Transcripts For CNBC Squawk On The Street 20150415

Draghis News Conference. The European Union filing anti trust charges against google. Earnings, bank of america missing. First up a Stunning Development at the ecb News Conference after president mario started speaking he was interrupted by a female protester. Take a listen. This is immediate coverage giving the protester everything she wants. They left rates unchanged, guys after the first month of qe running at 60 billion euros a month. I have to tell you. Yes, those are pyro techniques no doubt about it. I believe central bankers say in germany who arent upset its over. Its been that aggressive and i think the big issue will be are they going to let him continue a program that has already started growth because growths inflation. Was she protesting negative rates . Do we know . Was she upset about the fact that i dont know. Youre almost at 10 years now on the german bun where theyre paying, where youre paying them. 13 basis points this morning. Thats what you get. I dont know what she was protesting. If you go to throw confetti at least make it a wedding. Thats quiet startling for a man in his 60s. I thought he had game. Understandably, the difficult thing here is theres anarchy. Were not use to that in our country. I dont think anyone would do this to fisher. Thats anarchy. She threw confetti on him. He was startled. He was not expecting that. You dont know whats coming. Thankfully. We may chuckle at it. I dont think he was chuckling. Steve is here at headquarterers and can bring us up to date on what we should have been listening for in that speech. Good morning, steve. We learned a little bit about the character of draghi who came back moments after there. You might be to do a search on the term glitter bomb. Thats what happened to him today. Theres two basic messages here. Really echoing what cramer said a few moments ago. Hes sitting there with the program already loosening up the credit and hes seen a demand for household credit out there. Financial conditions have eased. Thats on one hand. On the other hand hes leaning on something in the market if its working already and working so quickly, maybe the ecb should end it early. No possibility. Were going with full implementation implementation. It would be like starting a 13 k run and ending it after 1 k was done. What hes saying is theres a long way to go here on european quantitative reasoning. Its been a busy morning. Were go to get to housing data later in the morning. We got retail Sales Numbers and abunch of other stuff. The program goes on. What you should be thinking is all these companies that have a problem with strong dollar in which delta this morning, entail, your problems may not be over because you keep that program going. Youre going to take that euro to a much lower level. You may not have seen. I know a lot of people feel the dollar frenzy is over. That frenzy i dont know. You dont think this is peak strong dollar right now. Delta would suggest otherwise cutting capacity not for this winter because of some of those internationals. How do they know . They have no idea. You think delta has some sort of sere on the dollar. No they know where theyre losing money and the planes arent full. The planes arent full. No its true. Who knows, maybe they do. Maybe they got the guy. We should get him on. They got the guy on the oil. Theyre saving a lot of money. If you want to know where the blow out number is. 2 billion. 2 billion on fuel savings. They passed the revenue plus three of currency. The currency is such a bare. 105 million in revenue. More importantly they got bad roots now. I thought 105 million on 9 billion revenue is modest. Thats why i think the stocks are going to go up. As much as they hand rung about it, the numbers are still good. We were joking earlier last week. What do you pay for deltas earnings . The answer is more than its selling for. Europe has filed an anti trust complaint against google. Heres what the eu composition commissioner had to say earlier this morning. Our preliminary view is that in its general internet search results google artificially favors its own Comparison Shopping service and that this constitutes an abuse. Google did respond to the eu in a blog post. They say quote we respectfully and strongly agree with making our case in the weeks ahead. Theyre calling this a defining case for the internet and if it goes to court its going to take probably years. This closure is bad. Its like microsoft not getting it. A few months ago John Chambers went to france. He said were going to invest 100 million in french start ups and work with 200,000 people to educate them about Cyber Security and how to create new companies. What did google do . Theyre a taker of jobs not a maker of jobs. When youre in europe you got to give everybody a hundred mill. Cisco knows how to handle europe. Create jobs. Google just gives them the heisman. The way to work google is make jobs. If youre not created profitable jobs that seems rather cynical. Is it possible google is actually directing its search traffic 90 of which they control the market in europe more so than the states to their own sites than others . Thats the charge. Europe is different. You create jobs in europe they go easier on you. If you do not create companies in france and direct traffic to france then youre going to fall pray to this. Its the way the world works, daiftd david. Im not a frenchman. Jim mentions the interview. I think he called it a win win when dealing with chambers. Every country, every city every accompany, every home every car, everything you wear will become digital. It will get connected together. So from a country perspective it will determine your gdp growth job situation, health care systems, every accompany will become a technology accompany. The speed will be brutal. Probably 40 of Global Enterprises wont exist 10 years from now and within the hightech sector something we talked about before probably half the Major Players in hightech wont exist in a meaningful way in ten years. He reiterates his call for a massive shake out intech because of the space of digitalization all around the world. He says europe is ahead of the United States in the digitalization. He didnt point blank say this is what google should have done. He said the way to work in europe is to help europe because they want ciscos help and then all that does is make it so cisco is a better accompany. Google needs to get with the program. Google is a repatience capital capitalist accompany. And that doesnt work in europe. It may be a little late then for them to get with the program. The action has taken place. Typically, you want to head things off and had years to do so. They headed off the etc. They seem to get the way washington works which is inclusive stuff. In europe theyre like microsoft. Europe doesnt mike monopolies. They dont like them. As for the actual toll this could take on the companies. 6 billion im going to have to pay. On a accompany that has i dont know how much cash. 60 i think. 