Greece to step up. Mario draghi says greece must let other countries and study its books. Apple showing up the bells and whistles of its smart watch. Besides texting, email and fitness apps, the watches can receiving phone calls. 10 people are dead after the midair collision of two helicopters in argentina. Three french sports stars are among the victims. They were shooting scenes for a european reality show. Some republican senators being criticized for sending an open letter to iran. Joe biden says it undercuts the president. The president says he is keeping his sights set on getting an agreement. Those are your cap headlines. Desktop headlights. Your top headlines. I want to go straight to hans nichols. He has been following the greek fiscal odyssey. The saga that seems to never end. It seems like too much talk, not enough action. What exactly is on the agenda now . They will be satisfied when they understand the liquidity situation inside greece. Dont call them officials from they will be heading to greece tomorrow to meet with midlevel greek officials to look at what is in the books. What is coming in and what is going out. Just moments ago, we heard from george osborne. He said the greek drama is not over yet. All throughout the day and last night, you heard greek officials eufinance officials saying they lost two weeks of time trying to figure out how they can get the next batch of aid. They will have to follow the rules and make good on their commitments. Finance leaders are not seeing any evidence of that. Betty the germans have been especially vocal about greeces progress. What is the relationship not between greece finance minister in germanys finance minister . Hans a great question to pose to either of those finance ministers. Publicly, they say they enjoy working with each other. Officials needed to head to greece if they are going to take a good look at the books and see what the situation is. Before you can have any sort of deal, you have to agree on a common set of numbers. Right now, they dont even have that. Who is going to be inspecting them . It looks like mario draghi, who was instrumental in taking this jim breaking this jam and making sure auditors and accountants on both sides are talking to each other at least dealing from the same Balance Sheet. Betty hans nichols on the latest in greece. Moving and shaking this morning, prudential insurances boss has been given the top job at Credit Suisse. He will face some big challenges. He told bloomberg the bank has huge potential. It is a Great Institution, phenomenal brand, the people. I have known them as the ceo. There is huge potential there. Betty im a little queasy watching stocks trade as of late. Heading in the red after rebounding yesterday, extending the sixyear bull run. I want to bring back michael reagan. What caused the rebound yesterday . Friday was a bad day. The jobs number came in way stronger than forecast which had everyone worrying that the fed Interest Rate would come in earlier than expected. Rti International Metals got its offer from alcoa. Today is more similar to the story on friday. Richard fisher of the dallas fed , he is not going to vote in the next meeting. What he had to say caught peoples interest. The fed cannot wait to long for these Interest Rates. They run the risk of overshooting on their employment goal and causing unemployment to get artificially low which could cause a recession down the road sometime. Whether or not he has any insight on with the fed will do next, people are paying attention. Betty it is inevitable. What are the other catalysts for the short term . Mike companies have this record amount of cash on their Balance Sheets right now. Will the m a wave continue to go on . Look at qualcomm with a 10 million buyback this year. 10 billion buyback this year. Everyone is wondering what they will signal. Betty what about sectors . Mike Consumer Discretionary is doing well. Cheaper oil is helping. Technology is doing well. Raw Material Companies are doing a lot of that has to do with building materials. Companies like balkan materials. Betty yesterday, we were talking about this sixyear bull run is going to continue and then we had a strategist on who said hang on. We will see a pullback sometime this year. Will we see this pullback before the fed raises Interest Rates . Mike stocks have done pretty well in the runup toward a rate increase. There was a note yesterday looking at similar bull markets. Long extended bull markets. On average, three months outcome of the s p did 3 between three months before until the first rate increase. Small stocks did 6 . There could be some turbulence after that. No reason to believe stocks should start falling ahead of a rate increase. Betty hopefully history is the guide. Thank you so much. One stock we are watching this mornings barnes noble. Riding high ahead of its thirdquarter results. Shares rose more than 4 . The Company Announced an investment in flash notes. Com. Expanding its College Bookstore business which is being spun off into a separate publicly traded Company Later this year. Matt tauzin joins us. How significant is this move . Matt it is part of the whole college play. The marketplace were kids can sell each other their notes and study materials. You are allowed to share notes. It facilitates that. As part of this whole play in the College Business. It will be spun off later this year. Betty what does this say about the been off nook spinoff . Matt they were going to spin it off the Retail Business. Last month, they decided to announce they would spin off the College Business instead and keep nook within the Retail Business. It will stay within retail potentially maybe down the line they could sell about at this point, its about can they reduce the loss in the nook division. Betty they will see how much the losses have shrunk. Matt