Per barrel, decline of 1 . It is all about what happened in europe and all the Market Action after the European Central bank cut key Interest Rates and introduced another round of bond buying and that triggered massive reversals across the market. Look at the euro. 108 at some point. Now it is higher by 1. 9 . A bid to safety here in the United States with the ten year treasury rallying. The yield is 1. 952 . Lets bring in tim seymour of trimanagement. Good to see you. What are we seeing in your view of the massive reversals . An unwinding of all of the positions going into the meeting or is this telling us something more sinister about the markets and what the markets believe and if they believe in mario draghi . I tend not to believe in the sinister. That had people overcommit capital and overreact to certain things. There is a higher euro and lower dollar. What i thought was most interesting is the comment that they dont see the need to reduce rates further and everyone talked about Central Bank Divergence like it is so clear and so obvious. Im not sure it is. And i think you get to a place french industrial output was high northwest four ye years. Maybe europes economy isnt as bad. Thats not what this is about. This is about central bank positioning and going into a fed where people have forgotten about the fed. One thing that is hard to calibrate today is why the dollar is doing what it is doing. I get gold moving higher in some sense and thats helped by a weaker dollar. But the dollar is a little oversold going into the fed. I would be wary of being short of the dollar here. I agree with you 100 . The comments by draghi after he comes out with a bazooka and gives out incredible stimulus, then he tempers it and walks it back from the standpoint of we dont see the need for really bringing rates lower anytime soon. That scared people. I think there has been an expectation trade that sort of been on the tape in general about whether or not the Central Banks are running out of firepower and if he just walks that or takes that essentially off the table, the markets are going to fear that. I think, you know, we looked at it and talked in the show, this was a massive expect trade into the ecb, we talked about selling the valley and the news into today. Into todays event. We got some great, great commentary out of draghi. Draghis statement for one second, it was the pivotal moment, right, where he, as you said, goes through all the bazooka moves and suggests that hes done. I have to assume hes under tremendous pressure from the european banks that are so worried about their profitability as a result of negative rates. I want to go back to the question that melissa posed to tim seymour as well, this reminds me of the day when japan went to negative Interest Rates, and the yen surged. That was not supposed to happen. Draghi is not getting the response he wanted from the euro today by far. This is an extraordinary move for the currency. Is there something bigger at play here beyond short squeeze. Is the market saying Something Like you guys just dont have what it takes and it is not going to work and we need to figure Something Else out. The i think thats exactly it. The efficacy i dont think people have any confidence in and i think thats fair. I think if you look at what the ecb is trying to do, this is a credit bazooka. The next level of the cris this is a seems to be unraveling. People are going after european banks and the one thing i stay say on the other side, if you think the ecb will bay out peripheral nations like greece where they feel they have less of a vested interest, theyre going to bail out ubs and deutsche bank. Dont think that this isnt a shot against speculators, shot against people that think the european banks are not viable. And i think it is a smart thing to do. David, last question to you, we have the fed meeting next week, also boj, by the way. How do you position . I think both of them are going to be specially nonevents. You sell this we pulled back, this was a sell, a classic sell on the news event. You wait for much lower levels now. We can pull back easily 75 to 80 points. Thank you. News alert in the bond market now. U. S. Government borrowing money for 30 years. Rick santelli is tracking the news. A tough week for the government. I gave it a c plus. The highest grade of any of the supply this week. It is technically 29 year 11 month bonds instead of 30. One month ago was the original auction. Were adding into that. And if we look at the yield at auction, 2. 72. A little lower yield than were trading in the one issue market. Amen we didnt tail on this. Thats basically the end of the good news. If you look at bid to cover, 2. 33. Chasing every dollar available to be sold. Thats pretty much average. 60. 9 on indirect. Only the best since december 2015. 20 on direct since october 15. C plus is the grade. We continue to monitor 56 billion supply is in the markets and for mario draghi to spray more liquidity and droughtlike conditions in the market reversal for equities, dont believe me, we touched one whisker away from 10,000 in the dax. Check it out now. Back to you. To dom for a market flash. West star energy, a Utility Company based out in kansas, in topeka. Shares up about 8. 