What do you is i think what jack is doing. I think coming out ahead not ahead of the news, but earlier than he wanted to on a sunday night instead of later this week was the right decision. Everybody already knew the news was out. But you have to try to rebuild. And you find great people like anthony or adam bane already on the executive bench and willing to step up and take on more responsibility. You have to attract new people and articulate the Value Proposition to your employees, first and foremost and get them back on mission, get them focused on the product and users rather than the stock price and media speculation. Not just rebuilding the executive bench but also rebuilding the board too. And thats something that is a priority. If if you are twitter, what sort of expertise do you think the board needs, and who do you think this bigname media exec is . I think what they need is other executive operators, other people Running Companies and are in the midst of trying to create Corporate Culture at their own company. Thats what i think they need. I dont know who this big media exec will be. Martha stewarttype or who knows who as another director. But i think that they would they would benefit from having other people that are actually trying to build Companies Rather than kind of big names. Well see. I dont know who the other people on the board will be. Clearly they need to restack the board as well as the executive sweet. Which is from an investor perspective more of a big deal, product trouble or people trouble . Because twitter has product trouble. We have seen that in the growth. But jack dorseys story, ive got a great team, were going to figure this out. Now that story is falling apart. Half that executive team, adam bane aside, is gone. And the fact that its happening three months after he was formally installed as ceo again. You would think by three months, you kind of already marshalled the troops and decided this is going to be the plan. And then youre getting the signal today that maybe thats not the case. Again, you could have kind of a fresh start. I did from an investor perspective it becomes just exactly what the ultimate ambitions of this business are. Are we still explaining it to your mom and trying to really vastly expand the user base, maximize returns from kind of the existing user base. And just kind of participate in media some other way. And you know, i think right now, its not clear at all. And i also think there has been maybe spencer has a thought on this. Jack dorsey and his team have been too wedded to the original concept of twitter. My mom is on twitter. My dad is not. Just for the record. Twitter has evolved a lot over the years. I think even in the announcement last week about the next company or even in jacks announcement last night about the changes, just as a little example, we all use the product. You can see, they attached a screen shot of a word document or in dicks case i think notes from his iphone. Thats how they sent a long tweet. So to pick on an example. Theyre using their own service to make a larger announcement and the product doesnt support that. These are things they know they need to change and improve. The other people we shouldnt forget about are the employees at square, who today, their ceo is fighting this other fire at twitter. And, again, theyre doing great work at square. But its very difficult for them to get caught up in this whirlwind. Quickly before we move oranges spencer, youre a ceo who is a big deal. Is twitter an m a story . I dont think it is. If i were on the board or ceo, i dont think now is the time to sell the company. You tend to sell out of strength, not weakness. I think its interesting and fun to speculate, but i do not think twitter is a takeover target. And how do home sales data zillow is out with new housing forecasts. Predicting home values to rise 2. 6 in 2016, and that relief is on the way for renters. This as dr horton is out with results this morning. The stock down 5. 5 , though, on mixed results. But there is a little bit of strength in your data. Is that broad brush . Or is that the energy patch . Whats happening in housing now is its a very localized market. Certain parts like denver, seattle, bay area, new york, which are appreciating 5 to 10 and other parts that are flat or in some cases declining in the midwest. So very localized story. The big change, though, is rent affordability. So for the last couple years, renters have just had their relent sky rocket. The typical american is spending 30 of their income on rent. Historically its supposed to be 25 and in San Francisco and new york, over 50 on relent. Zillow data shows finally rent is starting to taper because multifamily apartment buildings have come online. It took them a couple years to build the inventory. Its now online and that means rents wont rice as quickly. Could we head into a somewhat long period of stagnation or declines in the Real Estate Market . It seems like rents have gotten unsustainable. Perhaps this boom that we have seen in prices recently was driven by low Interest Rates that are perhaps creeping higher. What do you say . Yeah. I mean, last year home values increased 4 year offer year. This year we forecast 2. 