But still, the dow futures look like theyre up about 24 points above fair value. S p futures up by 5 points and the nasdaq up by 11 1 2. Among our guests today, we have Lee Cooperman joining uts at 8 00 a. M. Wholesale trade and monthly samestore sales. As for earnings, well get results from pepsi before the bell. Alcoa kick off earnings season last night. The company posting better than expected results. Ceo clause clinefeld was on cnbc last night. On an absolute basis as well as on a margin basis, we saw an increase of profitability year over year of 45 in the mid extreme. And the best quarter in the upextreme brings since the second half of 08 when it started to get weaker. Shares of alcoa are up about 50 in year. In other corporate news, amd is replacing ceo rory reed. The market value is nearly halved since he took over in 2011. The chipmaker is trying to expand beyond its core pc market. Lisa su will take the chief executive role. Some annists were surprised by the timing announcement because the company is set to report Quarterly Results next week. Lets talk about whats important, maybe. The way ta worked yesterday, the fed back en vogue. We were convinced that maybe the market or was bog to respond just to better economics. Thats what it did, better Economic News and the fed was becoming less poet ept because were really assuming the fed is going to become less involved in our lives. But that is not necessarily the case. Those two guys telephonely graphed what was going to be in those minutes. But you read today in the journal, something telling the fed Global Growth is not going to be what they thought. Maybe a 11 german bund. Maybe that the eye tall yab tenyear with italys finances, that tenyear is below our tenyear inspect. The market was not at all impressed or didnt like the news. I thought it was maybe that the market was thinking bad news was bad news. We were saying if its one or two people remember . I thought it was an outlier. Your question is what does yellen think . Apparently the entire federal weakness. I thought we were at the point where the market was going to look the a bad news being bad news. Youre uncomfortable, you question the fundamentals, youre uncomfortable, but historically, it actually starts moving before you see any and i think its not just the that the Global Economy is slow. Weve got the dollar rising, which means its going to continue. Tougher and tougher to export. Slow growth is going to continue here, but also with the strong dollar, when do you think inflation gets to 2 . 2018 before we get to 2 . That adds a whole not only not mid 2015, but that could go through 2016. He was dead wrong three years ago on thinking the bond market rally was over. Hopefully we have we have andreesen some time today . We do. Its coming up. This is another story, carl icahn promising some news today. He did this through a tweet. The activist investors tweeting that hes going to be sending an open letter to apples ceo tim cook. Icahn says he believes it will be interesting, in his words. Since a year ago, the stock is up more than 50 . Icahn himself is going to be on fast money Halftime Report. Thats at noon eastern. You think this is somebody you would have a good working relationship at this point. Tim cook has done a lot of things to try and meet his expectations. The way he thanks him for that is to tweet everybody and say hey, im going to send an open letter to him tomorrow. Lets say i compose an open letter for some company. With regoing to lead with news on that company . Whats the news on apple . Carl icahn imy, i guess i understand that it is. But b. He moves markets when he talks. He does. But i take as andrew loves to say, usually its about inversions, but i take umbrage. I cant wait until langone is on today. I want to have appeared rue, i just just driving me crazy. This is just i wish he was here for langone today. Andrew has missed langone the last few times hes been on, which is unfortunate. For everybody its unfortunate. It really is. Mark andreessen was saying you will not hear him sugar coat most things. This is what he had to say about icahn the. The good capittain kirk and e evil captain kirk . Its one of toss things. And carl is just the exact opposite. He starts off throwing lies, makes stuff up, he slanders, gets the full like his inner 6yearold comes out. He lies, he slappeders and he makes things up. And his inner 6yearold comes out. What was marks history with icahn . Was this the paypal, wasnt it, where he said this is the worst Corporate Governance in the histories of the world . In thats right. He slammed andreessen. He did. No love loss there. During the interview, andreessen says he expects more Tech Companies will follow ebays lead and split up. You see it there. Im just looking here because i guess he had some harsh words for him back in if he february, too. I forgot about the paypal thing. Big news on apple. Hes made 50 . Thats not that doesnt make him happy, either . You can understand why ceos gt weary of activist invery fasters who theyre supposedly supposed to be working with on the same side and the way you announce other deals is to tell the worth about it. I can imagine that would be a tough one to try and work out as a manager. The death of the first person diagnosed with ebola in the United States is urging all kinds of questions today. Meg is back on set and joins us with more on this. Thats right. The death of eric duncan is raising a lot of questions about u. S. Prepared, in hospitals and about the hospital treatment itself. That was yesterday in philadelphia. We spoke to a lot of doctors who said any delay in treating a viral infection can create problems in treating. Dr. Tom frieden from the cdc earlier this week called the hospitals treatment a teachable moment. But we spoke with a doctor from Emory University yesterday which treated some ebola patients. He said hospitals around the world have some catching up to do in terms of emergency prepared ps. A lot of centered around the world are in a