10 of their cash. Dont you think theyll make them change their practices. Is it a significant hit to their business . I think it could be. They have huge european business. They say you have to send traffic to the french imtb. Thats how it works. Thats what your neighbor does. I am your neighbor. Right. I dont like the way google moves. Nice outcast reference. By the way, guys. We are going to talk to the Competition Committee member of the eu tomorrow on this program. You wont be here. Youll be getting ready. For confetti to be thrown in a much more gentle fashion. Banks fees and trading revenue did fall in the quarter. Quartly earnings in line. A 19 rise in data center revenue. The dow component issuing upbeat guidance. B of a trading down. I struggle other than the say its cheap. I struggle to say why you should own bank of america verses jpmorgan. The legal fees are not coming down the way i like. The Net Interest Margin coming down, the business lines unexciting. Its cheap. Now, there will be someone who says if you want the value bank that next year might be able to do something boost with a dividend buying back stock maybe like that. If you are a growth investor youre not turned on by bank of america. If you have a choice you can buy wells fargo or jpmorgan or both of those. Why wouldnt you do that as opposed to bank of america . Wellsfargo, 54 and a half. How much money and wells, theres no line item for litigation. For jpmorgan its coming down. For bank of america i see no improvement. Legal cost 370 million this quarter. A year ago quarter 6 billion. Thats down. It is going to continue. I wanted to see it over. I wanted to see, let me back up. I dont want the government involved that much with bank of america. I still feel the government is too much involved with bank of america. J. P. Morgan know. Wells no. The government is involved in all of these. To a degree. Much more than 10 years ago for obvious rps. Bank of america has to pay a big dividend. They have a lot of cap. They have to apply. This is a next year business. I saw what j. P. Morgan did with the buck 76 and i said to myself wow, j. P. Morgan is really starting to pay out. Wells fargo is taking a bigger risk because they have no bad loans. I have Better Stories to tell. The big story of why you would tell bank of america is because one day if rates go higher and im talking about the short rates you got a big winner here. The first time in a long time. If you get rate heights. This is one weve talked about for years. Six or seven years, actually. That interest margin its coming. Im slating it to talk about next quarter too. Prieth side Mortgage Loans up 55. Lost provision is down. 60 plus day delinquencies down. Balance sheets are looking better. If i were the government you would call them in and say guys youre good. Were going to let you be with everybody else. They havent done that. I got to tell you, i still dont understand why theyre wasting the crown jewel of Merrill Lynch. I dont see Merrill Lynch coming out in the organization as a flower. Somewhere its in there. Merrill is a peopleremier name. Youre talking more when you say bank that implies investment bank. Youre talking brokers. Its such a Good Business now. Its so good you want to be in it. It is the jewel. I just dont see the jewel being polished. On that note lets, were going to get breaking Economic News here. Industrial production is on the way. Good morning to you, rick. Foormgood morning carl. Utilization rate 78. 4. Thats a bit on the light side in terms of expectations and if we look at our last look, a wis whisker under 79. It moved up to 79. 0. We gained a little bit on the revision but it obviously, sequentially is lower. If we look at what Industrial Production was this is a big miss. Down six tenths. Were expecting half of that. We have the minus sign, right. We look for minus three tenths. This really finishes alight data. So were going to continue monitor, of course and Interest Rates continue to hover around 186 and any of you out there that trade tens, you know this is a bus stop sign you have seen a lot lately. Carl back to you. Thank you very much. We have more coming out on the protester who interrupted the press conference. Steve, what more do we know . Maybe this had to do with the feminist organization. There was a creative spelling of the world dictatorship. They may reference to certain male parts i guess i could say. Theres been abunch of other situations where such protesters have showed up with putan in russia. Maybe this is one of those im looking on the website of the organization and im sending an email out to them. It seems to be the initial organization. We were curious as to who would protest the policy. Is it someone who favored prosperity and it be the only protest you get, carl. What theyve done is opened up and you wouldnt think it come from the left. Another guess is if youre a safer in europe and know what youre getting. The number of women in leadership roles. Ford just reported sales in europe up every year. 168,400. If i were a protester, i would be a german protester saying thats inflationary. We got to knock the program off. Would you really jim. Would you be out there protesting . Thats not really my style. Im trying to order that tshirt on amazon. I want that same size she had. Absolutely. I like ivan. A simple descent would suffice. Thats another way of looking at it. Well get cramers mad dash and count down to the opening bell a lot. We still havent got to the upgrades of nike go pro and others. More squawk on the street from post nine in a minute. Do you have something for pain . I have bayer aspirin. Im not having a heart attack, its my back. I mean bayer back body. It works great for pain. Bayer back body provides effective relief for your tough pain. Better . Yeah. Thanks for the tip all right. We got about nine minutes before the opening bell. Lets get to a mad dash here. Want to start off with avon. Do you remember may 10th tree years ago, 2012. What happened . They withtrue their offer for avon for 24 billion. 24. 75. Now its at nine. Maybe eweyou need to be up there. Yes, they turned down a bid. The ceo had just been that turned down the bid. Avon is try to go stay above water. Totally legitimate and didnt get a chance to evaluate the business. Cody was a private accompany at that point and buffet was in there with some backing. Im sure he was going to get some sort of preferred that would pay him well. Where did you get where the accompany may not be for sell . The timing does not seem good. What now if youre avon . Youre up against ulta salon, loreal codc and ulta. Forget about it. No one wants that north american business. You buy the business your euro would kill. So the value is outside. Its deteriorated dramatically. Avon, david, if they call. I got that one. I did i want understand the other one. Youre killing me with the outcast. I like the way you move. I dont know what that is. Is it a song . Thank you. Can we go to another one, david . I mention this because entail has the problem. Internet things and digital cloud. Ibm has a Legacy Consulting business and trying to get in the hot things and trying to do all the new twitter. Socializing watson yesterday. Artificial intelligence. Exactly with the good another of apple. With the medical industry overall and the enormous amounts. Its kind of like entail. Profits. They want that to grow over the next few years. I think credits are saying they cant pull it off. Why . Do we have a reason why . You have to do the Good Business at the seam time you wind down the bad and theyre saying the order is week. If you look at entail today expectations came up. If people keep doing what they did, youll be able to buy ibm ahead of the quarter. Its expectations game david and being lowered for ibm and entail. Another reiteration, another guy negative and it will. Theyll tell a story and it will be told through you. I dont know about that. Youll be tough and maybe it goes down. Wow, hes got it all written down. Its amazing. You said take the avon bid. We got the opening bell five minutes from now. Were back on squawk on the street. Seven out of ten Power Outages in the us are caused by weather. But utilities can now predict where the power will go out, within a few city blocks. Working with ibm theyre combining micro weather forecasts with detailed data from local sensors. To predict where outages are likely to occur. And send crews exactly where theyre needed, when theyre needed. Ibm analytics from the internet of things is making energy smarter every day. Youre watching cnbc squawk on the street. The opening bell set to ring in just about a minute and a half. Man is there a lot going on. Earnings from a lot of the financials still working on entail from last night. Upgrades of nike and go pro. Now tech crunch reporting yahoo in talks to buy four square. They revamped the leadership over tumbler and a lot more. They have a lot of power at yahoo. They can do a lot of things. I was talking to spencer. They need to own a vertical away from what they do. Googles a giant right now. They may not be able to buy anybody. This is yahoos chance. People who own yahoo say you get the core business for free at this point. Theres a strategy that includes four shares of alibaba. You can also shorten yahoo japan and then youre