A bold new call coming up in street talk. Better than 1,000 reasons you need to watch power lunch. And welcome to power lunch. The final trading day of the month and the First Quarter. The dow, though, is struggling. It is down by about 29 points. S p trying to carve out some gains. The nasdaq continues higher up by ten points. All three, by the way, up for q1. Check out the movers at this hour, blackberry soaring about 13 . The company beating earnings estimates, expects positive cash flow for fiscal 2018. Fmc also surging about 13 . Dupont divesting part of its Crop Protection business fmc acquiring health and nutrition business. Brian . All right, and i am brian sullivan. Here is what else is happening this hour. The Senate Intelligence committee denying Michael Flynn immunity in exchange for his testimony. Panera bread rolling out new labeling of sugars in selfserve drinks. The first such move by a u. S. Restaurant chain. And two biotech stocks tanking double digits right now. Straight for details on why. Meg . Tough day for biotech. Were checking out accorda. Four patents around the big multiple clear so sis drug down 24 . Because they have been invalidated, the one on ampyra represents about 95 of the quarters revenue. It does plan to appeal. At the same time it is emphasizing it has pipeline products going on focusing on parkinsons disease. This decision hitting acorda hard. Hitting pharma hard, down 20 before it was halted in a decision in which forward pharma has been fighting with biogen. They are popping on this news on the win here on this drug. It essentially would have ruled that biogen would have had to pay a 10 to forward pharma on this drug. This looking like they wont have to do that. Maybe not popping so much because biogen preemptively settled with forward pharma. A lot of movers on patent decisions in the biotech space today. Meg, thank you very much. President trump meeting with manufacturing ceos at the white house today. Also set to sign two new executive orders on trade. Commerce secretary wilbur ross ratcheting up the trade war rhetoric as michelle referenced earlier and he did it right here on cnbc. Tyler, soaring optimism this afternoon during the meeting with those executives 93 of the companies surveyed at the National Manufacturers association say theyre feeling good about the outlook and thats a record high driving up sentiment is a prospect of tax reform, infrastructure, and deregulation. Here is the president in the roosevelt room. I am very, very proud of what youve been able to do in a short period of time, the optimism is so high, and i see the billions of dollars that are being invested by your people and your representatives in plant and equipment and jobs. I appreciate that. Later this afternoon at 3 30 p. M. The president is scheduled to sign two executive orders on trade that he said are krcritic for leveling the Playing Field for american companies. The first order calls for a review of any country with which the u. S. Has a trade imbalance. The second executive order will bolster the governments efforts to collect counter veiling duties. Commerce secretary wilbur ross did say earlier these measures are necessary because the u. S. Is already in a trade war. Well bring you more from the signing ceremony when we have it. Yep. Youll see that here on cnbc. Thank you, ylan. To Steve Liesman here to acce separate trade fact from trade fiction. Steve, is the Trump Administration speaking truth about trade . Are we in a trade war . Not according to most economists. The idea the trade deficits are negative for growth and it should be the target or the aim of policy. Its very interesting, michelle, that from the right and the left, these are people who disagree about the role of government, they all agree that targeting the trade deficit is the wrong way to go and really the idea is that when we have higher trade deficits, we have higher growth. We have lower trade deficits, we have lower growth. The connection between growth and trade deficits. Now i dont think they disagree with some of the administrative things going on here. The idea companies that are assessed duties should pay them. Even the idea we should review companies with which we have trade deficits to see if there are administrative issues at work here. But if i could just read you what was said on trade. Peter navarro said if were able to reduce trade deficits we should be able to increase our growth rate. Yes, thats the one, the thing that a lot of economists, larry kudlow, for example, frequently disagrees vehemently with that. Larry kudlow and paul krugman. When do you see them together on the same issue . I think your second point is super important when we still see manufacturers with all of this optimism. Part of the executive order is looking at trade abuses, put aside the trade deficit. We hear from ceos behind closed doors, happy about the shift in attitude. Okay. That theyre going to be tough about those. The things that matter that take away manufacturing jobs. In the first order 80 to 87 is automation. In the second order, things like lower labor costs overseas. In the third place, you might put Something Like the idea that they have that we have environmental rules and labor rules and they dont, something, by the way, tpp was going to address, which were not now going to address. And then you want to put the actual administrative things, it might be not even on the list. The thing i hear the most, the greatest frustration, is, for the most part, Chinese