framing stage. Were likely to see additional patients slip through the cracks. Theres a lot of question about what t u. S. Is trying to do at first marmg u. S. Airports. That accounts for 94 of the travelers coming in from these three affected countries. New york, jfk, walldulles, new york, chicago ohare and atlanta will start to be implemented next week. Those are only for flights coming in trektly from those countries . What about people who go through belgium or through some other countries . Theyre going to be checking passports and looking to see where people have been and if they have traveled through those countries or originated from those countries, theyll be taken to a separate screening area. Their temperatures will be taken, asked a lot of questions. If they have any other symptoms, theyll go through further. Not a list that newark has never been on any list that you would want toe be on inspect. Your honor. Baggage, luggage. I have a lot of questions on that. Number one, i understand you can bolster someones ability to fight a virus. I dont think you can deal with the virus. We have no way of dealing with it, anyway, necessarily. But you would want someone hydrated, you would want them rested, you would want their immune system as healthy as it could probably be to stave off the virus. But this thing about this yesterday that is i think putting it into words that drove everything home is we think youre going to come here to the United States. And once you get into that United States and you get into our icu that somehow that 70 mortality rate can going to come down to 30 . And it was a shock to see that even in the best hospitals in the world, we were unable to save this guy. That shook us all yesterday, does it not . I think thats absolutely right. I think a lot of peoples expectations were he was getting the best possible care, even though we dont have drugs to treat ebola. He was auto a press operator, he was on dialysis. Every time an organ fails, that means a 20 chance higher of mortality. I also was watching and it was like, all right, we didnt have to have this thing totally approved by the fda, but we know it has some efficacy. These guys are getting the right care. He didnt get the drug until so long along. We had prime coverage. It was going by on the ticker and then it was down two or three after but then it came back. Its still being used. They already knew it worked in that way. Yeah. Originally the stock was on the data. I think another question is how prepared we are been yesterday there was the story that the sheriffs deputy who was in dlal dallas who had been exposed potentially, he showed up at an Urgent Care Center with ebolalike symptoms, flulike symptoms. And, of course, they had to take him and isolate everybody and take him to the hospital. The Urgent Care Center is not going to be able to help him. Its parent to note, also, none of those folks who had exposure to duncan have showed any signs of ebola. But yeah, theres a lot of questions about whether hospitals are prepared, not just in the United States, but overseas where we saw the first case contracted outside of west africa. So a lot of questions. And it could have been taking off protective gear. Folks obviously need to be trained stringently on how to do this. Whats the late ettest on the sheriffs deputy . He went into the the cdc is saying theres no evidence he had contact with the patient. But what if he had symptoms of . They said he had some symptoms. How long does it take to get the results back . He has to show definitive symptoms before the test would even be defenive. So its not clear exactly what symptoms hes showing right now. It wont be definitive unless youre showing the symptoms. Yeah. If theres one, you should be able to see the zens. The rye russ doesnt proliferate. Meg, we will see you back here in the next hour to talk a little bit more about this. But thank you for the update. Thanks. We worried about all these things. You see isis is going the take that city and but at least the fed at least we still have thats what they tell us. Another fed induced rally yesterday. I think its oneday gains of the year after the fed minutes indicated an accommodative stance would remain in place for a while. I cant believe traders needed to see it in print to figure it out. Will the rally hold . Here with us is ed keon. And tavidia from bank of America Merrill lynch global research. And i just want to start with you, ed, because youre well, youre old and youve seen a lot of youve got a lot of the experience. Were gop going up 300 i said it couldnt happen again. We were down 300 and the next day up 300. You go home thinking, wow, i knew this market was weak. I knew it was starting. What is it doing . What does that tell you about traders convictions and stock prices right now . Well, here we are, a few months to go and thats roughly the pace that were on. So it was a daytoday fluctuations have a lot to do with the dollar. I think the stronger dollar, people say to themselves, that means thaernings are going to be weaker, which is true. But that also means inflation is going to be lower. I think the fed Statement Today in context was basically acknowledgement that with the stronger dollar, the threat of inflation has receded and as a result the need to have more aggressive policy has been pushed back even further into the future. Avida, i think that hit the nail on the head. That is all of a sudden we think about growth and we think about the feds effectiveness in spurring the economy, whether its been successful or not. But once you Start Talking about inflation not coming back until 2018 then youre back to where the fed might as well just do whatever its doing, you know . If theres not going to be any inflation, even if you dont know that its working, let them stay in there, anyway. Right. Right, right. I dont think earnings are going to be all that bad this quarter. Here is the thing. Youve got the Dollar Strengthening. But that tends to be i mean, you know, so we calculated that