Grant, coming up get their way on the economy and what the fed will do about it. A lot of hot earnings stories keeping us busy as well. Gopro up almost 13 on the news that the company is breaking into the reality space and the debate on whether its too late to buy the stock. If you were with us yesterday, it was in this hour that twitters earnings were inadvertently released an hour early, causing quite a frenzy here on the floor of the new york stock exchange. Good old price discovery by human beings on the floor. There it was. Glenn getting the stock open again. It sank at that time and its sinking again today big time. How do you make sure Something Like that early Earnings Release doesnt happen again . One of our guests has a few ideas on that coming up. Digesting all of this news the dow is down about 46 points or a quarter of 1 . About the same magnitude for the s p, giving up 4 to 2,110. The nasdaq off 17 points 5,038 is the level there. Well have a quick look as well as some of the other moves that have been driving this market today. The dollar index, has been the one driving. The tenyear above 2 , the dollar index and crude. We have a breaking story right now in the meantime. Lets get much more on the salesforce. Com story. Bob pisani. Here it is. There was a big crowd here a little while ago. Crm, Customer Relationship management. Quite until a half hour ago. There was a volatility halt not a news pending halt. Stock reopened. Was 66 at the open. It got as high as 78. Its on 75 on enormous volume. Salesforce will do about 3 million shares a day. Were at 11 million, just about to hit 12 million. Were four times the normal volume its hit right now. Who might potential buyers be . Remember, this is all just a story. Theres no confirmation of this at all. Judging by the trading action oracle theres been significant volume in oracle in the last few minutes. The magnitude of order is bigger probably close to 200 billion market cap, crm probably 45, 46 billion in market cap. A huge difference there. We saw a little bit of volume in sap, a little bit of volume in google. Not quite as much as the move up we saw in oracle. Right now, up 12 . Bob, this is such a fascinating story because weve seen the mega deals already. Were talking after this move of at least a 50 billion deal. This would be for sales force. Its as much a story about whats happening across that space in the Cloud Business as it is about how much markets, the financial markets, Capital Markets are open for this kind of mega business. Bob went away. What i find interesting also lets state the obvious. Mark benoff was on with cramer last night. He was. No behind of any of that. Something was brewing at that time that we didnt know about. Something to keep an eye on. Lets bring in semad with fbr. Your reaction to this deal, does it surprise you . It doesnt surprise us. Oracle has been trying to establish itself as a legitimate leader in the cloud. Who better to go after than salesforce. Com. The company that pioneered the cloud. Theyve been driving innovation. Application vendorses like workday or salesforce other Innovative Companies are attacking them from all sides. What better way to establish yourself as the leader in the cloud by acquiring the top company in that space and bringing over a very talented group of people at the leadership level and sales and technology as well. Why are you so convinced this is oracle . If you think about it from a technology standpoint salesforce. Com was built using the oracle data base, you have strong ties with both companies. Heath block is a former oracle executive as well. As you look at the organization they make a lot of sense for each other. On top of that we think as far as resources go oracle is a company best positioned to be able to make this size of acquisition and digest it. Put your investment banker hat on. Its trading a shade under 49 what is salesforce worth right now, do you think . What kind of premium would you assibuyout . Youve seen valuations go as high as eight, nine times forward revenue. For a company like salesforce it would be challenging to go that high. We wouldnt be surprised how desperate oh,le is to succeed in the cloud and salesforce given the premium associated with the name and bran theyve established, we could see them paying a handsome premium to todays prices as much as eight, nine times revenue if they have to just to make sure they dont lose out in the cloud wars that we only see heating up and getting bigger Going Forward. Even at 75, were still buyers of salesforce. What price would you assign to that then . 75 today. Were still buyers. You think for oracle to come in and buy it theyd to have give a 20 to 25 premium on todays price. Yes. Samad, thank you. Stand by now. Well get more from josh lipton on this one. Can you tell us . Im at a microsoft developer conference here in San Francisco. Im seeing the same reports you are. Thats what we have right now. The reports, this has been long rumored on the street, long talked about amongst financial analysts. Samads colleague, i talked to dan about this he think its possible he agrees with samad that oracle would be the one that has the size and distribution to do a deal like that. They have a crm business. As dan points out its relatively small. A deal like that would also be a a mazing just for the kind of personality involved with ellison and benoff certainly a colorful history between those two who often goes after each other when it comes to the cloud. It was on salesforces last Earnings Call i