6 . So youre right, sean. This new normal is kind of boring. And prior to the big run up during the housing bubble and then the down turn during the bust, 2. 6 is sort of what we expected. So were basically returning to kind of the good old normal days of around 3 home price appreciation. Boring is good when it comes to housing. Thats where were getting to. You always come to us with some unorthodox metrics to gain the housing market. This time in your new edition of your book, the proximity to trader joes and whole foods. In the past, zillow talk, our book, we looked at proximity to starbucks, and homes in the u. S. In general over the last 17 years have appreciated 70 . If youre near a starbucks, you appreciate 100 . But if youre near a whole foods or trader joes, you appreciate 140 over that 17year period. So for home buyers, go by near a whole foods or starbucks and youll do great over the next 17 years. And the checkout line probably begins at your front door. Always good to see you. Thank you. Spencer rascoff, ceo of zillow group. His book released in paper book tomorrow. Congratulations on that. Wonder what happens if youre near chipotle. Cara swisher joins us later on for more changes coming. And the weekend snowstorm continuing to delay flights and other travel today. More next. And apple and microsoft earnings. More on that ahead on squawk alley. D last tuesday. One second its there. Then, woosh, its gone. I swear i saw it swallow seven people. Seven. I just wish one of those people could have been mrs. Johnson. [dog bark] trust me, were dealing with a higher intelligence here. The allnew audi q7 is here. Its gotten squarer. Over the years. Brighter. Bigger. Its gotten thinner. Even curvier. But whats next . For all binge watchers. Movie geeks. Sports freaks. X1 from xfinity will change the way you experience tv. Thousands of flights delayed or cancelled over the weekend, and the trouble continues today. Our phil lebeau is in chicago tracking the damage. Phil. John, for those flying into washington, specifically dulles or those flying into newark, its still going to be a tough sled, so to speak, because theyre still struggling to get snow out of there. The good news is, when you look at the airports on the east coast, today is much better than its been over the last three days. Flights are gradually returning. The d. C. Airports, they are hardest hit, along with newark. Slowest to come back, regular service, generally speaking, resuming at all the airports by tomorrow. In total, more than 12,600 flights cancelled since friday. This brings the worst storm in terms of cancellations to airlines since hurricane sandy. And in terms of individual airlines, who is most impacted, american and united are feeling it the most. No surprise on united, given the fact that it has hubs both at newark, as well as at dulles, and as you look at these airline stocks, some have said, well, are we going to see an impact in terms of shares . Keep in mind, the airlines budget, if you will, for a couple big storms, every winter. So they expect Something Like this. Perhaps maybe not every storm to be as impactful as this one. But they do budge it for these types of storms, guys. And they are lower today with a few exceptions. All right. Thanks, phil lebeau with an update on the storm impact from chicago. Phil, thanks. Coming up, mcdonalds out with Quarterly Results this morning. Strong u. S. Sales, and the stock is up sharply this morning. All Day Breakfast, the big driver for the quarter. The call is happening right now, and well have highlights from it, just ahead. Despite Global Markets losing some 7 trillion in value this year, there remarkably is still bullishness on the street should you be buying the dips here . Dom chu is answering that question back at headquarters. So kayla, so many different types of ways we can talk about whats happening with the market. Lets take a look at some of the names overall that may be the target of some of this buying on the dip speculation. So we looked at the s p 500 stocks, and then looked for stocks over the last week that have gained at least 5 . So a lot of buying action over the course of the last one trading week. We then said out of those, how many actually still have positive performance over the course of the last 12 months . Therefore youre not buying some of these really beaten down Energy Stocks or mining names. Only ten actually emerged in that screen and some are large cap names we know. First of all, take a look at some we want to feature here, the shares here of verizon. One of the Big Telecom Stocks to focus on, still riding that wave after a better Earnings Report than some anticipated last week. That stock still up, and analysts have a bullish price target on that share as well. So analysts like it and the wall street traders like it now. Also on the tech side, shares of a Semi Conductor maker, invidia. They have been higher the last 12 days. Analysts are bullish on these shares, as well. And then there is