the bull case on brents novel barnes noble is the new ceo has been able to cut a lot of costs. They partnered with samsung. The Retail Business still makes money. It is still pretty profitable. If you can get rid of the losses from the nook, it makes for a profitable Retail Business. Betty what do we know about how well it has done so far . Matt it is definitely in decline. Not a growing business. The decline has slowed. The growth of ebooks has leveled off. A lot of people still go to bookstores but they are not always buying books. They are drinking coffee. Landlords love to have barnes noble in their struggles strip malls because it draws a lot of traffic. Investors will be looking for what the Retail Business as. If there is a highprofile book like 50 shades of gray betty people spend all day and drink tea and read the book. Those earnings are out at 8 30. One company that was part of the demise of barnes noble, it is amazon. Why amazon itself might be doomed. A hightech fashion ken tim cook convince users that the apple watches worth 10,000 watch is worth 10000 . Betty here is a look at our top story this morning. The dollar trading at a sevenyear high against the yen. Sparked by speculation that the u. S. Is moving closer to an Interest Rate increase. The biggest maker of chips used in mobile phones is buyback 10 billion in shares qualcomm boosting its dividend by 14 . Analysts estimate qualcomms else will rise 3 gain in 2014. Qualcomms sales will rise. Chinese auto sales accelerate in the first two months of 2015 driven by Strong Demand for suvs and minivans. Retail deliveries rose 16 to 3. 5 million in january and february. Sales surged 66 while minivans were up 20 hbo planning to debut its standalone Online Service next month. Apple will be the exclusive partner. It will cost about 14. 99 per month. It will launch april 12, just in time for the fifth season of game of thrones. You better head to your apple store. It will be available exclusively on apple tv for three months. Speaking of apple, we have the apple watch tim cook selling luxury for up to 10,000 bucks. The two of them on stage. Luxury and tech. Scott galloway explains, having an expensive watch signals if you make with me im more likely to take care of your offspring. Hes a marketing professor at nyu. Also with us is stephen who covers all things luxury as well. Are you wearing an expensive watch right now . Define expensive. The answer is probably yes. Betty what is it . Im in a fullblown midlife crisis. I have not found it in five years. Im trying to portray some type of italian masculinity. The feathers you are try to color yourself betty the image but are you buying what tim cook is selling . Whether or not it is successful it signals something important. Apples transformation to a luxury brand is now complete. Betty why would you say the watch completes the picture . The iphone and ipad were luxury items in the first place, right . Apple has become the ultimate self expressive benefit. When you carry an android, it doesnt mean a hell of a lot. You carry in apple, it means you are more educated. When you look at the ios, it is a map of wealth. This has become the ultimate signal of well. Of wealth. The same benefit will extend to the watch. Betty would you agree this completes the whole picture of apple as a luxury brand . It does. This is a whole New Territory for apple. There is a big difference between ipad and an iphone and a 10,000 solid gold watch. Its an entirely New Territory for them. It will have to have some kind of new retail esperance. Experience. Betty you said the big elephant in the room is what happens when that fancy 10,000 watch becomes obsolete . The Technology Inside it becomes obsolete. What happens then . We dont really know we were hoping for explanation from tim cook and we did not get one. It might just sit in a box. It could be a break. That could be a big problem. Whether or not the customer cares it will be a big problem if we have 30 of the worlds gold supply sitting in a drawer every year when the product turns over. It is a big issue. What Luxury Brands have been able to do is convince you that your watch and your brand our stores of value. You can sell it back and pay the rent. 99. 5 of people never sell or recognize the store value concept. See how much emphasis they placed on the band . Which does not need upgrading. I was waiting yesterday to see it there is some way to swap out and update the technology. This could be a perishable product which makes it difficult to be a high end luxury. Betty nobody else knows about store value of watches than asian consumers. They view watches as valuable as buying a car. How big of a market will asia be . I dont know. From the presentation yesterday starting off with images of the great wall and the new Retail Concept in china apple things china is a big market for them. People see a watch as stored value. It is worth more tomorrow then when you purchased it. With the recent problems of the swiss franc and the euro luxury watch brands had to announce price decreases. Which consumers hate. You buy a watch on monday and the Brand Announces tuesday that prices are going down 5 , your asset is devalued overnight. Betty Scott Galloway staying with me. We will be back on amazon. Betty you are watching in the loop. Good morning. Lets cut to the chase because nyus cap galloway likes to do that. Jeff bezos is a genius ceo. A guy who wants to fly to mars oneday. Hes also doomed, according to scott, if you continues his if he continues his or play pure play retail market. Laying out this case, why you say it is doomed. Scott the consumer wants a great multichannel experience. They want products Available Online but also want to be able to go into these flexible warehouses called stores. Stores are still a great shopping experience. Transportation costs