remember benoff poking fun at oracles Cloud Business. Saying listen its easy to talk about these incredible growth rates when youre starting from zero. A colorful history between these two. You talk to financial analysts who cover oracle and salesforce they dont think the reports are in any way out of the question kelly. Im glad you mentioned colorful history, if you will. This is an interesting part of this story and why its surprising in a way that it would be like this. Who knows, maybe well hear something before this hour is out or maybe at 4 00 eastern time there will be some announcement. The market will force their hand maybe. Lets go on get to our Closing Bell Exchange for this fed announcement day. Keith fitzgerald from moneymorning. Com. Jack rougen from index Financial Partners dorothy weaver from Collins Capital joins us today. Also the former chair of the Federal Reserve bank of miamis Atlantic Branch she is. Steve liesman and rick santelli. Rick steve, i want to start with you. Hits runs and errors from what you heard from the fed today. Clearly theyre dealing with a weaker economy. They downgraded the economy. They called most of that downgrade transitory. They took out that reference to its the First Time Since i believe since 09 that there has been a calendar reference. Just for those who are fed trivia they put together over calling the feds guidance graveyard. It began with sap. This was crossed out. They went to considerable time thats gone. Patient was gone. Its all crossed out. Theres no more calendar guidance. Were now data dependent. What that means is that june is potentially on the table. Any month is on the table potentially if the data supports it. Theres no promise or guidance as to staying for the quarter. Thats the big highlight. What do you do with this market . I think we buy the dips. This is no different than what we saw last year. We saw this movie. Its called 2014. We saw the disappointing numbers in q1 and it was followed by an explosion of growth in the second and third quarters. I can see a lot of that haing. Unfortunately what we have right now are still a lot of nonbelievers out there that are looking at the fed, scratching their head and wondering when theyre going to make the move. When they make the move its going to be a good thing. Its going to be disruptive. Well see what happens and the footprint were seeing right now by the way, there was a huge trade that took place in fixed income. I know rick will talk about that which has affected the entire day. Much of it was dollar related, end of the month related as well. I think may will be a surprising month for a lot of people. You led me to my next question. It goes to rick. The fed statement actually came into an interesting market day already. The continental european markets down hard a lot of movement in the fixed income arena there. The dollar has been down sharply today. The euro is back to 1. 11 at this point. What do you make of whats going on today rick . I think mario draghi is losing the war against trying to peg Interest Rates to some extent. That really doesnt surprise me. Qe is rerunded all over the globe. In terms of the only thing i walk away with thats super important with fixed income it wasnt necessarily a big trade. Its how the market cant deal with big trades anymore. Theres lots of liquidity issues. You know what in the age we live in i know the weather excuse is big. We cant let secretary of state monopolize james taylor. I think he summed up best what is going on with the fed winter, Spring Summer fall if growth is much too small, there may not be any tightening at all, yeah yeah you got the fed. Everyone who was talking about this rebound like we saw last year Even Deutsche Bank cut their second gdp forecast dorothy, to 2. 5 from 4 . Dorothy, let me ask you about that. What do you see out there . Are we going to see as much of a rebound as we did . If we dont, what does that mean for the company. I dont think well necessarily see as much. The weather was absolutely dreadful. The economy is not just taking off. Were going to see it sluggish and a bit slow. Were not seeing money going into capex. Capex numbers are disastrous. Youre not seeing it now that the oil patch isnt putting money in. You have to get the consumer back out there. There are no huge drivers that are going to give it that sudden adrenaline rush. Let me get keith in here. Do you have a beach boys song you can add to this . What are you looking at here . I dont know. The key takeaway here is that old joke god invented economists to make weather forecasters look good. This time you have economists talking about the weather. The key takeaway is really theyre data dependent. I want to see what theyre going to do with the data. Nothing is off the table. The key for me is does the pace of the hike go. Sure there will be volatility but thats not necessarily a bad thing. Last word to you, steve. Very quickly. I think kelly has the right idea. What has to happen now for all investors, fed watchers and anybody else whos not included in those two groups is to start creating forecasts and rate hike probabilities around them. Ill give you a couple. If we do 200, 250,000 k job increases for the next month, june will be back on the table. If youre on track for the Second Quarter at 2. 5 probably not a rate june hike. Maybe more like september. 2. 