a huge winner from last year. That is shares of Online Retail giant amazon. Com. Of we know the shares have almost doubled. They have been up 6 over the last trading week, and analysts here still have about a 25 up side target from where shares currently stand. So there are, kayla, folks out there looking for some really beaten down deep value names to buy. Others are saying, hey, are there still positive names out there that we can get at a discount . Those are a few of the names that pass that screen. Of course, well wait and see whether or not the market really does bottom here or not. But still, kayla, interesting to point out that some of those names, only ten of them, have positive oneweek performance along with 12month performance. Amazon, invidia, and verizon just three names, guys. Back over to you. Dom chu, ever the bargain hunter. We appreciate it. Mike santolli, looking at verizon, invidia, amazon. Any safe to buy . Verizon is safe to buy in the fact that its a dividend play and the sustainability of the dividend is key. I think what we see with names like invidia and amazon and the outperformance of the nasdaq in general, once the selling eased up, the market gave me another chance to buy this stuff that seemed like it went nothing but up last year. Those are related ones that make some kind of sense. You havent seen a tremendous dips response. You had a reflex. We ran out of sellers at the lows last week. I dont think that professional Money Managers who have cash have felt in a hurry to put it to work, which might be kind of a bullish thing for contrarian reasoning. So do earnings matter, more or less . I think they matter in pockets. One thing im fascinated by as the week goes on, how the industrial earnings play out. So caterpillar went from 90 to 60, and today got a downgrade to sell at goldman sachs. So the stock is reacting negatively so maybe not all sold out. But you have United Technologies reporting, you have 3m, these companies that can Say Something about the strength of the global economy. Well see if that gives a signal that the selling is done or fully priced into weakness. Im glad we have you watching the big picture. I want to see if amazon has a big move and if it actually sticks. Always great to have you. Thanks for joining us for the first half of squawk alley. Coming up, John Steinberg joins us and maybe sits in the seat that mike kept warm here. Major changes at twitter. Well follow that. Four executives departing and new Board Members. Cara joins us next. And markets set to close in europe in the next few minutes. The wrapup of trading there after this break. Im morgan brennen. Here is your cnbc news update at this hour. The Supreme Court has upheld a federal program that pays electric customers to save energy during times of peak demand. The ruling is a win for the Obama Administration and environmental groups who argue the plan saved billions in energy costs. An American Airlines flight made a landing after severe turbulence injured several on board. The turbulence was so severe the injured were taken to a hospital. The flight was bound for milan, italy. And ford says its pulling out of japan and indonesian because Market Conditions have made it difficult to make a profit. Last year ford sold 6,100 cars and trucks in indonesian and 5,000 in japan. And cbs says the coverage of the championship game yesterday was the highestrated afc title game in 29 years. It was 31 higher than last years game and 9 higher than the 2015 nfc championship. Thats your update for this hour. Back to you. Many thanks. Were counting down to the close in the uk. Stocks lower after they notched their first positive week of the year. That being last week. Oil, wti and brent were positive, but fears of oversupply brought them back into positive. Oil output reached a record high in december, according to reuters. German Business Sentiment down sharply, slowed to 11month lows there. Most of the european oil majors, because of the move in oil under pressure today led there by down 3 , and repsol down 3 . Italian banks taking another hit amid loan problems. The nominal value of shares are very low. So we will see some pretty volatile percentage swings, but that continues to be a story there. So thats the european close for you. John, over to you. All right. And twitter shares lower this morning by 4 . Ceo jack dorsey says four amazing executives have chosen to leave the company. Heres what dorsey told us about his Leadership Team when we asked him in november about being ceo at two companies. Its definitely hard. Its definitely something i approached with a lot of self awareness, and ive been very thoughtful about. But i benefit massively from our Leadership Team. You cant do anything alone. And that continues to prove out every single in every single industry, in every single role. And i just have the best teams on the planets. Or at least he did. On this cnbc news line is executive editor, kara swisher and John Steinberg, former ceo at daily mail north america and cnbc contributor. Of kara, this is a big loss. You take a look at twitters executive team