In some cases they have gone down. And dont forget about energy prizes. Api reported u. S. Oil stock piles surged by 13 Million Barrels this past week. Well be getting official data on inventories from the energy administration. The dow was down close to 300 points. This morning youre seeing a very modest rebound. Dow futures up by about 14 points, s p by 7 and nasdaq by 46. Lets get you through a flood of stocks to watch this morning. Lets start with apple posting the largest profit in corporate history ever to the tune of 18 billion. The results blowing away even the most bullish estimates though i did see some worries. What do you think the dependence on the iphone. Too dependent on the iphone. I think id take the other side of that trade. You can depend on something not selling nearly as well. I would put all my efforts on something that barely sells instead of something that sells so much. Im glad its apple earning 18 billion because when exxon earned 10 billion people didnt like that at all. Of the top 25 quarters in terms of earnings 24 of them have been Oil Companies. This is the only time that a nonoil company has broken into the top. Its something they created. She said it. So im glad i wasnt a bank either. Im glad it wasnt a bank because banks deserve to earn a reasonable profit but not an outside profit as the president told us. Most companies deserve to earn a reasonable profit. You can say theyre doing socially good things. These fancy gadgets. Im not talking about credit. Im talking about whether you actually sort of raise an eyebrow at how much money a company is making. Theres people that think companies can make too much money. This is true. Theyre not monopolies and there is competition normally and that should be something we celebrate. Not something that we raise an eyebrow and think we need to tax. Commodity prices have changed. How about banks . What if theyre really good at raising capital and trading. Apple is one of the most unregulated purely Entrepreneurial Companies in the world. Do you have a point . No but im saying there are other companies, Oil Companies for example this is the point i was making about how stupid people are. I know im the one. What is a fair profit for an oil company then . I dont know. How about a Pharmaceutical Company . Actually Pharmaceutical Company thats a great one. Because its not a free market. Because its not a free market. If it is if it is a free market you should be able to make as much money as you can. Yes. Thank you. Thats a big concession for you. Lets tell you about other news going on this morning. This was a big deal and brave one i would argue. Yahoo planning a tax free spin off of its stake in alibaba. This investment is valued at 40 billion. The reason i said it was brave is without this all you have is the company. So now the company will be purely measured. Marissa is going to be measured for what she is doing and nothing else. Whether it will be enough for starboard who is pushing for the spin off of this and yahoo japan and merger. I would give her time. A brave decision to do that. Worth 45 billion so they spin it off. I dont know how it works. You still have yahoo japan. Youre not done yet. Some argue yahoo japan could be worth 7 billion. Still valuing it as a negative. Depends. Depends. I dont know if i would do it. I think id like it and i guess you want is to be stand alone to see how you did at some point. Plus a tax freeway of doing it. Doing the best way she can do it. Theres less court and juriousageous ceos would keep them in the company. Masking your own. Gives you a honeymoon period. Hopefully theyll look at it and somehow find a way to take half and spend it on good things. Lets tell you about results from at t because theyre topping estimates. So much bad news yesterday. Mobile device deals attracting more as companys users switch to a higher rate and they got a boost in sales forecast. And Juniper Networks beating the street saying cost cutting is paying off. Were in the middle of all of the results and theres other movers this morning. Electronic arts posted better than expected earnings in sales. They had Digital Sales of sports titles. Shares of abiomed is announcing the fda approved its heart pump. Amgens earnings topping estimates in part because of its drug imbrel. Theyre less exposed than other drug makers because only 25 of its sales come from outside of the u. S. I happened to notice the sales number yesterday and it was multibillions in a quarter. They started with nothing and they have got a couple of they worked and they were clean. And just watching this was a great thing. I watched the stock go from a dollar to 1500 dollars and u. S. Steal beat the street but it warns low oil prices and the strong dollar could negatively impact its business this year so it suggests potential for higher u. S. Spending and results from vmware. Topping consensus. The company seeing Strong Demand for its products that help cut the cost of moving data to the cloud. Its a very expensive move. Microsoft talking about it. Ibm talking about it. I need to buy more storage for my iphone. Yes. How do i do that. We need to put your credit card in. You dont need a password . No this is a cnbc thing. So then just say forget your password and theyll email you a new password. Okay. While these two are figuring this out why dont we check on narcotics again this morning. It shows you futures and things were looking better than yesterday yesterday. At one point yesterday the dow was county by 390 points. S p was down. Those were the lows of the day. They did manage to come back. That was a decline of 1. 6 . S p was down by 1. 34 . It was a rough day yesterday. Lets check out and see where european markets are trading this morning. Theyre in the red once again. The cac is leading the way down among the major markets. Its down about. 6 with the ftse and dax down about. 3 . Doubles exist in greece where they vnhavent gotten what they expected. In asia markets were weaker following what we saw here in the United States yesterday. Sang high down was 1. 