5 is good enough to give you a september rate hike. If you start looking at five the bounce back like last year it put june back on the table. Now its data versus fed rate hike probability. Thats the new game in town. Not timing as much as capex one they get started. That will be much more important. I wish i had much more time. Thank you all for your thoughts on the fed today. Appreciate it. Hewe have 45 minutes to go in this trading session. Now it looks like it did before the fed statement was released. The dow is down 70 points thes that down down 25. More reaction to the fed and when it may pull the trigger on Interest Rates. We have rick riede rext standing by on the floor and later, james grant of the widely followed newsletter bearing his name. You wont see them anywhere else on tv today. That coming up. And jack and suzy welch questioning the value of an mba, why it may not be worth the sixfigure cost. Jim cramer just talked to jack benoff last night. What up with that . Well talk about it when we come back. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. 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Thats the stakeholders theory. The theory is you have a lot of important stakeholders that are important for your company, your employees, your customers, your partners, the Community Around you. The people who live here in San Francisco, for example the environment. To really think and be successful you need to think in a multistakeholders framework. That was salesforce Ceo Marc Benioff talking to mad moneys jim cramer last night. The stock soaring on this report. The company has been approached by a potential acquirer. Jim is back with us now from our brand new San Francisco bureau there. First of all, did you get any hint from marc last night about this . And what do you make of this development today. I just got the confidence, we dont comment on rumors or speculation. Thats all were going to say. I just got that a minute ago. The talk is oracle may be the one. What do you think and why sell now . Oracle does a big bond deal so people may speculate theyre going to use it. The amount of money they raise versus how much it would cost salesforce, that would be highly unlikely theyd put that money to it. Marc benioff tweeting from microsoft where they had a meeting in San Francisco, 400 billion company. Someone could easily say, wait a second oracle does a bond deal. Maybe thats about buying salesforce. I have to tell you, i was thinking there was no comment. I had marc on last night and i spent parts of the day with marc and last night at our cnbc party. I got no inkling anything was going on. But it would be secret and i wouldnt know it. The comment, we dont comment on rumors and speculation. To go beyond that would be rumor mongering myself which hasnt been my style. Marc is salesforce, this company has completely transformed and dominated the crm space as we call it for the last 10 15 years. Im interested now, theyve made a bunch of acquisitions how much do you think theres still a vision for salesforce to march boldly and bravely into the future . Theyre doing the apple watch and all of these things or is it time for them to roll up the business into a much bigger internet or computer name . I dont know. I spent yesterday at their headquarters looking at the mockup of the building that hes building. To me i wouldnt be building a 64 building if i was selling the company. We visited the benioff Childrens Hospital and got to see the good works hes doing there. I know thats very very important to mark and to lynn his wife. These are great things he does. There was no inkling that at the moment he was also trying to sell his company to oracle. Sure. Or to microsoft or anybody else. Now, they are vicious competitors with oracle. Vicious. If you go to the last conference of oracle you saw ellison on the call basically say several times they are out to get they are just straight out to get salesforce. Microsoft and salesforce have had very Good Relationships, simply since nadella got there. A very Good Relationship does not make for a takeover. It would be like nike taking over under armour. How does it make sense to you oracle if it is as suggested by some of the analysts weve been speaking with would now be the acquirer . Is it because of mark herd or Larry Ellison is no longer the ceo . Does it make sense to you . Larry is still very involved. I will say this. Marc has tremendous respect for all of kmeez companythese companies, including oracle. They do at it but they respect each other. Marc has tremendous respect for what Larry Ellison has built. He has tremendous respect for how the company has created tremendous wealth. They were partners before. I have to tell you that again, i mean where marc is in his life, i dont want to speculate, i think he loves salesforce and it would be it would be a bit of a shock if he was trying to sell the company. It would be a shock. Understood. Thanks for letting us know jim. As you know we dont comment on rumors and speculation is the line from salesforce. Theyre not saying anything beyond that. I dont think theyll say anything to anybody else, because i got it first. We love it. Jim, thank you so much for joining us. Jim cramer out there at one market. Hell have much more coming up on this story on mad money at 6 00 p. M. Eastern time from out there in San Francisco. Where theyre bulling this new headquarters for salesforce. New headquarters, again, a 50 billion or more deal if this happens on that bloomberg report. 35 minutes to go to the close here. The dows off the lows of the session, down 55 points at the moment. Up next gopro soaring back but is the sports cameramaker a musthave for your portfolio . Well have the