Companies can invest here in almost anything they want. The minute a u. S. Company wants to invest in china, it has to be a joint venture. You have to have the backing of a stateowned enterprise. Had he havent done enough to change their economy. We should be upset about china investing here for what reason . Its not that. It is that. Thats what you said. No, its that u. S. Companies they cant do the same thing. Who cares . I mean, who cares . We care. If china wants to invest money in our factories, why is that bad for us. Its not bad. Its just that we dont get the same opportunities there. Look, im not saying we shouldnt address those opportunities. Thats what im saying. But thats not the issue if theyre coming over here and theyre buying our factories, employ iing our people, investi in our country. What country has grown without having investment. Every 20 years it was a different country doing it. We have to remember it was japan in the 80s, it was mexico 100 years ago, do you know who the low cost producer was . The u. S. The United States of america. And do you know what money foreign money built our railroads. Youre missing my point. Maybe these are ways youre misrepresenting the Trump Administration which is targeting trade deficits as a negative and i want to read you what Cato Institute, the far right Cato Institute i know exactly what they are saying. I know what navarro is saying. The u. S. Has run trade deficits for the past 41 straight years during which the size of the American Economy tripled in real terms and the number of jobs in the economy almost doubled. This is an antitrade administration. The fear is they will end up reducing u. S. Growth through their antitrade policies. I dont think most companies disagree. Its just that when it comes to examining tradeoffs they are happy to have somebody defend itting their interests as well. Almost every ceo ive talked to is as concerned with the Trump Administrations trade policies as they are happy about the Trump Administration. Explain to me the optimism among the manufacturers. The optimism is incredible. Okay. And what have you seen in terms of actual Capital Investment . Steve, were 70 days in. They can be as happy as they want to be. Indicators always lead actual investment. What soft indicators . Pmi yes, they do. 9 to 12 months at the lead loan growth. How much of that historic 41 years in a row was oil . The trade deficit . A bunch of it. Weve made a lot of strides in that regard. Speaking of which. Its a nice segue, thank you very much, steve. I have a feeling well continue our trade discussion at a later date. Meantime, speaking of oil, the weekly numbers are out and, guess what, for the 11th straight week we are adding more oil rigs. Ten more oil rigs were added this week. 662 trilogy rigs right now operational on land in the United States. By the way, thats compared to 300 the same week last year. It is the biggest quarter for oil rig additions since the Second Quarter of 2011. Guys, we wonder why prices have been soft, prohe deductiductio up. I dont love the border adjustment tax. I like talking with about it. A very good thing for domestic Oil Producers and refiners. By the way, kevin brady, happens to be from houston. Shocking how that works out, tyler. Absolutely. President trump meeting with a number of the nations small manufacturing companies. Start ed the meeting by highlighting a study showing there is increased confidence in the sector, something we were just talking about. Patricia miller of the Plastics Manufacturing Company matrix four. She was in that meeting and she joins us now. Welcome. Good to have you with us . Thank you. Good afternoon. Well, were delighted to have you there. How would you characterize the meeting and the optimism in the room . The meeting was definitely exciting, it was nice to see President Trump listening to small and midsized manufacturers and being able to have a seat at the table and the conversation. Tell us a little bit about your company. I gather youre involved in 3d printing and other sort of cutting edge technologies. Where is your Company Based . What are your revenues . Its a family owned business, i gather, that has been in your family for some time. Tell us about it. Matrix four is a three year old startup on a growth trajectory with a 40year history. My grandpa started in 1976 and ran it for 37 years. I left fortune 500 pharma in the biopharma space to join manufacturing. Last year we did between 3 million and 5 million in r revenue and plan to double again this year. So we were just talking about optimism in the Manufacturing Sector which certainly is higher than its been in a long, long, long time. I assume you share some of that optimism and id like to get you to speculate a little bit about why manufacturers, maybe not all of a sudden, but certainly in a bit of a shift, are as optimistic today as they are. Why . Absolutely. Im completely excited about the industry and manufacturing. Thats why i decided to join the industry three years ago. I think there are many reasons for that. Were in a space where were defining the next chapter of manufacturing. Were looking at technology, automation, 3d printing, and we also have an administration that we have his ear in looking how is manufacturing, which has been a backbone for our economy, important and how do we make sure were supporting manufacturers to be able to continue bringing jobs and work here to the u. S. You mentioned something that seems really important there. The