left with a negative value for the core business. I dont know what its worth. But i got to tell you its worth more than that especially if you make an acquisition. The acquisitions they made so far, its not clear they moved. Theyve been created in their cash management. Theyre saying in between protesters on track no evidence so far of bubbles. The european economy is broadening and strengthening. Theres the opening bell down at the big board. Its the 14th year that starts today. Oncology companies celebrating its ipo. Were going to talk to the kpaebs ceo this morning. I see something positive happening. We go back to southern yesterday. It was such a huge disappointment. Right now the cfs conference whats going on. They delivered. Look at union pacific. We are beginning the makings of what a good rally would be. You get the airlines going, the rails going, j. P. Hunt better than expected numbers yesterday from the truckers. Suddenly, you had the transit ports killing the market. Yeah they could be leaders. They havent set a new high since december. Thats a lot of very smart people who tell me over and over again until the transit ports do that, this market is not trustworthy. I said once they do it the market is going to be too high. It is the best gainer followed by southwest and the rails are not far behind. Because of the 2 billion buy back. Its bad as norfolk southern. A lot of these guys are like entail. We lowered expectations so much that when csx does what we thought its a god sent. I think thats going to be part of the whole earning season. Wow, the expectations were so low johnson and johnson were really worried about look at the johnson and johnson. They did not go down on what you could argue was a hideous number. It was a quote buried within. People are being forgiven. Thats important. Theres a forgiveness theory here. We mentioned it yesterday. The deal is official. It was announced. Nokia combining. Theres a headline from the press release. It had been errorrecorded previously they were in talks. Its a disappointment if you look at shares. Its not as high as many speculated. Some expecting would be at least 40 if not 45 . It ends up 33. 5 . The consideration is point 55 of the newly issued share. Youre getting point 55 of the share of nokia creating what they hope will be a real competitor to the likes of erickson erickson. It seems to be very aggressively entering a lot of other markets around the world. I think that cisco is also a big competitor and i think that this some people could say listen these are two drunken sailer lors sailer trying to hold each other hup. Those were two alcoholics. Those guys had no hope. They managed to pull it off. I didnt think they could save the accompany. My hats off to them to stay in the game. They were finally cash flow positive for the time time ever. Thats the merger. The biggest global tech deal since facebook last year. Keep in mind europe is Getting Better and theres Companies Taking advantage of that. Obviously, we look at the ecb and say how much better . Were seeing numbers that make me feel the dollar if dragging it back down at all, i think the dollar would be down. Thats what a lot of people are hoping for. The fact they said its a marathon theyre going to stay on does worry me. The dollar has to eventually start going up. Rates have to start going above there. People talking about the bubbles of all bubbles and a number of commentary. I feel bad were back talking about europe but a lot of the Companies Reporting they have this hidden. Delta was i flown delta in europe and they do a lot of enter europe. Thats bad. Its interesting if by saying we acknowledge how bad europe is. Thats peak. Were going to get ge in a couple of days. Get a sense of europe. Get a business there. They may get hurt. They wont get hurt as much on the dollar. So much of what they do they generate there as well. Delta is going to earn what 4 or 5. Theyre free today. I think that take away that fuel bill is so extraordinary. These companies, i think, are going to be the big surprise verses what people expected because there was some weakness in the last month and you cant see it. Im very heartened by the transit ports going hard. I really needed to see that and were getting it. Well keep an eye on that. Overweight price targets. They talk about the casualization. Teens dont wear jeans, they wear athletic wear. Theyre going to wear athletic wear and apple watches. Under 25 doesnt wear a watch theyre going to buy that and use the sport band and theyre going to be wearing underarmor and nike and its all going to work. Underarmor makes the point 3 billion in revenue, nike 27 billion. Underarmour is taking china by storm. They have a black canvas. Black as black canvas. Im not kidding. You dont want to bid against him. Did you see the marketing exposure just from jordan speith that the masters were 34 billion over the weekend. Hey, ill take it. A couple of jordans sitting around talking. You had zilla on last night. Heres what spencer told you on mad money. Zilla group will end up and we intend to end up capturing the line share of 13 billion. Were trending a couple of quarters behind. 2015 is a transition year and the long term story of 2016 and beyond is very, very bright. The peace lowering expectations so lower than the may quarter. Remember this stock was at 160. When it went down to 80 the key thing is they had a tie in with news corp. And they wean themselves away from that. I regard them as the biggest competitor. Dont bet against spencer. He owns a vertical. The worst he got was if the accompany were bought. I would buy that. If the accompany were private, we discussed this. It would be worth maybe 10 billion in this financing round because of the frenzy of the private market. Its something a lot of people talk about now. Of course, private market evaluations do take to a certain extent a signal dont they or shouldnt they. These guys were killing each other and suddenly they combine and yes, i mean theyre a couple of quarters behind. The government held this deal up. Nine months. So you buy the explanation. Yes. I by the explanation and i love it when a guy has a transition here. If he does anything good this stock should go higher. Market cap is too small for the opportunity. Yesterday the damage was contained some argued. At 80. The vultured circled and took it like eagles. The dow is up 91 points. The s p up. Modest rally when we came down all ten sectors of s p 500 were up. Energy stocks are leading. Industrials and technology in the lead. We want to turn to china for a minute. We were waiting for the numbers to come out overnight. A little bit of a disappointment disappointment. Shanghai and shenzhen were on fire earlier in the year but theyre down today. Europe mostly on the upside. Just a quick look at some of the big earning situations now. Bank of america 27 . Little light. Revenue a little light. Schwab talked about a trading slow down. Weve seen that in the last couple of months and the delta and the other air leans helping the transit ports there in line strong dollar was a problem for them. They mentioned that. Earnings seemed okay. The revenues were up 3 i saw there and that was good news overall. Lets turn to the ipo market. I complained bitterly about how lousy its been. Look at the numbers. Weve had 34 deals so far. 5. 4 billion. There were twice as many in the same building last year. Were waiting for things to heat up. It might finally start this week. The ipo market has done fairly well. If you look at the itf, it hit a new high monday. Theres about six in the basket and theyve been doing well recently. We have nice pricing on a bio tech epo last night. This is one of the Cancer Therapy companies. 