up 40 year on year. That is not sustainable, even for amazon. Betty theyre shipping costs are going up 40 year . Scott the cost for today or someday is extraordinarily expensive capital intensive. Even amazon cannot maintain the pace. I said this on surveillance. Pure play ecommerce does not work. Betty were be part what they have found. Strictly being online they were going to disrupt the old brickandmortar stores. They are now finding i need to get to brickandmortar. Is this a concession by them . Scott the secondmost productive retailer. The Ecommerce Companies will be great Multichannel Retailers. Stores are very convenient warehouses. People value convenience overspeed. They rather go into support to pick up a lipstick when they want. Stores and ecommerce Multichannel Retail is where its at. Scott you say macys betty you say macys is one of those getting this right. I look at the fiveyear chart of macys and amazon. I expected to see amazon way outperform macys. Actually, its underperformed macys quite significantly. Scott that is even including amazons incredible run. Amazon is outperformed. Look at the last five years best buy, nordstrom and macys have outperformed amazon look at best buy you order a flatscreen tv from best buy and you live in delray they will fulfill it out of their boca raton store and it will get faster than if you order off amazon. Multichannel retailers are responding with this asset that people thought was a liability but is not. The biggest asset they have, the new black of retail is stores. Betty bring up that chart we have of why Scott Galloway thinks amazon is doomed. Pure play strategy. Number two, delivery costs are unsustainable. Number three uber will disrupt that last Mile Shipping market. Scott we see uber as our private driver. I took a ride in florida and it cost four dollars. I had forgotten to pick up some stuff but the market so i asked the guy to go back and i gave him my list and he got the stuff and brought it back and it was another 13. They are offering something called rush or they will pick up and deliver stuff for you. It is . 90 a mile. That is 7 billion 7 billion miles a year of flexible delivery. They could be the last mile solution. Betty lets bring this chart up. They could by radioshack. They could buy gas stations. They could by the u. S. Post office . Scott it needs a deeppocketed partner and amazon needs a lot of rick and mortar locations. Brick and mortar locations. My favorite is gas stations. The importance of petroleum is declining. The model here is whats happening in britain. You can order groceries and pick it up at your destination. Amazon is going to open Stores Within the next 12 months. Betty gas stations are not in the best locations and sometimes. One near my house has been md for five years. Thank you for joining us. That has been empty for five years. Barnes noble earnings julie hyman has all the details. Julie you were talking about a stabilization in the physical books business. Something barnes noble points out in the quarter with confident sales of 1. 7 . He also points out continued growth in nonbook categories like games and gifts. One of the areas of strength for barnes noble. It beats up this toy department. Shares coming in at . 93. Well below what analysts had been anticipating. Sales did come in ahead of estimates at 1. 96 billion. Analysts have been looking for a decrease of 1 . You talked about the spinoff that will be happening. Nook sales down 50. 6 . They are not manufacturing new ones at this point. We will keep watching this one for you. Betty thank you so much julie. Here is a look at our top stories this morning. A shakeup at a european banking giant. The new chief will be he is currently the head of the british insurer, prudential. Scott it is a Great Institution phenomenal brand great people. I have known them as the ceo. There is huge potential there. Betty they paid huge fines for helping foreign clients abated taxes. Greece is running out of time to solve its debt crisis. Finance ministers want them to step up fiscal reforms. Mario draghi says greece must open its books. Greece could run out of cash before the end of this month. Some republican senators being sharply criticized for sending an open letter to iran this any nuclear deal wont hold up after president obamas term ends. Joe biden says that undercuts the president s efforts to keep iran from Building Nuclear weapons. The president is keeping his sights set on getting an agreement. Sonys playstation for will reach stores in china 10 days from now. Playstation four. A ban on game consoles ended recently. Sony is banking on playstation four to lead the turnaround. The conductor and 54 people hurt when in amtrak truck train struck a tractortrailer. The third serious commuter train crash in less than two months. The plane took off from bound for india. It is on a historic trip. Coming up, lets go shopping. The bid for a good day for the dollar trading at a sevenyear high against the yen. More on that surge, next. And mover that is not a stop over but a crazy one. U. S. Dollar trading against a basket of currencies. Watching in particular versus the yen. The highest since july of 2007. Continuing speculation we will see u. S. Rates move higher that is affecting the currency market as well. Hewlettpackard, we have an upgrade for that stock over ubs to buy some neutral. He says the pullback present a buying opportunity. Hes looking at the some of the parts valuation of the stock. He puts it at 43 a share, above where the stock is today. We are looking at qualcomm. Sitting at 10 million buyback over the next 12 months 10 billion buyback. Increasing dividends by 14 . Looking at Urban Outfitters after earnings came in ahead of estimates. Betty thank you so much. I want to show you some other movers. We are you much unchanged in the free market