Back into positive territory captivated by donald trump. Yes, they were. Just a correlation. Yes, they were. The Energy Sector is leading the comeback outperforming the Broader Market after Oil Prices Rally from losses and settled nearly 35 a barrel and theres the Energy Sector up 1. 3 on the day. Technology and health care, the two minus signs in that tally today. Not all good news in the Energy Sector. Natural gas prices plunging to the lowest levels in 17 years, despite a larger than expected decline in supplies. Coming up, well look at the fallout that could have for the pipeline operators. Plus, republican frontrunner donald trump fighting back against mitt romney. Well have the latest in the war on words and which stocks could feel the pain and gain from a trump president. A remarkable day in the world of politics. Lets start with the fallout from the continuing slide in the energy patch. Morgan brennan looks at the bankruptcy pressures on pipeline operators. Thats right. Dozens of oil and Gas Producers filed for bankruptcy last year and ihs forecast as many as 150 more companies could file if prices continue to stay this low. Thats bad news for the Pipeline Companies that have contracts. Heres how this works, you have pipeline or mid Stream Companies that build the infrastructure and lock in longterm contracts. In theory they should be less exposed to commodity price swings and historically when they went bankrupt the contracts were transferred to whomever bought the assets. We have a Delaware Bankruptcy Court hearing arguments regarding quicksilvers Energy Agreements with crestwood. The deal to sell the assets depends on voiding those pipeline contracts. And if the courts rule in the favor, that could set a precedent for others to be av d avoid avoided. This is especially troublesome if we see more bankruptcies and throw the mid stream Business Models into question. One reason why you saw the plunge last month when rumors of potential Bankruptcy Service around Chesapeake Energy as you can see in this chart. Well have more in a little bit in the fallout across the energy patch. More signs the u. S. Economy is improving ahead of tomorrows closely watched, much anticipated jobs report, take it away. This jobs report shaping up to be a puzzler and more important for markets, the data have improved but theres dissidence when particular indicators with the jobs report, rapidly become being more important than usual as many are looking to fridays number to determine whether or not the recent improved sentiment in the marketplace will be sustained. Here are the numbers were looking for. 200,000 on nonforeign payrolls better than the 151 we had last month. Average hourly waged not expected to show huge gains we had in january, up just 0. 2 , the unemployment rates at 4. 9 . Here are the good indicators going in. Adp, Construction Spending and claims all point to somewhat better or at least decent jobs growth of around the 200,000. The bad stuff though, the ism manufacturing and Services Employment components, both of those have been weaker. Mostly however, they are relatively bullish. At Morgan Stanley expect 410,000 jobs but look for slower job growth in a range of Industries Including manufacturing and retail mining and finance. Were a little skeptical about the signal of a slowdown in hiring given the broad based strength shown in the adp report. Economists and fed officials think the trend job growth should be slower than 250,000 at the current growth rates, trend job gain should be as low as 125,000 and some say even lower. I also know so many people will be focused on earnings and wages here. Anecdotally the number of stories that have raised their minimum wage has been fascinating and i just read that i think the average earnings for retail workers is up 3. 6 on the year as you factor all of that in. Thats where kind of push comes to shove in terms of the real strength here. I think thats right. I have not seen anybody come forward and say, those strong job gains in january were the result of the minimum wage increase. Thats not been at least its not been shown. It stands to reason that some of it should be part of it, just waiting for the data to back that up. But look, its not necessarily a negative if we get job gains. That means more consumer spending, there are more jobs out there and in addition you have Lower Oil Prices so the consumer should be in good shape. What were looking for are things like finance and manufacturing and whats happening in the oil patch and how much that subtracts from job growth. Im going to go to the bottom line, fed meets on 15th and 16th in two weeks. Tomorrows jobs reports the last one before the meeting. Couple that with the rising inflation numbers, is it enough to think have them at least think about raising rates in two weeks . I dont think so. I think theyll talk about it and discuss it. They may even warn that its coming, but i think where the action has been bill when it comes to the fed, its in june and later this year. I think march is off the table. I dont think the fed wants to lean heavily against Market Expectations on a single month. One thing well be looking for on the 15th is does the fed get the market to be less off sides relative to its own expectations. I dont think the fed is expecting for but there are expecting those for two and certainly one this year. Great stuff. See you later. Hope you saw it this morning. Ceo jamie dimon joined squawk box and had thoughts to share on how he sees the state of the economy. What we see is the american economy, the actual economy, the 145 Million People working, more people working wages