7 million shares 17. The talk was 5 million. This is one of the companies that leveraged the immune system to slow the spread of tumor cells. Three big names pricing tonight. All at a different space but all of them in the new york city area. Thats interesting and all of them have very strong cash flow and a big leadership position. Etsy getting enormous press out there. This online marketplace is the play on the freelance economy. Its losing money but loyalty, i havent heard about loyalty like this. Were talking about hand crafted goods and a very loving ethos. Theyre trying to set aside 5 of their shares for the etsy community. They wanted to give out 5 of the shares to people who work in their marketplace. Well see how that went. Second big one is virtu. Thats a financial marketedr. They were going to go public last year and decided not to. Of course, became very famous when they announced they had one trading day of losses. A lot of discussion about what happened with that. Theyll be going public tomorrow and ill have a first on cnbc video with vincent tomorrow morning. Finally, my favorite the party city holdco. They control the party space in the United States. Their closest peer is probably michaels. 25 of their sales are on halloween. You might think this is an old business but theyve been growing by controlling the entire marketplace and making their own good essentially. Thats going to go public here at the New York Stock Exchange tomorrow. Going to be interesting for ipos now. Not a good morning on the macro front. Empire was a miss. Rick scott has that at the cne. Hi carl. We have soft data. We dropped a quick three basis points. If you look at 30s, the other end of the curve dropped more. Maybe the most important issue is lets open that ten year start up to the 18th of march. Notice the range. This closes. That whole period shy of a month closing yield ranges 184 to 197. Pretty tight. Whats also fascinating is that starts on the 18th. The 17th the day before was the last time we had a settlement in two years over 2 . Now, lets look at the bullet wound 10 year to date. New all time low for the 10 year but maybe the most fascinating chart thats getting lip service on this floor is the 8 year. Why the 8 year . Because its negative as well for a couple of days now and creeps down the curve. I can here mario driving saying no problem here. Now, lets look at the euro on the 24 hour chart. It looked like it was heading down testing the both testimony of the range. Boom pop. What made it pop . Its the new link. I use to say it wasnt the Dollar Strength but the Euro Weakness. These days its about the dollar. Its about the fed. Implications for tightening and it has implications for a higher dollar. Open the chart up for a one month chart on the euro and you can see the range. 105 to 110. Back to you. Rick thank you. We want to get back to the development development. By a female protester screaming end ecb dictatorship. Were at the scene in frankfort. Good morning to you. Reporter good morning to you. For now, we dont really know where this woman came from and of course also ecb does not know how she actually came into the building. One speculation of course is that the ecb is letting everybody in that has a press card and its easy in germany and other euro zone countries to get a press card. Another speculation in that was also a group of students inside said that she kind of sneaked in with them. Because currently, the ecb does not do background checks on journalist. Probably that will change in the future because as you saw his face, he was shocked, of course he was shocked but this woman probably just came from the feminist organization famin according to reports and she didnt really hurt anybody but wanted to raise attention for a cause and capitalism supported by the ecb. Its an organization that originated in the ukraine some years ago and they are fighting as well like the Movement Just a month ago here on the streets in frankfort frankfort. You might remember the pictures with people throwing stones and littering cars and et cetera. They are also fighting prosperity in the euro zone and by that fighting the ecb. Of course what we get now from the ecb and the aftermath of that incident which of course was the first one i remember inside the ecb will be more security. I think compared to the fed for example in the states, the security level at the ecb is still already lax and quiet easy to get into it. Its perhaps a little bit better than before but still room for improvement. Back to you. Thank you for that. It did bring to mind jim, previous signs of protest that weve seen out of europe. You thought immediately of murdock. I think theres just a kind of sense that i dont know you cant get from here to there with the security of the United States. It seems like people can kind of throw pies throw confetti and jump on the desk. Im glad for security. Its not a developing story. She takes care of business. He could kill somebody. I mean geez. Thats absolutely. If you had a woman dressed like that you think she came to talk about money supply . Youre saying she was disguised. Disguised as what . Like a journalist. We all dress nicely. There should be a dress code. When we come back former irs commissioner on this tax day thinks the federal income tax should be eliminated. Later on closing bell sarah talks with the treasury jack lou. Dont go away. 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Is the horror going to take place . Were doing the chair duty. I might break some glass in the right way. Awesome. Its going to be so exciting. Thank you guys. Im a little embarrassed. I have so much make up on you cant tell. Were so happy for you jim. We cant wait for this weekend, its going to be great. And thank you. No honeymoon. Honeymoon is during earning season . No honeymoon. Geez, what do you think i would take a honeymoon. Next week is a big week of earnings. Thats all you get for the wedding. Earning season only happens once a year. Stock trading with jim in a moment. Dont go away. It took tennis legend serena williams, fencing champion Tim Morehouse and the rockettes years to master their craft. But only moments to master paying bills at chase. Com. Depositing checks at the atm and transferring funds on the mobile app. Technology designed for you. So you can easily master the way you bank. Time for cramer and stock training. That restaurant coverage starbucks for instance the thing missing the shake shack. This thing remember the lock up expiration is not until july 29th. This has been a gigantic short squeeze. Some feel this is overvalued. They kept putting it out. You cant short these. Its a big mistake to short something. Thats whats happening. Is it overvalued . Yes. They believe like tesla. They believe like amazon and you cannot get believers to sell because the stuff tastes so darn good. 77 this weekend with my daughter around the block. We waited 20 minutes and i was happy to do it. Sometimes its a treat and congratulations to danny for having one of the best ipos. Im reviewing the actual star of earning season so far. It will shock you. It is just amazing, an amazingly surprising earning that no ones talking about. Thats a tease, jim. Yes, it is. Its a tease. Well see you later on. Jim cramer mad money. 6 00 p. M. Tonight. I know my twitter feed is lighting up. Lease is going to be thrilled. She loves twitter. Not. When we come back breaking news on home Builder Sentiment plus more on the protester in just a moment. Opinions. Theres no shortage in this world. Who do you trust . Whose analysis is accurate . How do you make sense of it all . A simple unbiased stock score consolidated from the opinions of independent analysts. Is that too much to ask . Nope. Equity summary score powered by starmine, will help you execute your ideas with speed and conviction. And its only on fidelity. Com. Open an account and find more of the expertise you need to be a better investor. I care deeply about the gulf. I grew up in louisiana. I went to school here. Ive been with bp ever since. Today, i lead a team that sets our Global Safety standards. After the spill we made two commitments. To help the gulf recover and become a safer company. Weve worked hard to honor both. Bp has spent nearly 28 billion dollars so far to help the gulf economy and environment. And five years of Research Shows that the gulf is coming back faster than predicted. Weve toughened Safety Standards too. Including enhanced training. And 24 7 on shore monitoring of our wells drilling in the gulf. And everyone has the power to stop a job at any time if they consider it unsafe. What happened here five