5 on heavier than average volume. This after a bloomberg report saying the company is considering possible Strategic Options including what could be a sale. This according to sources familiar. So, again, michelle, gang, west star energy, Utility Company, perhaps exploring some Strategic Options and we know we have seen some consolidation plays in this particular sector. Back over to you. Thanks, dom. Lets move from europe to strength in the global economy. The baltic dry index is up 40 over the past month. Thats coming off depression levels because it had gotten hammered but it made a tremendous move. It is a sort of thing we have been seeing on top of here on power lunch since the rally began. February 8th, one of the biggest power players in the shipping world watched his stock rise as he spoke. Right here on power lunch. It is up 4 right there. Right there. Since you started talking. See that . Thats the cnbc magic right there. Since that day, herb has seen his stock rise almost 20 . Im in the business of making people rich. For investors today, the big question is can he make their ship come in again . Nordic american tanker ceo Herb Johansen joins us on power lunch. Welcome back. Thank you for inviting me. The yield on your stock, last time you were on, we hammered you because the yield was 17 . We thought the market is screaming that youre going to have to cut that yield. Stock is now rallied at 13 , still pretty darn high. What do you make of the rally in your stock and what we have seen in the sector. People understand what were doing. And we are producing results when it comes to yield and when it comes to total return. Im in the business of wealth creation. And i strongly wish that shareholders including myself shall become wealthy. So comparatively speaking were by far the best company out there along these two dimensions. And the reason is we have only one type of assets. Thats point number one. Point number two, what shall you look for when you look at the company. Look for the people behind. Look for the board. Look for the management. And look at their history of the past. Lets tell everybody what your single asset is. We built a graphic on the wall. They move oil all over the world. And all 26 of them are essentially the same. You dont have variability in your fleet. And oil, because it is so cheap, the volume of it being shipped around the world is actually up, correct . Yes. When oil is cheap, people consume more oil and when they consume more oil, there is more work to do for our ships. What is your daily rate that youre getting paid to move around the world . Between now and between 35 and 40,000 a day and we have thats higher than average. I saw the average is like 26,000 last week. But, you know, we have a large fleet. We are far into the quarter. And it varies from day to day. Longterm only a couple of weeks, it is very, very beneficial. And im very proud of that. Herb, why do you really think your stock is up so much since the last time you came here. A myriad of stocks had massive runs, particularly the stocks down prior to the last month. The next time oil goes lower, your stock gets hit again. The thing is you must be able to explain to people what it is all about. The advantages of having one type of assets. Theyre huge. And it has to do with transparency. It has to do with predictability. It has to do with overdeliver and underpromise. The massive run youve seen in one month is because you explained your Company Better and so investors are on board . Yes, to a large extent, we have produced results over 17 years. So this is nothing new. And ive been with you guys many times. Thats a different story. That is a part. It doesnt help to be clever. If nobody knows about it. You are the chairman of a different company. North american off shore. Nordic american offshore. Thats my nat is rising again sharply as you speak. Nao helps platforms up in the north sea. Yes. Not nearly as good of business right now, correct . Thats true. And that stock hasnt performed nearly as well. What can you tell us about that company in. We own 34 or so of it. I just bought stock last week too. And the Company Bought stock back. 1. 5 million shares. The offshore patch has a difficult situation that we financed up to the mid2020 or early 2020. So four years from now. And, you know, i have to deal with the biggest bank in the world, that is the American Capital market. And we try to transfer the success of on to of nat on to this offshore thing. Nao. Yes. And of course we i wish it buy more ships too in the nao context. I buy them cheaply. And thats what im up to. It is better to buy something cheaply than expensively. If your financial forecast for nat specifically, do you have a price per barrel for oil either brant or wti . I want to understand what you expect would be the perfect price of oil. You mentioned oil is cheap. People use more of it. Thats good for you, you move more around. It also can tell us a single about the global economy. People might think it is in trouble. So what is the perfect price for you. I think that the lower price is good for the world economy. No question. How low . As low as can go or is 26 detrimental in your view . It is volatile. It is good. It is just like a tax relief for you to get a low price of oil. And i, in my view, im very optimistic on the future. There is only one caveat to that that i can see. And that is the Financial Sector may be suffering because they lent so much money to the offshore patch, which may hurt the Financial Sector. That is a worry. But im not worried for nordic american offshore. A lot of european banks lent a lot into shipping, a lot of ships are overlevered, you see people walk ing away from them. Can i ask you about american politics . We have neither side is suddenly a fan of trade or free trade. We have donald trump talking about huge tariff increases, more products will be produced here rather than in china. On the left it is just as bad. What do you make of that . I assume that would be bad for you. What do you see as a foreigner looking at the situation. You know why i even have the American Flag in my logo, i couldnt possibly sound something negative on the u. S. But you are in a way an introvert nation. You have 15 of your gnp is export and import. In our country, small country, we have 40 , 45 . And you could theoretically close the border, you know. And we would be fine. In a way. But we europeans in particular Northern Europe we like america to be the policeman of the world. But now it has been too expensive for you. In afghanistan, in