listed, aside from jack and adam bane, half of the team is leaving with this announcement. Any sense of what sparked this . Did jack sort of Marissa Mayer style ask for a multiyear commitment . Why are they heading out at the same time . No. I think this has been these are all ongoing and for different reasons. And they just group them together, just to make a big old mess for all of us to study and analyze, i guess. But they are all different in their own ways and have been proceeding. For example, they had brought in another executive and product over kevin weil and removed some of his capabilities. You know, it just depends on the person. Katie stanton has wanted to leave for a while, from what i understand. And so i think they decided to group them together in some way to show before earnings, which is next week, i guess, you know that the change was afoot, and theyre ready to make the changes needed to improve twitter. Kara, i was intrigued in one of your scoops where you talk about a media personality being someone who will join the board. And it makes me think that someone must have said something very specific to you that you use the term media personality. All i can think of is like a host or Something Like that. Can you tell us more about that . Well, you know, ive reported before, a long time ago, they had been interested in oprah at one point. That kind of personality. Although im not sure although she is quite a tweeter. She tweets about her garden all of the time. I think they were they were interested in a media personality, wellknown like that. They do have obviously peter turnen on the board, who is a wellknown hollywood personality, content personality. I think they were thinking more of someone who had a higher profile that uses twitter more. Obviously theres all kinds of media executives. I think jack dorsey would dearly love to have bob iger on the board. Hes on the board of disney. Thats someone you can think of the media personality, i guess. But either a largescale media figure or media executive, i think, is what theyre talking about. Kara, there has been an expected restacking of the board ever since dorsey came in, because we have been talking about how there are so many co founders and former ceos that are on the board. But what about the daytoday org chart . Who else needs to come in, and can these capabilities really be recentralized under a handful of people . There are quite a few jobs going to just a few people. Yeah. I think theyll probably peter will probably leave. Maybe david rosenblat, maybe peter turnen. Almost anyone is up for grabs for leaving. They do need someone prominent in advertising, probably. Probably someone who is a media personality would be important. Probably a technical person. You know, theres all kinds of people they could have on the board. Youre not going to lose an Evan Williams, who is the other founder with jack of twitter. But you certainly could have more people that tweet, maybe. People that actually use the product would be nice. Lot of the Board Members do not use twitter regularly. And so i always find thats sort of an easy media slam, but its really actually true. They should be using the product more regularly. Cara, what happens to jacks great Team Narrative for how he will run both twitter and square, now that that appears to have blown up . He has already acknowledged they dont have product, a couple calls ago said we tried a bunch of stuff but ive got this team. Now the heads of engineering are heading for the door again. We saw Jeremy Gordon a couple years ago. What does he have to say . What is he going to say now . Well, that hes putting his own people. Thats what people do. You wait for a little bit and then you put in your own people. He did bring in jeff seibert in product, the person i was referring to before. So the question is, who can he bring in . Ive reported hes bringing in a cmo, and i think its this woman from american express, super qualified. The question is, can he bring in a new team and get them up to speed . And i think the real question is, how much time is wall street going to give him . Maybe its a little i think the investors suddenly yesterday were all super grumpy with me on the phone so suddenly they were high on jack dorsey and now theyre less high on jack dorsey. Well see. You know, well see how long he has this investor. One of the interesting things, when i read the wall street journal, he said he needed a completely new set of directors. I wondered, is he super courageous or is he just arroga arrogant . Basically is he making the bold move of totally putting in the team he needs, or how much he can flex . Im going to be the ceo of two companies, i need an entirely new board, i need an entirely new executive team. At what point does it become destabilizing hubris . Im not sure that report was entirely accurate. I dont think he has the ability to do that. So because it was written doesnt mean its so. For example, Evan Williams is not coming off that board, unless he wants to, unless its of his own volition. So, you know, its not something that a ceo can demand at this