years ago changed us. Im proud of the progress weve made both in the gulf and inside bp. Good wednesday morning. Welcome back sar are is on assignment assignment. Well have that interview later on today. Meantime, the dow up 100 points. Highest since the 24th. Thats the highest since january 2nd. Rick has nhb numbers this morning. These are april. National association of Home Builders market index moved up to 56. Thats from a one point revised 52. So sequentially improved and when was the last time we were up here . We just had a 57 read in january but its still at least for today a positive and a lot of soft data points. Carl simon, back to you. Thank you, rick. Data with the stunning news of the morning was from the European Central bank News Conference in frankfort. Shortly after mario draghi started speaking he had a protester dump on the desk and threw confetti on him. They could let the greek banks go bankrupt any moment. The conference resumed and they were broadly in line in expectations well have more later in the show. Next guest says theres growing evidence of a synchronized growth up to right around the world which will initially at least prove great news for stocks. A believer is chief strategist. Also joining us jordan head of strategy for rbc Capital Markets. Good morning. Good morning. Your enthusiasm wasnt down by the retail sales or other data that looks soft from this country. You know, i guess the reason im thinking theres going to be a balance, simon, is because for the first time in this recovery i would argue the last year we employed a synchronized Global Policy stimulus to the entire globe simultaneously. Weve never done that. Theyve all been out of sync all these. We gave the economy a 50 drap and energy cost across the globe and followed it up simultaneously with the equivalent of a massive program thats a lot of stimulus and i think were going to see Global Economic activity. Here in the u. S. Were so focussed i point out that the group bottomed for the first time this year and risen now by the largest and most longest period of time for the entire year. I think it is were already turning momentum upward. Lets follow through, jim, with the economies will behave. My word the debate continues. Its great for stocks. We might rise on the s p 500s and you worry about them falling back from the equity market, no. Yes, i am i little bit. I think for much of the rest of the globe a balance in Global Growth is going to be good for stocks. I think its going to be good in europe and japan and the emerging world and i think its going to be good for their currencies but in the United States weve got a more complicated story because were closing in on unemployment claims below 300,000 and the Unemployment Rate heading close to the low 5s soon. Wage inflation is going to creep up. It already is. I think were going to have a more complicated story. We are at full employment and yet the feds still maintaining emergency measures. Theres certainly concern. How do you bounce when youre already elevated . The u. S. Economy has been strong. Youre bouncing from elevated levels. I think from this point Going Forward the aggregate seeing turn up in other parts of the world. Im not as aggressive in the upside Going Forward. Het me pick up a comment made this morning. Also a former ce. He said its about time the assets started to trade again on what he described as real economics. He said people seem addicted to the Interest Rates from the fed. He said he felt Interest Rates should rise now, take a listen. People are addicted to these low rates. So the question i think, were all discussing is when and how and when i look at the economic numbers and the dollar i bet that who knows but the fed takes a longer time. I tend to be someone that says i would like to go sooner rather than later. What would you say that thato that argument were not trading correctly on the fundamentals. Look the center banks fix one bubble by creating another. It may not be comfortable but its convenient. Its the truth. You have to look at the european bubble market to see. Its a bubble but for now. There isnt a bubble in the markets because you dont see massive bank leverage. You dont see even at these Interest Rates huge amounts of credit creation from the banks and that is true isnt it. It is. In a bubble its not fabricated its a process. In the process of reflating the bubble, these things unfold. Youre paying for the right to own government paper these days. Thats unheard of. It will end badly. Jim, does it end badly or can we keep . This isnt the first decade weve been through this sort of activity. I think were going to struggle with this and we could get a correction in the stock market this year as the fed begins to raise Interest Rates. I think the fed is pegging the long term yield in this country by sitting on it. Its not a good thing to do. I think well get through this. I dont think its as bad taz when we pegged gold in the 60s. We pegged the dollar and let them both go in the 70s. I dont think were at that point. Im hoping it will be this summer thank. Meantime, bank of america did estimates. The a. C. Did post a First Quarter profit and shares fallen 12 since the beginning of the year. Joining us this morning on the phone brandon on the phone. Brandon, good morning to you. Good morning. Its like the mirror image of what j. P. Morgan posted yesterday. Whats the true tale of the space . Thats a good comparison. If we pull into exactly where some of the big doses are, its in the Capital Market side. Jpmorgan set the bar high yesterday by beating the bar high. B of a missed expectations. Even set up from jpm, the capital revenues looked like a big disappoint. Is the most bullish argument the stock is cheap . Thats the metric its cheap on 2016. Based on 2015 it looks expesive. B of a is an expense reduction story and the one piece they gave them here this quarter is they brought down the core expenses. We saw the core expenses decline year after year and that was encouraging. Also, we saw the legal charges decline this quarter. Thats encouraging if its sustainable. Weve seen head stakes on Legal Expenses drop before. Investors probably dont want to put too much on that front. You wrote recently you expected upper pressure on the expenses where the story this morning is being written the opposite. Why is that . The thing is that my guess was we would see upper pressure on the expenses. They came out today and they would be investing 100 million bucks. That was a lot lower than i expected. Well see how it ultimately plays out. Its only a few weeks. Based upon preliminary reactions from the accompany, it looks like that might not be quiet as bad a head wind i had feared. The revenue side of the equation does look a little bit disappointing disappointing. Those all continue to improve. Thats not a new story. Were coming to the end of that sale win. As the credit card costs start to bottom theyre going to stabilize if not turn up. That means reserve releases are going to slow and theyve been a big tail end for the bank. If youre not there to drive revenue higher that leads to where do we go from here and thats when investors are asking themselves with b of a, certainly, you cant judge anything by a single quarter. Based on the most resent data point not very encouraging. Thats why were seeing b of a under perform a little bit. Knowing what we knew about expectations going in does it feel like q 1 is turning out okay or not . Yeah, its turning out okay i would say. More, i could just cofferver the Capital Markets. I hear regionals are disappointing mostly on sort of the core earnings side and pulling various lefrs and provision in the life to hit the numbers. As far as the capitol markets oriented names go the quarter is coming out broadly as expected, a descent quarter and leading to some optimism we might have turned a corner of the trading side. Trading has been the head wind for a while on the big banks and seems like in some cases, at least, it might be leading to positive surprises, specifically in the case of jp moregan. Client activity definitely turning into the one of the buzz words of the quarter and we got big names to get to as you pointed out. Thanks so much. Brandon hawkin. Up next entail trading slightly higher after results met analyst lower. Stock is still down more than 10 . Are there better days ahead . More on that when squawk on the street comes right back. Over the last 10 years weve helped one million Business Owners get started. Visit legalzoom today for the legal help you need to start and run your business. Legalzoom. Legal help is here. trader vo watching. Waiting. For that moment, when right place meets right time. And when i find it, i go for it. announcer vo at scottrade, we share your passion for trading. Thats why we give you the edge, with innovative charting and trading features, plus powerful mobile apps. And now, get up to a twothousanddollar cash bonus when you roll over your 401k or ira accounts. Details at scottrade. Com retire. Entail reporting a 3 rise in profits despite the pcs. Lets take a look at what it means for the chip joint moving ahead. John is with us with more. Hi john. Earnings fell in line with where entail learned they would. R and d expended the street. You can see the stock up this morning 2. 