Overnight in asia, the nikkei was flat. The hang seng and the shanghai were slightly higher. In europe, in early trading right now, youll see there are mixed messages. For the most part the major averages are around the flat line. In italy things are down by 0. 9 . If you check out crude oil prices, right now it was up 1. 2 yesterday, giving back some of those gains this morning with wti at 54. 02. Lets get you updated on some big stories today. Earnings just out from Toll Brothers. The company earning 42 Cents Per Share in the first quarter. Revenue was better than expected. Home building deliveries about flat in dollar terms. Increased 12 in terms of units. The company says the average price of homes delivered declined due to changes in product mix. Carl icahn bought a large stake in bristolmyers squib. Its unclear how big his position is, but he sees the drugmaker as a potential takeover target. The report was released after they announced they would add three new Board Members and buy back some stock. I remember bristol has been on the takeover target list for as long as ive been on. A long time. 10, 15, 20year project as a takeover target. Bristol has a market cap of 90 billion, but thats down significantly since august when it announced disappointing results of a Clinical Trial for a lung cancer drug. More on this story. Squib was an independent company. Were you there back then . I candidate myself that far. You cant go back to squib . Might be able to. They were all you know, glaxosmithkline. They were that i was there for. You remember when bristol and meyers got together. I dont remember that. Glaxosmithkline one of the first front page articles i wrote. That you wrote. Yeah. Is it somewhere in your house framed . No. Its not . No. Would that be a good present for me to get for you . Yeah, it would be joe. Yeah. I wrote it with melody petersen was the other author. We all missed your birthday. It with you sunday. It was sunday. The kids came on the show yesterday it was a surprise. A surprise. Once you pass your birthday, its over. You should have waited 363 days before you were entitled to im sad i missed the boys. Its the one day i get to see them come in. What about your new daughter sydney. They came. We missed the baby, too . She was sleeping on the set. Like a lot of viewers when theyre listening to one of your no. We missed the kids. You put her to sleep, too . Were trying all the time. Yes, you are. He doesnt put you to sleep. He gets you riled up. He is starting already with me this morning. Because you were doing some on todays agenda january existing home sales are out at 10 00 eastern time. At 2 00 p. M. , we get the minutes from last months fed meeting. I missed you, joseph. Long weekend for me. Jerome powell is speaking about the economy this afternoon in new york. And dallas fed president rob kaplan speaking this evening. Results before the open, we have tjx, parent of tj maxx and marshalls and six flags. After the close, tesla, hp, l brands and square. You know when bristolmyers squib combined . 1989. I was in the business. Just barely. Not this business, the previous business. Investing business. Like so many people in that business, i was helping make people small fortunes. From big fortunes . No, no. We would invest their money until its gone a lot of times. Have you heard all these jokes . Okay. This is bad but ironic. Jerry brown told me the drought was permanent. Its just really weird that now theres flooding. I just what am i supposed to believe . I dont know. Andrew, did you ever think there would be flooding in california again . Didnt you think i thought it was a permanent Climate Change induced drought . I cant take this one. Now its flooding. I dont know. Floodwaters overwhelmed homes and cars in lowlying neighborhoods of san jose. The hardest area hit was along coyote creek. Dozens of families have been impacted by rising floodwaters. Rescue crews are going door to door in boats searching for stranded residents, people trapped in their cars. Officials are worried that the standing water will become toxic. Crews are decontaminating those who come in contact with the floodwater. Rain and mountain snow began to taper off last night. Officials caution that the swollen rivers will continue to threaten lowlying areas. This is highlighted, the infrastructure concerns. Theres another dam now that theyre worried about. Dams all over the place. Dams all over the place. Dams all over the place that need to be upgraded. Yes. Coming back yesterday, we went across the tappan zee. Youre supposed to try to avoid the tappan zee now because its supposedly thats a great infrastructure project. The new one is going in. Its unbelievable what those people do. Looks great. If it was up to me, i look at the scaffolding where people are walking up and down. If it were up to us, no structure could be above two stories. I couldnt work on anything above. I couldnt. The tappan zee is supposedly not the existing one, the one we have thats why theyre building the new one. Its sinking. Apparently its sinking. I hope thats all. I hope it doesnt sink in one i dont think that will happen. But there are 80,000 bridges that need upgrading in the United States. Thats going to be expensive. Talking about dams, we will talk about you make this segue. You will get to eamon with dams. This is not a clever segue, and this is going to d. C. The white house preparing to roll out a streamlined version of President Trumps immigration order. Eamon joins us with the latest from washington. Dam, thank you. Let me start with this new poll, we have a new survey monkey poll out at the top of this hour. I wanted to bring you some highlights here. Walking through the numbers, including the Approval Rating for President Trump, which is a number that everybody in washington will be looking at. Approv approval, 43 . Disapproval, 54 . The Approval Rating of a president plays into his ability to get stuff done in washington. Also a couple of interesting stats here on the feelings that people have about the federal government. According to americans, check out these numbers. 31 say theyre angry. 42 say theyre dissatisfied by the federal government but not angry. 18 satisfied but not enthusiastic. 