point, especially at that company. So well see. He certainly has choice over the board, and he is spending a lot of time doing it. Dont leave out coretosani, the executive chairman. I think hes influential in this, and working a lot in this and helping jack in that regard. Super another very strong advertising personality, a lovely guy, really collegial. So thats a good thing. So, you know, i think hes at work here more heavily on board improvement the and other things and helping run the company. Over at square, dorsey has got a very strong executive team. Fascinatingly largely made up of women, which is interesting, in the very top echelons of that company, which is laudable in silicon valley. And very strong board at that company too. Larry summers, former ceo at morgan stanley. You mentioned potentially oprah, other media executives like bob iger. Andrew ross sorkin suggested maybe ryan seacrest. Sorkin said ashton kutcher, which is crazy. That was a crazy one. I think im glad kara said iger, because i was wondering if it could be him. It seems that would be the dream. But i dont know if bob would do that or not. John, any guesses . I dont think he would do it until next year. Im guessing probably not snoop dogg. And chris sacka has taken himself out of the running too. I dont think i think he shouldnt wait by the phone on that one. All right, kara, great scoop, as always. Thanks for joining us. John steinberg, youre going to stick around. Yep. And coming up, all Day Breakfast paying off for mcdonalds in spades. Jane wells has more from that call next. And first, Rick Santelli. What are you watching today . A lot of lessons to be learned about chipotle and mcdonalds, as you just brought up. Whole world just didnt like investing in mcdonalds, they loved chipotle. Boy, how times have changed. What about Central Banks . Maybe times have changed there. Were going to talk about love japanese style, after the break. Halftime show stocks in the red. Was that a fake . Plus, can anything turn around twitter . Were going to discuss the latest shakeup and what may happen next. And we are live from the biggest etf conference in the country. Is the fastgrowing industry only adding to market volatility . We will answer that question. John, as well. See you in 20. Sounds good, scott. Thanks. Mcdonalds, the best performer on the back of strong results. Our jane wells joins us with highlights. Jane . Hi, john. I saw a new mcdonalds billboard driving into work this morning which said actions speak louder than words, watch us. Interesting billboard. Beat on the bottom line at a buck 31, and that rose as mcdonalds had its best samestore sales growth in the u. S. In four years, up almost 6 , finally turning the entire year positive in comp. Growth. And the reason is, one word, mcmuffin. Ceo Steve Easterbrook said customers are coming to mcdonalds to have lunch and people are adding breakfast items. Imagine a mcmuffin and fries. And while the overall number of people coming to mcdonalds is lower, people are spending more while there. Well take breakfast positions after regained market share we have given up in recent years. In fact, since the allDay Breakfast we have experienced positive weekly comparative sales gaps relative to competitors and ended the quarter with a positive gap with 2. 9 . And look at the stock hitting a new alltime high. Management plans to give shareholders this year about 14 billion in dividends and share repurchas repurchases, bringing it to 30 billion. East easterbrook says it will take another six months of steady growth. China comp. Store sales have more than 450 restaurants in china this year, the most in any market. Management expects continued top line growth in new experiments like the mcpick two menu. Here in california, tableside Delivery Service at 600 restaurants. Easterbrook said the company is getting positive feedback, finally, on the quality of its food and doing things like cagefree eggs. And guys, no one has brought up the c word yet but i do wonder if mcdonalds has benefited from everything happening at chipotle. Jane, i dont get it. Mcmuffins all day and all of a sudden the stock is up this much . Wasnt it supposed to be organic was destroying them and their food was nasty . Really, this is it . Well, organic started making people sick. But mcdonalds while hesterbrook has said on the call that breakfast during the day has been the main growth driver, wont continue to be the only growth driver. There are other things. Whether its the way you sear the beef or you toast the bun. There are getting more feedback that people think the food is better. And for those who think theres no crossover between say a chipotle and a mcdonalds . Youre looking at her. I mean, there are people that go to both places. And you have to wonder if its having an impact. John, i am with you. I think this is a huge concern. They had samestore comps up 5. 7 versus 2. 