38 and if you were watching crude Oil Yesterday it rallied about 2 as the dollar fell but this morning its back down another 77 cents. The dollar yesterday as we mentioned actually fell snapping a three game winning streak. You saw the euro bouncing back slightly. Its yielding 1. 8 and lets take a look this morning to see where the dollar stands. We had that fed decision today and thats what was putting a little bit of a halt into the dollars march higher. You can see this morning that the dollar was stronger against the euro. Dollars down against the yen but that fomc meeting will determine whether the green back heads from here. If you want to check out whats been happening with gold prices at this morning youll see they down slightly. Right now back to the story of the morning apple shares soaring. Brian blair joins us with his analysis. It was definitely driven by the iphone and the big story is not that its just sold well in the u. S. But outside of the u. S. Its a blockbuster product. They highlighted china, significant grower of revenues. But china has really taken off. Asia grabbed ahold of this iphone 6 and are driving strong units. Tim cook talked about new buyers coming into this people in china and beyond but he also said they have been stealing market share from android and seemed to be gleeful about that. Should we look to numbers from the other phone makers to be weaker this time around . We should. Samsung dropped off. The back half of last year was tough for them. That was because of competition from lower end chinese hand set makers but we should expect to see market share decline this year. Apple will have another strong march quarter. Thats one of the things were seeing today and that will continue to some degree for the rest of the year but that share will come from somewhere and it needs to come from android. When you say youre thinking the next quarter is going to be good. Yes. Theres a huge upgrade cycle and we had the change in size of the screens but after everybody gets the new screen size then what . That will be the big question this coming fall. Only a fraction of this is upgraded to the iphone 6. Do you worry that it could turn into the ipad in that it became so good that people decided it wasnt something they needed to upgrade every year or every two years. Its just im going to have my ipad every three years. Were running into the law of large numbers here. 74 Million Units is astounding. Theyre approaching 100. The difference is these are high quality phones. At some point that will be the argument. But theres a if you geographyies where smartphone penetration is still low. India, most of them are on feature phones. Still places in the world where apple can see growth but were getting close to that argument. I know we have that in april. Yeah. Do you have any hope were going to get some other blockbuster device . The next product beyond the watch is going to be a television but probably not until 2017 or 2018. The watch is still a big variable. We think theyre making 13 to 15 Million Units this year. Its a big number but not as big as some of the estimates out will. Theres no killer app for it yet so nobody knows howell its going to do. You should talk to me. Everything should be high def and you dont need a universal remote. You know exactly how it works, ease of use because that will i have things now. I have applications i have netflix. Everything takes along time. The cable interfaces are still horrible. Theyre not easy. Theres nothing intuitive about them. And while a lot of people including myself thought we would have seen it by now. I know exactly what it should do and they will rule the world if they make that thing. We use apple tv for so much tv watching. Hbo, show time. Wait until hbo goes on stand alone and you dont need to have a cable subscription and then everybody will just use apple tv. Its doing pretty well. Its an amazing thing. I dont need apple tv because the new samsungs have all of that stuff on it. But its a little slow. Its a little slow on the samsungs if apple did it integrated into a thin tv it would be amazing. You should be able to get into your tv and it should be driverless and take you where ever you want to go. It should be electric and the battery should go 1,000 miles. Let me ask you, 365 million market cap for this Company Stock now looks like its at 116 up from 109 yesterday. Do you buy here . You do. Theres still upside from here. That comes from the march quarter is going to be a follow on monster quarter on top of december. Its not going to be as big from a unit perspective but the analysts are going to get march quarter wrong. And the price starts to make you nervous. 130 plus well see when we get there but thats where i think were going. You saw earnings per share went from 2 to 3. Why . Because of the buy back. They retired a lot of stock. Thats what you do when you have that cash on your hands and pressing the earns for share which makes the multiple cheaper. If its all working, do it. The blockbuster buy back. 180 million in cash. Thats right. Thank you, brian. Design that tv. But they havent called. I did get a christmas card. It didnt say anything on it. Earnings season is in full swing. Many of the multinationals posted less than stellar results and talking about a strong dollar. Joining us now is the ceo of the earnings scout. We had a long discussion on this yesterday saying its almost like a one time event. Currencies are going to fluctuate. Birds are going to fly. Fish are going to swim. It shouldnt go into your longterm thinking of whether to buy the stock or not. Thats true. When we aggregate the data up we tend to find we know its going to impact multinational profits in the u. S. We know it impacts global trade but because most companies hedge it tends to be overhyped and doesnt have as Material Impact on earnings. But if a company isnt hedged right it can be damaging but when you ago rekbatgregate the numbers its overblown at this point. Were worried about the drop in oil prices instead. Thats much more impactful at this point. For groups dependent on oil prices . Absolutely. And youre seeing the worst revisions in the s p 500 right now. The top ten worst are all Energy Companies and if you take the top 50 worst earnings revisions right now in the s p 500, 75 of them are from the energy space. So its going to be quite devastating for profits and expectations for profits for the Energy Companies in 2015 and into 2016. Maybe we did miscalculate because who was that . Look around . Anyone hurt . No you all right . Were all standing here. They know youre on tv dont they . This is the biggest opportunity of your life nick. Some guy is throwing chairs around. Have we gotten to the point now where we say, wow, maybe all in. Maybe the oil thing. Maybe it is negative. Because if it strengthens the dollar and hurts all the multinationals and a big part of the s p is dependent on oil prices being higher the people that benefit and that is with input cost and consumers maybe we offset the benefits in terms of the s p. There are going to be some big winners from the fall in crude. Look at the airlines. Earnings are going up. Delta is going to save 500 million alone in the First Quarter. What were seeing is the ago refwatre numbers for energy. Its not being met with an equal rise of the dollar. Its dragging down the overall numbers and the declines were seeing nernings estimates for the Energy Sector has v been the worst weve seen for any sector since the financial crisis of 2008. Its the magnitude downward thats been the devastating impact. I appreciate it. Just remind me that were going down today because airlines didnt do anything in their Corporate Planning to see oil prices go down yet theyre going to have the windfall profits because of the price of a commodity going down. There should be a way of sequestering those profits as well and chuck is looking at something right now. Actually he is. I know he is. We dont know if youre being sarcastic. Im being real. You believe this. You believe that airlines are making too much money right now because it had nothing to do with the oil price decline. Here they are, raking in this law. You might write a legislation that they upgrade every kaplane with a new cabin. Richard just emailed those. Id rather be with the screaming brats and liberal market strategists. That was a good one. Think hes watching . Showing your true colors. When we return yahoo shares jumping on the companys plans to spin off its yahoo stake but the question is whether this could make Marissa Mayers job harder. Well explain when we come back. Financial noise financial noise financial noise welcome back to squawk box yahoo planning a tax free spin off of its stake in alibaba. That investment valued at 40 beside. Shares getting a huge pop on that news. Here to take us inside yahoo s plan is Victor Anthony and manager director. Good morning to you. Good morning. We expected this sort of. Yes, i think there was some apre aprehension so thats what youre seeing with the share price reaction. I made the case this is the right thing and courageous thing to do for shareholders. Are you in the same place . I am. She shared shareholders roughly 16 billion worth of taxes. Cant ask for anything more. Starboard might be able to ask her for a little bit more. They wanted yahoo japan to be part of this. Yeah they hinlted on the call last night that maybe thats in the future. Why do you think it didnt happen this time . Theres licensing deals with yahoo japan that makes it more complicated. When you now look at yahoo on its own what do you think about the business . Theres not much to be excited about it. The guidance for the First Quarter was week however number one i think next month theres tun for them to rework the microsoft search deal and extract some better economics out of that or potentially shift over to google. Theres a holy grail in may when they could potentially win away from google as well. She mentioned that on the call. Do you think she has a chance . She talked about it and seemed enthusiastic so im sure theyre working with apple. That could add to significant market share. How do we judge her tenure so far. She has done all of the right things when it comes to alibaba and the question is how do you judge the rest of it . Well its a difficult business. Its challenged from a secular perspective. Its some what unwarranted. Yahoo has been through multiple different ceos sometime past. She has made the right moves and im excited about that one piece of the business. I think that could lead to some upside for yahoo this year. As an investor what do you think . Do you buy the shares now ahead of the spin . Is that a bet on alibaba or her and correae yahoo . Right now i think the stock is mispriszced. I think 15 upside. Thank you we appreciate it. Thank you for coming in. When we come back today earnings dominating the market discussion in the United States but greece is sending off warning flairs in europe. A sea of red out there. Why u. S. Investors need to take note after this. First take a look at yesterdays s p 500 winners and losers. Good morning and welcome back to squawk box. Futures are rebounding a little today. We were down 400 points yesterday. Closed down just under 300. Were now up almost 50 points on the session. Apple has a lot to do with changing the sentiment because it was across the board. Across a lot of Different Industries yesterday combined with the ones from the night before and a lot of major names like microsoft and Procter Gamble threw the markets for a loop yesterday based on the stronger dollar and the rest of the day i had cnbc on a little bit and i saw a lot of lower thirds. Thats when we put print at the bottom asking a question will the fed be on pause now . A lot of people brought up what we were talking about. There will be people say look theres no inflation, its not going to hurt. Things arent that flush yet. Theres no reason to be haesstey here. Some think this is a good way to do things. Thats why the market is going to be watching this fomc meeting. Now they say so much is data dependent. Are they talking about European Data . The market will find something in i