going up. They are spending money and spending gas. We see the actual data. Their Balance Sheet is in better shape since its been recorded and buying cars at alltime records and home sales are going up, household formation going up. Thats pretty good. Lets see what our guests in todays Closing Bell Exchange think about that. Jeff reeves is with us and stephen gilfoil from deep value and rick santelli. Jeff reeves, you would agree with jamie dimon, you feel it is for real right now, right . Theres a big difference between what the market will do and broader economic numbers are saying. Its hard to say we havent seen substantive job growth and alet of progress in the economy over the last six years. Housing numbers continue to stay strong. I would also say while it certainly is personal for people who live in north dakota and texas, some of the pain felt is not as part of the american job force as some people think it is. We are much more focused on services and retail and stuff like that as a nation. Thats not to say certain regions arent feeling it more than others but i think were doing pretty okay. I agree with the sentiment. Its interesting though, jp morgans equity strategist just recommended an underweight of stocks for a couple of reasons. They are concerned about the macro conditions and so forth. A lot does depend on how the jobs number in morning comes in, right . Sure. When you look whats going on here and ism with employment numbers and then not being backed up about the i jobless claims number, it leads me to think maybe the Service Sector was weaker than it should have been. Well find out if we hit 200,000 or 120. But well be between 190 and 210. What do you think the market does here . Given that the macro is you know im a doomsayer really . You should be a bond trader. But im also a numbers nerd. The statistics if they dont lie are somewhat better and revisions in toe are better. So if they can revise what they look at, i can revise my anticipation over recession later this year and i think im doing that at this point. I think we are probably headed to a rate hike from the federal reserve, probably before june especially if we get another hot core cpi or cpe. Thats why weve seen a rise in treasury yields recently, especially after some of the data has been stronger than expected . Im not buying it. I think i thought i would try. The equity markets pull themselves by the boot straps back on. I think its runs out of gas in front of the Central Bank Meetings. We can learn a lot by today. When i looked at this mornings nonmanufacturing ism for the month of february, we already think manufacturing may be in a recession. Whats left is the bigger part of the economy, the Service Sector. So its above 50. Thats all i read all day. But it was the lowest amount above 50 in 24 months, two years. It doesnt matter. It doesnt matter what chinas gdp was, its the rate of change. Its all about the rate of change. These things are looking us in the eye. We have negative productivity. Why did i read . Less negative than last month. I understand jobs, jobs are a good thing. If they dont translate into growth and our economy will have a another year within striking distance below of 2 , what did that translate into. Jamie dimon, i like jamie damen. He speaks out against regulations and they fine him another 13 billion and he talks about things are great. Ill tell you how things are great. They are buying a record amount of cars because they are renting to afford them. We know the leasing numbers have been up, right. Listen, you read what Warren Buffett is writing renting houses, renting houses. You know, but the data the car can be the new house, its okay. If you bet against put a big screen tv in the back seat and call it home. You can get that everything is going to rally around and 2 growth is going to be enough to raise Living Standards and support the market longer term or throw it away and forget it and its over and done. Can i get in here . Go for it. How about help . How great are things out there . Did you see the production number this morning in the ism and sustained new orders . I saw the employment number too. We have decent numbers there. If that employment no, we dont. Im as much a doomsayer as you, and im austrian. Im calling out the numbers. Those two top levels on the ism are better than i thought they would be. Your entire economy on a subtext of a number on the service side thats at a 24month low. Well give you will the last word there, jeff. Jump in on this meeting we have broken into. Everybody, including mr. Santelli need to adjust expectations on whats realistic. Anybody who says 4 gdp growth is fooling themselves. Saying it since last year. Some people say that because they are politicians but anyone with a brain in their head will understand some fed officials had pretty big dots. They were like helium balloons. Its a range though. They are in charge. Im just here to make some money. Im trying to keep honest expectations up. I wonder why trump is winning . Come on. I dont think anybody wonders why hes winning, rick. Good one on the helium balloon. Do better in the 537 people that we keep putting back. Thank you. Entertaining exchange, thanks, guys, appreciate it very much. I know, rick, i know what youre saying. Its contentious. It is. That makes the market. The dow has been bouncing around on the Positive Side but holding on to a gain of only about 6 points and s p 500 is up two and nasdaq is down five. It must be a year dif isible by four. Bob iger facing some heat, well have the latest developments from there when we come back. Friends no more, mitt romney calling donald trump a phony and fraud and trump fired back. Well discuss the trouble to derail trumps path to the white house after this. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Welcome back, another chapter in the saga of sun edison, setting up uncertainty about the Balance Sheet. Late yesterday they suspended Quarterly Dividend on preferred stock and earlier this week delayed filing the annual report amid a probe into finances. Down 14. 5 as a result. Other movers were watching, Tumi Holdings with a deal to be bought by sam sonite. The takeover could be worth close to 2 billion. Joy global rising as well with a wider than expected quarterly loss but investors are focusing on joy global maintaining the full year Earnings Guidance. Up 17 . If you want to gauge the come back joy or caterpillar, way off the 52week lows and caterpillar up three 3 . Disney is holding the meeting, and julia is covering this meeting with disney shares, up 1. 5 . Thats right. That disney shareholder meeting, Company Announces building two new Disney Cruise ships for the year 2021 and 2023 and more details of its star wars lands in the works. Visitors will feel they are flying the millennium falcon. Much was dominated about the health of espn and tv bundle. Each weighing on tvs stock. They work on some digital options. Even though cable packages are still the most popular way to watch television our Media Business is continued to innovate and embracing Digital Technologies and platforms like netflix and hulu and creating our own, life service that recently launched in the uk, as for shareholder votes they went very much as expected. The board of expencompetence we approved and bill, very much all in disneys favor, back over to you. All right, julia. Thanks so much. So what do you do with disney stock right now . Joining us is disney analyst Martin Crockett from fbr Capital Markets welcome back. Thank you. Am i wrong . The stock came off an alltime high not too long ago, 120 and its 100 and people are wringing their hands over things when the theme parks are busting at the seams and movies are going gangbusters are everybody is worried about espn. Are they overthinking this . I dont think people are overthinking it. I think its really a mixed story. The espn growth sloeled on the core affiliate of 3 on the last quarter. But the movies are killing it. You know, obviously we had star wars and this weekend zootopia and another star wars installment and the theme parks have shanghai opening up in june and new cruiseships coming and star wars attractions in their parks. Tons of licensed merchandise they are selling. Half of disney is going like gangbusters and other half is mixed. The movies are a notoriously volatile business. I dont blame investors for not embracing that part of the performance. Theme parks, how does that deliver in economically in terms of profit margin for disney relative to espn and cable . Look, i think close so half of diznys earnings come from cable and Media Networks powered by the cable. Theme parks are about a fifth. But the theme parks are a good growth part of the business. Its something where you dont have the secular concerns you see in tv. You can engineer growth with Good Investments and they have a great track record of doing that and youve got nice margin expansion. While its less as a percentage of the mix, its going to be more of a percentage of the growth going forward. The theme Park Companies we can look as comparable are multiples, investors value the durability of the business and willing to pay a higher price for it. Whats your investigation how worried investors should be about espn and Court Cutting thats going on in the industry there . Where does that go . I think this is manageable. I think that their affiliate growth is slowed on the core cable but i think they are making up for that with growth in retransmission fees on the broadcast. In sports, a great place for tv advertising right now. These new Online Services will be a nice compliment over time. I think theyve got brands that others lack and they can navigate this in a way that others cant. I think that this will be a good company for the long term. It was our favorite stock the last couple of years in the tv group, not now but we think on a relative basis its a good long term hold. Did they have exciting announcements . Havent they used this in the past to announce the star wars trailer or movie tease or things . This annual meeting was not investable and said things that are more but thats fine. I think theyll have real investable news in. Martin crockett, joining us today, 43 minutes left or thereabouts, this does feel like a market waiting for tomorrows jobs report, doesnt it . Weve it two days of side ways action here. That said the vix is lower and notably the transports, we keep pointing this out because it has been an interesting leading gauge for the market transports having a nice session again today, 72 points. The war of words is heating up between the republican establishment and frontrunner donald trump. The push is on to slow the billionaire. Well discuss whether trump is in fact unstoppable. The latest findings in the investigation of that crash that killed Energy Executive aubry mcclen den yesterday. The investment and Energy Industries are still reeling from the shocking deblg of form former chesapeake ceo. Outside the headquarters where the investigation continues. Scott . Outside of Chesapeake Energy arena which is part of the legacy of mcclendon. This is the front page of the local paper that talks about that legacy, including the arena and so much else. Really someone who transformed this