a 5 move in the dollar takes off about a dollars worth of s p earnings. Thats less than a percentage point of earnings. So earnings are going to be already this quarter. If you think about it, the Dollar Strength didnt come until late in the quarter. Youre fought really going to see that big hit to earnings. I agree with you. I think its not going to affect this quarter. I do wonder what the outlook will be for some of these companies and if theyll be more cautious because of whats happening out there. I think youre right. Fourth quarter guide yaps, you could see some staving off of expectations. If the dollar holds at these levels, i think multi nationals have sold off to aggressively, that they might have a little bit of a rally, which is what we saw some of yesterday. It doesnt look all that bad for me. The Third Quarter is about 6 and change. The actually number will be about eight. Conseasonsus for the forty quarter of 11. Its a pretty good year for earnings. What did you say on a percentage basis that was . 1 . 1 or less of earnings. If we stay in a low Interest Rate environment, we can make that 1 up in the multiples, cant we . Multiples dont contract. Thats a dollar in s p earnings is nothing compared to a multiple contraction that we get from the other way to think about it is the dividend yield on the s p is around 2 . The tenyear is down around 2. 3 . Youre paying almost nothing for the Capital Gains potential, for the Growth Potential of u. S. Equities. Do either one of you think we go below 2 on the s p in general . I think you could for a short period of time. Its a slow higher move in the treasury. Im not a technician, but i think here is the missing link is growth. And were starting to see u. S. Growth accelerate. This is what nobody is talking about. I remember the last time i was on the show, we talked a little bit about cap ex. Youre seeing Companies Spending money again. I think its a bullish sign for the u. S. Economy. So even though consumers might be slowsing down and the housing cycle might be slowing down, companies are starting to spend money again. Theyre hiring a little bit more. This is all good news for the u. S. Economy. Were not japan, but how long has japan been under 1 . A long time. Really . Yeah. I can industrialized economy, the third you could be it used to be a third. But we have deflation and a less than 1 . So frightening. Thank you. And youre not old. You and i are roughly the same age. Thats right. Are you living near Kendall Square . Love a bar near Kendall Square, yeah. Is that when it all started . Kendall square. Remember the s p diner . Sure. We used to go there every day. Up next, filling the gap. The ceo is leaving after the holiday rush. Will there be a shift in strategy . Plus, an exclusive interview with the chair woman and devicer. Well show you a selfie oriented smartphone. Squawk box will be right back. That sets you apart. It does . It does. Youre type e. And seeking another perspective is what type e s do. Oh, and your next handhold. Is there. You dont have to go it alone. E trade gives you the support and guidance to make informed decisions. Are you type e . Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. Com and post your job to over 30 of the webs leading job boards with a single click; then simply select the best candidates from one easy to review list. You put up one post and the next day you have all these candidates. Makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter. Com offer2. Courtney reagan joins us now with more on who is going to take over. The retail giant, the age of this gentleman . Yopgs. Hes only 52. So it wasnt age. Is this typically when someone would, you know, in like mid october, you review well, if they want tight be an orderly transition, which they do because hes staying until the end of the fiscal year. House gap its for the holidays at this point, anyway. Have they been putting the right stuff in stores, do you think . Theyve been getting better. They have a couple new creative director. When they fist started, things were rough. And hes done a lot. This is part of why we saw the stock drop a lot. I spoke to both now the outgoing ceo and his executiver. Both say its the first order ler transition in 20 years. Murphy toll me while the board wanted him to stay, i informed them he couldnt make another longterm commitment to the gap. He thinks the leader of strategy should be the one that architects it and he simply cant make that commitment. Art is the current president of growth within innovation and digital. He works closely with murphy, particularly on that strategy and execution. Wall street goes to a lot of those retail conferences. He was just told last wee that he got the top job. Murphy told me there was a global external and internet search for his candidate. Shared sh jumped since murphy took over. When i asked art what his message was to shareholders, he said the transition signals nut by moving ahead. When it comes to murphys next chapter, he told me he doesnt have any plans after january, but if the right opportunity comes along, he would certainly consider it adding, quote, im only 52. Thats a lot older in the retail world. Thats what i was saying. His words. I dont understand why the stock went down so much. Because murphy did so much while he was there. Shares have gained 160 . I dont think he wants to stay through another seven year, eight years, whatever that terms is. He was making a lot of money, wasnt he . Yeah. The new guy has the beard with fashion. But hes older. Hes already inside. Hes been there since 20 05. Hes done a lot together. You talked for about a minute. And no one knew when you moved to the cell phone. We had very few people coming up. Did you notice her . When team talking they go, thats right, joe. And i go, is that really the best you can come up with . Nice move. Thanks, guys. We were on break to say that, right . That takes away the smoothness. It sure does. No one said i was smooth. No. No. Htv is making moves to try to turn the c