7 . He expects the pc market to continue being a drag as desktop sales lag in smaller businesses and customers work down their pc inventories ahead of the big windows 10 launch this summer. That became a significant theme. Second half will be better to pick up volume as it does in the back half of the year. The Data Center Business showed 19 growth to continue making up for the growth. Investors going to continue trusting the back half despite the fact they missed q 1 . What do the results mean . Theyre not good. Enterprise spending even on data center was weaker than spending from the big cloud customers and entails banking on descent adoption. Even so, they brought down the Capital Spending target by 15 and dropped gross margin by a point and cut 300 million from the operating budget in order to balance out that weaker demand. Beyond the warning we got for the quarter the guide to q 2 was a seasonal sort of guide. Its usually up a couple . Not a couple percent. They said were doing tweaking to keep the cost down. Theyre doing some belt tightening here but still projecting the businesses growing, the nonpc businesses that are 40 of revenue are a high water mark. In my world appositions, i know they have a number of questions, they didnt say anything, did they . Nothing at all. They were clear about not saying anything about m and a but people were trying Different Things about what was your strategy . They didnt want to touch it. They didnt want to drive the prices up. They were going to pay 54 which wasnt enough. Youre not done by a long shot tonight. Thats right. Entails business was strong. Well see if that means it sounds more optimistic. Thanks, john. When we come back the biggest threat to a accompanys security is probably its own authorities. Were going to find out how workers are the ones causing the majority of the big data breeches when we come right back. If youre looking for a car that drives you. And takes the wheel right from your very hands. This isnt that car. The first and only car with direct adaptive steering. The 328 horsepower q50 from infiniti. [ girl ] my mom, she makes underwater fans that are powered by the moon. She can print Amazing Things right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. My mom works at ge. You used to sleep like a champ. Then boom. What happened . Stress, fun, bad habits kids, now what . Lets build a new, smarter bed using the dualair chambers to sense your movement, heartbeat, breathing. Introducing the sleep number bed with sleepiqtm technology. It tracks your sleep and tells you how to adjust for a good, better and an awesome night. The difference . Try adjusting up or down. Youll know cuz sleep iq™ tells you. Only at a sleep number store where youll find the best buy rated mattress with sleepiq technology. Know better sleep with sleep number. A new report from verizon confirms data breeches. Joining us is Vice President of global Cyber Solution mike denny. Nice to have you here. Global report. Why do you guys put this out . A lot of rourour customers are asking how to run a better Security Program . We wanted to cut through that and get to actual data. These are a large sample set. Nearly 80,000 incidents, 2,000 breeches. Its really a large sample set and we do it you know for the sharing of the information but really to make the internet both the wire line and wireless internet safer. Its the key here in terms of adopted best practices. What are the take aways in terms of what companies can do to protect themselves . I think theyre are a couple of things you can see in the report. Number one is authenticate the identification. Really patching your web applications basic blocking and tackling and finding someone who can help. Its good to have a backstop of a Service Provider that can help guide you along the path and off load some of the workload. A lot are stressed with the dynamic. Were getting a verdict in the murder trial of former new England Patriots star tight end Aaron Hernandez. Dominique has that for us back at hq. The headline here he is of first degree murder. Aaron hernandez found by a jury in fall river, massachusetts of guilty of first degree murder the jury is still going through other charges related right now. Again, a first degree murder conviction here for former new England Patriots tight end Aaron Hernandez, you can see photos live of him now. He is now seated with his lawyers flanking him. Again, the jury going through some of the lesser associated accounts associated with this trial but again, the headline here, carl guys, is that Aaron Hernandez has been found guilty of first degree murder. Well bring in more details throughout the course of day as we unravel the whole thing. Thats the headline guys, back to you. Thank you very much. Well get back to mike who is the Enterprise Solutions Vice President at verizon. Mike we focus a lot on cwyber espionage. Its spied on by countries, china being one of them. Did that figure into your report as well and is the level higher than the typicals you might see . Four out of the five attacks we saw came from external to the organization. It is clearly a riseing trend and threat. I think their ability to penetrate the defense and absolutely to your question the level of sophistication what i thought was interesting was the speed of the adaptability. 7090 of them are unique and individualized to the country. Thats a problem. I havent read the report but what i have read is the report on it. Both u. N. Have stuff out on it today. They might be overplaying the sophistication on the type of attack were getting. You said heightening the security threats to the degree it doesnt deserve. The majority i have here the majority of the successful attacks are due to emails they know better than the click on. It says here if you send ten fishing emails you get 90 of the time. Who needs to be educated to stop this thing dead . Thats exactly the purpose of this. It comes back to the blocking and tackling. We are hearing a lot of individual Technology Vendors wanting to just have their spin on it. What we continue to see is users are a critical linking point in the penetration attacks. Theyre using compromised credentials of users to gain access to systems, ben traiting the penetrating the defenses. 25 from our report could have been slowed down or stopped. 25 from just patching your oply cases. Are we overplaying the sophistication in general of the Hacking Community . I understand once theyre there they do Amazing Things with software. I dont think so. Theres quickly adapting. The means in which they penetrate past the defenses is basic. Once they penetrate the defenses, once theiryre inside the network and move from application to application is very sophisticated. The aider is not aiding people intentionally. Its monitoring your own network. A lot of times we say my employees are loyal. I trust them. Its not about trusting the employee, its the people that get access to their credentials and they might be un unintentionally aiding those. Its a lot of things we talk about to our customers. Mike, we got to leave it there. Its a subject well be revisiting any number of times. When we come back this morning, a new report, actually google getting slammed from e. U. What does that mean from the accompany and the stock. Welcome back. Im reporting with the eia. A build of 1. 