7 . I think it could be a onetime pop. A lot of people saying, hey, i want to try breakfast all day, because its such a cultural phenomenon. And after youve had your hash brown at 4 00 in the afternoon. You wouldnt go to mcdonalds if they were going to serve you at your table, john . No, to be honest, i thought about going and getting allDay Breakfast a few different times. If i thought about it, im sure a lot of people wanted the thrill of eating eggs at 2 00 in the afternoon. Chrissy teague en says french fries first thing in the morning. But she is pregnant, who knows. Theyre saying 25 of customers are valuebased. And this mcpick two menu where you get two things for 2 and choose, its very early days Steve Easterbrook says. When i have the company doing bill boards, saying, look, were trying, our food is better. Maybe at some point people start to listen to them. Jane, we trust you to do all of the on the Ground Research needed to prove that that is true. Jane wells out west. Our thanks. Now to Rick Santelli and the santelli exchange. Thanks, kayla. Im going to continue on. There are so many lessons to learn from mcdonalds. You know, the world we live in, many consider their own personal opinion on whats best to eat to lead a good, healthy lifestyle. And that imprint, of course, goes on to everything like investing. And even though it seems so logical, chipotle regional suppliers, there is a down side there that caught up with them. I guess my point is, is that john fortt just says, was it so easy to change breakfast . The hard part is changing investors minds that people may say they want to eat healthy, but sometimes they dont. And its hard to find statistically when that crossover is. Its the same for markets. Ill give an example. When it comes to japan, okay . Theres a lot of experimenting going on there. But the one thing that doesnt chan change, and i hear it all of the time now. Are we going into recession . Many say its a fed recession. See . History is going to get distorted again, just like it did in 1937. 1937 and the outcome wasnt because there was a rate rise. Maybe it was a tax rise. But my observations after reading about that period, that it was just a period they were in, pulling out one thing is ridiculous but history is going to get revised this time. Its always going to be about the fed. Do you really think the fed could prolong recession forever . If anything, the fed should be credited for stretching out the business cycle. All right. Lets look at Dallas Fed Manufacturing today. Such an interesting number. We all knew it wasnt going to be good. Minus 34. 6. Worst since april of 09. Lets think about what that means. We all know that anything with manufacturing in that area is going to be affected by whats going on in commodities, particularly energy. Does it mean there isnt a diversified part of that economy making up for it . Of course there is. Because china is slowing down and japan is disappointing. And europe may be did he say disappointing. What does it mean . Kind of the same analogy. Kind of the same metrics there. There are good things and bad things, and not one single thing is the entire issue. But at the end of the day, its about contributions theres less contributions in the global economy. Real quickly. Look at a 20year chart of the nikkei, okay . Excuse me, dollar yen. The reason this is important, qe 3 started there in 2013. The big break, the weak yen ended, basically, in 2012. Quickly, qe 1, 2001, qe 2, 2010. This is from st. Louis fed. The reason this is important, this is thecanary in the coal mine we want to see the outcome of quantitative easing over its prime. This is when it came at a horrible time. The yen turned up from the carry trade, the perfect storm for 2010. Demographics, gdp close to 250 . It used to be demographics they hold all their own paper. Now theyre retiring and will start turning that paper in. And lets not forget the easy comp. 20year chart on the nikkei wouldnt show that. Where is it today . If there is acanary in the coal mine about the outcome of qe, its japan. The problem is, its going to take a lot longer still to see it, and by the time we see it, it will be just like mcdonalds and chipotle. The reasons will already be morphed. Back to you. All right. Thanks so much, Rick Santelli. Up next, apple and microsoft earnings coming this week amid a nervous investor climate. What it may mean for both companies. Plus, the search for the 2016 cnbc disrupter 50 is on, once again looking for the next gamechanging private companies. More information and a link to the official nomination submission form is at disrupter 50. Cnbc. Com. E Td Ameritrade trader group, they work all the time. Sup jj, working hard . Working 24 7 on mobile trader, rated 1 trading app on the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of other competitors do on desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivatives pricing model, honey . Td ameritrade. So what about this . Your old technology. Its time to get into the new with ford come and get it if you really want it. New is ecoboost technology. New is a footactivated liftgate. New is tougher, stronger and lighter. New is ford. Americas bestselling brand. Now get into a new focus, fusion, or escape with 0 financing for 60 months plus 2,000 dollars tradeassist cash. Only at your local ford dealer. Apple, microsoft and ebay reporting results this week and investors are nervous about it. Josh lipton is at the 1 Market Bureau in San Francisco. John, nervous is right. That tech sector in the s p 500 down some 7 . 