administration, youve got its ear. What is it about this administration that gives comfort to manufacturers like you . I think manufacturers, and speaking on behalf of small manufacturers, like to see a president whos business oriented at the table and removing some of the red tape that makes it challenging for us to do business. What about trade . Are you worried about trade . Did you hear the whole argument about trade we just had . Are you worried that this administration is antitrade . Im not worried theyre antitrade. Manufacturing has been impacted, particular ly matrix four and during the recession. I think we need to have the conversation and be openminded to it and ensure were staying x competitive within the industry. Can you find workers . Excuse me . Can you find workers qualified, sophisticated stuff, can you find people . Yes. So matrix four is a Plastics Manufacturing Company. Making actual plastic parts. Its a challenge. We talk about it a lot. How do we engage in an industry and make sure were automating as much as we can and have to in order to be competitive and it makes sense. We still need a labor force. Patricia miller, a pleasure. She sat right next to the president in the meeting. Cool. Still ahead if you hate flying out of new yorks crumbling airports we have a way to offset the pain. Invest in them. Well tell you why and how. 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Lets get more on bob pisani down at the nyse. Its been a solid quarter overall. With the s p up about 5 on the quarter, techs, nasdaq 100 the big winner. Banks and energy are lagging as you can see. The bigger story is money continuing to flow into the stock market, etfs have recorded their biggest quarter ever. 135 billion in inflows. Investors wanted stocks from all over the world. Nearly half were into u. S. Equities but International Funds also had strong inflows particularly into europe and emerging markets. The big etf winners were the plain vanilla, the s p 500 funds, but emerging market etfs and european etfs including e e eafe. High yield etfs like ishares saw significant outflows, about a billion dollars. Thats about 6 of the assets under management. Hyg, by the way, ten years old on april 4 th. Whats going on . This is all about confidence. Confidence on three levels. Number one, on the Economy Consumer confidence at the highest level since 2000. Skeptics note the higher economic numbers have not seen the big jump this quarter. Sentiment indicators have seen the jump. Q1 earnings tracking up 10 , the best showing in near ly six years and confidence on the trump agenda of lower taxes, Infrastructure Spending and fewer regulations. The rest of the year will be between those three factors. Can the flows continue . How much is due to the trump agenda . How much the surge and low cost etfs and investing in general. Its clear they can influence fund flows. The third week of march, the first negative week since the election for flows. That was the week the house failed on its Obamacare Repeal bill. Very clear trump agenda can influence flows. Melissa, back to you. Bob pisani, thank you. Where are the best places to put your money to work next quarter . Chief instrvestment strategist gabriella from jpmorgan asset management. Good to see you. I mean, we entered the year with certain notions of what the trump trade was going to be and how they were going to do in the First Quarter. We thought financials would be the clear winner. Theyre the third worst performing sector for the quarter. Energy would also be strong. That was one of the worst performing sectors. How do we reevaluate to reposition for the second . When i think about the trade this quarter, the factories being assets did much better than Something Like cash or quality fixed income, to me its not necessarily a trump trade, its a global reflags trade, its a pickup Economic Data around the world and that is still very much the case. So as we go into the Second Quarter, thats the main factor were watching. And as a result we still would be positioned much more for risk assets including the cyclical sectors some of which did not do as well as expected like financials. At this point, technology was a clear winner. Do you continue with what is working or do you think theres a rotation . It will be a mix, stick with whats working. In an environment where Topline Revenue and earnings per share is very difficult to come by, stick with those that are able to generate it and technology is a clear winner in that regard. I also think that in a market thats really hard to find a lot of compelling values, you want to find things that are inexpensive. Financials and energy will meet that criteria. Are you still big in tax reform or not . In the wake of what happened with health care reform, what do you think . It was supposed to deliver a lot more to earnings and the bottom line. The first two things are earnings are much better. The third thing that were waiting to bide our time on is will the fiscal policy come. I think its going to be smaller and take longer. Is the reflags to propel u. S. Stocks if the trump agenda stalls . I think so. Its about the magnitude. And so for us we have to remember in the ninth year of this expansion we expect earnings to continue trending up, the economy to be fine. But were talking about 5 Earnings Growth here without any sort of Corporate Tax reform in the u. S. You have to be selective. Where can we make money . Is that so wrong . Staying invested is how you make money. Think about the Fir