iraq, and all over the place. But it would be very bad if you start with protectionistic measures. I dont believe that donald trump or Hillary Clinton will go for that. Because protectionism, if you look upon this in a historic perspective, protectionism is bad. You have been an open nation, saving europe in the first world war, saving europe in the second world war, building up a europe, so im optimistic about you. My problem is wall street because they do not understand risk. The whole crisis that we had in 2008, that was because wall street did not understand risk. And they priced it wrongly. That might be happening again today. Who knows. Youre right. Yes. So great to have you on. Thanks. Thank you for inviting me. Herb, ceo of north american nordic american tanker. Right. We want to check on the markets. In the midst of a reversal. Just off session lows here. The Dow Jones Industrial average down by 142 points. S p down 15. Nasdaq down 1. 25 . We have the s p down, we have all nine sectors out of ten trading lower, only telecom higher. To Tyler Mathisen live in tampa. Thank you very much. Youre about to witness history. Welcome to tampa. Welcome to elivag restaurant. Tampa is quite a culinary capital. Youre going to witness history. For the first time ever, were going to have lunch on power lunch. You may remember him as the guy who managed the Fidelity Magellan Mutual Fund in the 90s and extraordinarily successful career as a hedge fund manager. Gave that up a while ago and is now one of tampas most prominent business men. With big plans for tampa. When we return, jeff vinik, the owner of the Tampa Bay Lightning, will tell you what he has in mind for tampa, the downtown and what he thinks of the market when power lunch, the show that goes, returns after this. We need to be ready for whatever weather may come our way. My names Scott Strenfel and im a meteorologist at pg e. We make sure that our crews as well as our customers are prepared to how weather may impact their energy. So every single day were monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. During storm season we want our customers to be ready and stay safe. Learn how you can be prepared at pge. Com beprepared. Together, were building a better california. Welcome to americas other city by the bay, tampa, sprawling, fast growing, diverse, the tampa st. Petersburg metroplex is home to 3 million people. Once home to a thriving cigar industry, tamm pa is now close no cigars at all. Theyre almost all gone. In their place, a diverse economy. There is tourism, especially at this time of the year when the yankees are in for spring training, but there is also trade. Tampa, not miami, is floridas busiest port, despite the bays average depth of just 12 feet. Financial services thrive. Raymond james is headquartered here. And Jpmorgan Chase and citi employ roughly 9,000. Thats about a thousand fewer than work here for Home Shopping network. At 4. 4 , unemployment is below the national average. So is the cost of living. By 2 or more. According ing ting to trulia, for a house is 175,000. Rent, about 1350 a month for a two bedroom place. Derek jeter, the citys biggest star, may find that a tad tight. At 30,000 square feet, his place on the water dubbed st. Jetersburg is the size of a best buy store. Make him an offer. But start at 12 millioned. Welcome back here in south tampa. Joined by jeff vinik, owner of the Tampa Bay Lightning and one of the citys most prominent business men, relocated here from boston for the nicer weather. Great to see you. Thank you for being here. And thank you for coming to tampa. We welcome power lunch here anymore you want. We even have lunch this time. Awesome. Florida is the political epicenter right now. I dont want to talk about the horse race. You dont have a dog in the fight. But you have to be observing politics and one of the subthemes here has been on both sides, gop and democratic, a bashing of business. Things are bad, bad, bad. It is not working for everybody. Do you see the American Economy that way . Politics, Election Years often do lead to some uncertainty. Were looking at the economy now and im looking at the economy now, it is just fine. Coming out of what was aer have recession, the economy has been growing 2, 2. 5 per year. Despite all the noise, it is still growing 2 , more people have jobs. Hopefully we can get some more wage growth over time. I think well get that. But i think the economy is what you see is what you get. It is fine. Down here in tampa, florida, which i love so much, the economy is doing great. Thats what is going to be my next question. How is tampa doing and why have you made such a big personal bet along with cascade, which is bill Gates Investment vehicle, on redeveloping downtown tampa. What do you see there . I lived in new york for a number of years, i lived in boston for 25 years. I moved myself down here six years ago when i bought the Tampa Bay Lightning. This area is an undiscovered gem. The quality of life here is fantastic. The weather is good. The beaches are good. The people are friendly. Traffic is acceptable. Water, just got all the Natural Resources you would want. But it is like a value stock. It really hasnt been discovered right now business is starting to really take off in this area. And i think were right in the beginning of a bull market for tampa that will last many, many years to come. So you think it is a value play. That has been your history, finding growth at the right pri price. We were talking yesterday, and you said something very interesting to me, that you see over the next decade or so, not just in tampa, but more broadly nationally, a change coming. A change that you said would favor wages over corporate profits. Explain what you mean, why you see it and what the investment implication of that is. Looking out and, again, this is nationwide, what i see in my crystal ball, looking out over five, ten,