33 tech stocks, or nearly 50 in the index now in bare market territory, meaning a drop of at least 20 from a recent high. Three of the worstperforming tech stocks in the index, include micron, Western Digital and seagate, all down 60 from their 52week highs. Investors await three critical Earnings Reports that will give a better indication of how tech performs from here. Apple reports earnings tomorrow after the close. Already that stock down about 20 in the past six months, as investors worry about iphone growth in the quarters ahead. Also, will ceo tim cook continue to sound as bullish about that companys business in china, given that economy slow down. Mainland china accounts for 30 of revenue, according to pipers gene munster. Ebay down 50 in the past is it 12 months. The focus there, user growth, profitability. Despite the nose dive in the stock, scully remains on the sidelines for now. Checks indicate continue muted growth, he says. And on thursday, well hear from microsoft. We know investors are fans of Sacha Nadella and the cloud business. The stock up 10 over the past 12 months. But intels latest report highlighted weakness in the pc market which could spell a challenging quarter for microsoft. Guys, back to you. All right. Thanks so much, josh lipton in San Francisco. Up next, speaking of microsoft, its deal with the nfl not resulting in the type of coverage the company is looking for. That all happened yesterday, and well explain, next. Okay, so you launched your banks app. Now what . How will you keep up with the new demands of todays Digital Economy . The fact is some believe they wont need a Traditional Bank down the road, so at cognizant, were helping banking and Financial ServicesCompanies Think digital, be untraditional, and reimagine what the bank of the future can be. Our clients can now leverage customer intelligence to predict their financial needs and provide more contextualized products and services. Were creating new platforms across channels so customers can effortlessly invest, borrow, lend, transactwhereverwhenever they choose. And were digitizing the way banks run, driving efficiencies and delivering new value for their customers in return. Digital works for banking and Financial Services. Lets talk about how digital works for your business. As we gear up for the super bowl, lets hope there isnt a technical malfunction on the sidelines. During yesterdays broncospatriots game, microsoft is the one who took a hit when cbs reporter Evan Washburn reported the patriots were having trouble with their tablets. A Network Issue was the problem, not the tablets. Microsoft has had a deal since 2013, and until now people have been calling them ipads. Total Rodney Dangerfield moment. No respect. When its working, they call them ipads, when there is a problem, microsoft saab tablets. It seems to me youre in a giant stadium, and lots of interference and stuff is going on and everyones networks go down. And so that seems reasonable. But they have a private network for security reasons to have these tablets being run on. So a little hole in that theory. But a private Wireless Network is a slightly less congested highway. Its still a highway, right . The problem could have been in the way it was configured. It could have been at the network level. It could have been on the tablet with the way it accepted the vpn connection. Still, a rough bum rap for microsoft. They were only down for 20 minutes, which is according to my math, 1 of a football game. And that giant laminated multifolding thing he looks at all of the time. The coach or guy looks at. Thats why they have their laminated backup. We will find out whether any publicity is good publicity for what microsoft has said is the most productive dis on the planet. Journal has a story that steve zadid he say key running the electric car project is leaving the company. Is this significant . No. I mean, its a product that we have no idea when its going to come out. If its going to come out. So i mean, you hate to see anybody leaving. This isnt a twitter level situation. Thoughts . I think that the nobody really cares about the car. The fact the guy is leaving and they admit they have a car is more positive than negative. Well, well see how the shares do when they report earnings later this week. It will be interesting. A lot of tech to look forward to. Hope you guys eat your wheaties. Always good to see you. That does it for squawk alley on this snow monday. Lets send it over to the halftime report. All right, kayla,tation so much. Welcome to the halftime show. Our game plan looks like this. Inside etfs, the popular investments causing shakeup. Why so many top executives are flying away from that firm and whether shares which are sinking again can ever recover. We begin with the markets. Stocks coming off their first positive week of the year. Oil coming off its bes