3 Million Barrels. This is much smaller than traders were expecting. Remember last week was 10 Million Barrels. This is a bullish number because its so small. Were seeing prices react to the upside here. 54. 57 is where we stand. We broke through the 100 Day Moving Average and the high 53 level and now taking that next leg up higher. We are looking at gasoline as well down 2. 1 Million Barrels last week. That is also a bullish number for gasoline futures. Whats interesting analyst are pointing out the fundamental data seems to be barish. Thats it for me. Now to sue with todays news updates. Thank you so much jackie. Here is the news update at this hour. Foreign ministers are meeting in germany. Those officials are discussing a final meeting. Secretary of state john kerry says hes confident the final deal can be reached. They arrived for a long delayed visit to investigate decisions iran has been working on creating Nuclear Weapons at a military site in western iran. A 2011 report from the International Atomic agency indicated large scale high explosive experiments were conducted at that site. Hundreds of fast food workers in new york city stating a protest. This demonstration is one of some 200 planned today across the country. And this is a lucky guy. A North Carolina man had a very close guy with a tornado and he has the video to prove it. Sam smith was driving on interstate 39 in North Eastern illinois last week when he saw a funnel cloud approaching. He along with other drivers sought shelter under a bridge overpass. That is indeed a close call. Thats your cnbc news update for this hour. Lets get back to squawk on the street. By distorting internet search results to favor its own services. Take a look earlier today. Im a preliminary view in the segment of adiction. Is that in its general internet search result. Google favors its own Comparison Shopping service and that this constitutes an abuse. In a blog post google says rerespectfully and strongly disagree. We look forward to making our case in the weeks ahead. Joining us this morning, mark. Hes just written a new note about the potential overhang here. Good morning once again. Good morning, carl. You say this is not really a surprise. 6 billion is not a huge amount but not in material. Whats the bottom line . The bottom line is this has been an overhang on google stock for three or four years. U. S. Anti trust potential actions as well. Its not a surprise in terms of the catalyst itself. Its an official catalyst and official overhang. There are fundamental issues this raises for google. Google is a accompany driven by the algorithms and trying to perfect. It should be a negative for google long term. It makes usless constructive on the stock. What ceiling does it put on the multiple . Thats the right set up. This stock has traded in a relatively mature multiple range for the last three years. In line with the market it seems reasonable. We think probably the best in the future. It means your upside here is probably Something Like 6 30. Are you drawing parallels for what microsoft went through . Yeah its hard not to. Look at the history of microsoft and at the time people were involved in the stock, look at the trading history of microsoft. At that Time Microsoft entered its period of maturity and theres a real question as to whether google as entered that too. Googles multiple has been close for several years now. The irony here is that this overhang comes in when the stock is relatively mature. It doesnt have an automatic impact. If it happened five years, it would have. Ten years ago i was explaining the finds coming through for microsoft and frankly, nobody cared if you recall. This is a much more profound investigation here. Theyre going to look at the Android Software as well. There are many people who believe Silicon Valley has for too long underestimated what the europeans might do. In an environment where facebook and amazon and google are spending billions accelerating the spend to invest in data centers in europe on privacy concerns as well. This is potentially huge for these stocks isnt it. They made this point. It gets close to monopolies. Network effects gets the Large Companies that have dramatically positive impacts on consumers. Google has been positive for consumers. Same thing for facebook and amazon. Theyve created sufficiencies. Forgive me for interrupting you. Its not how they run eu investigations. As you know, microsoft is the main protagonist behind this. Now pursuing the eu through the european system to give a black eye to google. No youre right, simon. To your point thats why were less constructed. I doubt youll have a dramatic issue. Its been working its way into shares for a good two or three years and the finds were talking about here. Theyre not immaterial but for a accompany with 60 billion in cash, 6 billion is handleable. The real question is theres going to be a change in business practices. Its almost impossible. Mark isnt the biggest risk to google the fact that its taking people away from search anyway. Would that seemingly be a good defense with what the eu is charging them with . I think so. Theyre there are broader Industry Trends here that are at a margin greater challenge to the evaluation of the fundamentals than this particular investigation. It adds to the list. What are the other challenges . One is the application of the internet move to mobile devices. We think google has done a good job. The application of the internet is a good trend. One quick thing is an off set to the eu overhang rissk. I think next year that offsets this negative catalyst that could cause the stock to rerate up a little bit. Good to talk to you. Thanks for the incite today. Mark joining us from rbc. Well have more tomorrow when sarah speaks with eu competition commissioner. As well well have googles head of Government Affairs for Economic Policy in europe. Thats coming up later this morning. A very candid sit down with Senate Democrat leader harry reed. Find out what he really thinking of hillary running for president and the republican competition. Squawk on the street will be right back. 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Weve hit about 5514 earlier in trading. Well see if the strength continues for the Oil Commodities as well as the Energy Related stocks. Back to you guys. Meanwhile, nevada senator harry reid has been a key allie for president obama but after an eye injury he has announced he will not seek reelection in 2016. Chief correspond nt set down with the Senate Democratic leader for a candid interview. When harry reid goes to his tiny hometown he lets his hair down. Take a listen. People make the obvious connection read boxing washington. Has the fight changed . The fights are unfair. We have now 15 people in the country to control most of what goes on in politics. The last few days abunch of people saying reid he didnt have an exercise accident. He got beat up by the baugh. Hes the one who got all this started. Why in the world would i come up with my own story i got hurt in my bathroom with my wife standing there. I think a lot of people i read they kind of dont like me as a person and i think thats unfortunate. Mitch mcconnell sent out a statement saying dont criticize obamas plan. He is a lump of coal. I thought he did an outstanding job. Hes my man and loves baseball. Did he do what obama wanted . I supported what he did before obama and after. Are you entirely comfortable with Hillary Clinton as the democratic nominee . Very very much. Talked to her husband yesterday. I love the way he ends his conversation with me and hes very sincere. How does he end conversation with you . Harry, i love you. Im not a fan of primaries. I love joe biden. I could never say a bad word about him. Hes a wonderful human being. Would you advise him not to challenge her . Thats up to him. Hes been around a long time. He can make that decision on his own without my advice. How do you see the republican fight . Whose the republican nominee right from the beginning . I dont really care. I think theyre all loodszers. The key point there, the strong suggestion to his former colleague joe biden that harry reid does not want joe biden to run against Hillary Clinton. Great piece of tape. A lot more where that came from later on. Lets get to the cme group this morning. Rick gives us the exchange. Hi again, rick. Hi carl. It was about a year ago when ben had special dinners. Is this going to cost me 250,000 . Well it doesnt cost 250,000 anymore. Now hes blogging for free. Hold on ill get a post here. Okay. I would like to welcome my special guest sergeant ben. Thanks, jim. What douj about the blogging . Have you been keeping up . Yes. The blogging the great. Too bad you cant make money at it. Its a fun thing to watch and read. What are we learning about fed policy and Central Banks in general especially today. What happens with retail sale data and strong and weak data thats different . The earlier read whether its retail sales today, some of the manufacturing data is the weather rebound in march is tafted if any at all. The markets seem to go responding to it as if the fed is going to be data dependent and push the first off in the fall or winter. The stock market is in the bad news, good news mode. The dollar is also responding too. Dollars are a real fascinating trait. For many many many months come by nating and kind of the big swoom we saw from january, it was not about Dollar Strength. It was all about people getting in front of the Euro Weakness and quantitative reasoning. You could see it today on the weak data that the europeans and the Foreign Exchange traders buy the euro. You get a cross current that comes from two directions effecting equities. Thats correct. You look at the fed and what the fed has been doing, the markets disagreeing with the fed. Its almost that the fed is afraid theyre going to wind up having the markets upset if they were to raise rates because they have two different opinions right now. Theres more and more now in the camp that theres not going to be a move in 2015. Thats a real hard one to say. In the end, oh man. Oh my god. Back to you. Rick in chicago, glitter bombs apparently all over the world today. When we come back going after google. Were going to talk to head of affairs. Your moms got your back. Your friends have your back. Your dogs definitely got your back. But whos got your back when you need legal help . We do. Were legalzoom, and over the last 10 years, weve helped millions of people protect their families and run their businesses. We have the right people onhand to answer your questions backed by a trusted network of attorneys. So visit us today for legal help you can count on. Legalzoom. Legal help is here. We want to update viewers on a story thats been going around. That google is in tech talks to acquire a Company Called four square. People indicate that theres no indication that yahoo is trying to acquire that. A rumor that has no truth to it for what its worth at this point. Yahoo does have a good amount of cash. There are expectations it will continue to acquire in addition to returning a great deal of capital to its shareholders and those who are watching the stock focus on the fact that the core business seems to be trading at a multiple or a negative value once you back out the value of its stake in alibaba. But as for the acquisition of foursquare, sources say theres no truth to that. As you well know it is april 15, the last day to file your taxes in fact. The irs estimates that one if five people will wait until the last week to file. So if you havent yet, youre clearly not alone. In the meantime joining us here, is the irs commissioner and alint group vice chairman, mark everson. Its worth noting that mark is declared gop candidate for president in 2016. Taxes are a crucial element for you, you think we should go to a consumption tax in this country. Which increasingly people are talking about on capitol hill. I would like to see us move to a system. We can take 150 Million People off the income tax rolls. Think of all the millions of people off the rolls. Leave the income tax in for the higher end and bring down the corporate rate so our businesses are more competitive overseas. Do that revenueneutral and actually dont change the burden. You leave the wealthy paying about as much. And the middle paying about as much. And the low paying about as much. And if you do that its a clean way to get us growing again. Ive laid out a sixpoint plan this is point number one. Can you see it as mark for america. Com. We should explain what a consumption tax is the rest of the world has it often called valueadded tax. Which is added at each stage of production. Where i come from in bringtain, its 20 . It funds universal health care. You say it would be revenue neutral. Thats the total amount of revenue coming into the government from the v. A. T. Plus the income tax plus the corporate tax. So why would it get the economy growing more rapidly . Well because economists pretty much have all concluded that the savings is better. And if you take out all of those Compliance Costs all the people pulling out their hair going through all of this work to figure out whats going on in terms of their returns, youll have a lot more money flowing through the economy. The reason ha people argue against this classically, is one of the main reasons is its regressive. Suddenly youre going to have to pay for everything you consume. This is a consuming nation. It is one of the main engines of the world because people consume at the rate that they do. If you make it more expensive to consume, theyll consume less and therefore, youll grow less rapidly, surely. Not at all. Because youre going to be kept square because if youre under 100,000 in income. You wont be paying an income tax at all. A couple earning 100,000. Get an exemption. The beauty of the plan is its not regressive. By keeping the income tax in at the high end at the corporate tax, youre going to bring in as much money in total. But youll retain the relative burden, the distribution of the burden wont really change under this proposal. The columnist Robert Samuelsson says the tax is not the hotbutton issue it used to be. Only 1 of americans put it in the top ten of thinks they think need to be changed. On the number of people who think theyre overtaxed has fallen way down. He suggests thats mainly because the upper middle class and high earners are now paying disproportionately more of the tax. When you talk about the tax cuts it doesnt echo across the nation as a whole. Fair comment . I think theres some truth to this. But look look at another piece of my program. Weve got to get the deficits under control. Theyve come down to under 3 . But in the out years with the aging baby boomers, its going to really drive up a very unhealthy level of debttogdp if we dont get the revenue system right and control the spending were going to have problems in short order. We still need to get after the taxes. And everybody agrees that were not competitive overseas. The beauty of this plan the competitive tax plan. People can see the details at mark for america. Com. The beauty for this is that this will put us in line with as you said 160 other countries and you wont get the shenanigans. You got a lot of shenanigans going on right now because of the high rate that corporations pay. This will bring the rate down significantly. And a lot of the taxavoidance will end. Dont a huge number of the s p pay no taxes at all, in fairness . They do pretty well. We have to leave it there, mark. I enjoyed that conversation. Come back and see us. Mark everson, who was the irs commissioner under george w. Bush. Now running for the gop in 2016. Well have more in fact squawk alley is after the break on cnbc cnbc. When a moment spontaneously turns romantic why pause to take a pill . And why stop what youre doing to find a bathroom . With cialis for daily use, you dont have to plan around either. Its the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. 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