7 are enthusiastic about the federal government. Worried about a new war, this is interesting. A war possible in the next four years. 66 say they are, in fact, worried about that. 33 say theyre not worried about that. President trumps travel ban, this is an interesting one. The opinion on the executive order breaks down this way. 50 approve. 47 disapprove. Andrew that ties into what you were talking about with the department of Homeland Security issuing two new memorandums yesterday, blasting through a thicket of restrictions on Immigration Enforcement that had been put in place by the Obama Administration instructing dhs to hire 10,000 new immigration agents, and allowing in some cases local Police Forces to be used as immigration agents. Thats something thats not exactly popular in cities around the count are including new york city where mayor bill deblasio said he wont aloud the nypd to be used for immigration services. Sean spicer at the White House Briefing yesterday said they are unshackling Law Enforcement around the country in order to deal with immigration issues. Your buddy, charles blow yeah. Talking. Eamon calls him spicy. Spawn spicer. One of the spice girls or i saw some people tweeting. When you have the last name blow, you shouldnt be making fun of someone elses last name. Why . I think its from saturday night live. Spicy . She calls him spicy. She . She calls herself she calls herself spicy. Her character. I call you spicy sometimes, too. Yeah. Yeah. We have a lot of names for each other. Eamon, thank you. You bet. So much to talk about, but eight Straight Days of the dow. I was talking to wilfred about this. Thats the back drop. You think the world is ending, chaos. Thats different than saying are you predicting a where or worried about a war . Who is not worried about a war at all times . Weve just been through about six of them in different places. I dont know if were predicting one. The dow, s p, nasdaq, russell 2000 all notching new record closing highs. Markets are more than 10 higher than the president ial election. I thought we were saying 13 . Joined by Karen Cavanaugh from voyeur investment management, a 215 billion plat for, and ed keon a multi asset manager with 116 billion in assets under management. I had so much guys and gals i will be non i dont care about gender. So, ive heard so much about not chasing this, not getting on board. Im about ready at this point to s say, like buffett, if its higher five years from now, buy over time. Buy when it goes up, buy when it pulls back. If youre young enough, just keep investing in equities. Can we say that much . Absolutely. I dont know why everybody is so worried. Its normal to worry but data, global acceleration, manufacturing is good, consumer is good, no signs of recession, earnings are growing. Looking to be even better for next year. People are worried but worried about things that they were always worried about ffrn. If youre told the market will go down 10,000 points, and it happens and it starts going up, first you cant believe it, youre not in. You missed the first 10 , its natural to say i cant buy now. But many times a lot of times, if you vowrote the oppose ticket, a lot of times you look back on it, and you say i wish i would have done the opposite of everything i should have been doing. You should have been buying this. Should you still . We have been. Were a little nervous. Any time you have a big run in a short period of time there could be a pull back, but thats the nature of the beast. If youre concerned that if you buy today, you may be down 5 a few weeks from now, youll never buy stocks. If youre concerned about buying because you could be down 5 , the market moves 15, if you would have bought, you would have still made ten. You have the pro growth policies which we expect to get. But you also have a strong Underlying Fund mtdal store. Earnings are growing at a nice clip. Growth is picking up in places. We have been rotating towards nonu. S. Markets. Because youre getting about a three multiple point difference in valuations. A little cheaper. We think the dollar will get stronger. We think buying those markets in future ssz a mors is a more att option because you get the currency hedge. Weve been right in there, riding the rally because the fundamental story is good, and we expect the pro growth policies, were hanging in there. As we always do, where are the worries . Greece . I thought we worried about greece. What about italy . Europe . Worried about europe what we vent been worried about is china. Maybe worry about that, too. We should remember were looking at good fundamentals, if we get any pro growth policies, anything at all, especially tax cuts, earnings will go up. That will be a great story. So the uncertainty is to the upside. The bias is to the upside. The risk is that investors are not in. If we see any kind of pro growth policy earnings will get better. The market will go even higher. If you are worried, you have bonds. They are your risk and balance. If you want a reliable portfolio, you make sure you have those bonds in there. Like ed said, emerging markets have been so beaten down for the last couple years. Thats where a lot of the value is. Same thing with other parts of the spectrum, mid caps, small caps, so get out there and get in it. We were tweeting, youre 40 now. You have to grow up. Well talk about a lot of this. Yes. Change some of your opinions. Get more wise. Youre at a poeint now where yo will start to have some wisdom. One thing we agree on, i dont know about this border tax deal, to do this, theyll say well grow faster, we dont need to make it revenue neutral. That will add on the deficit spending, a trillion in infrastructure, hiring border agents. Blow out all this spending wow, i dont even have to be here. Andrew is a deficit hawk. And his party has always been deficit hawks. N now a man who is not a social list before 40 has no heart, after 40, has no head. Has no brain. I prepared you last week. Yes. The excuses are over. Excuses are over. I left the lights on for you to come home. Okay. Inflation, we had some hot numbers. Yes, we are underweight bonds in our portfolios because we expect inflationary pressures to continue, but there will be counter balances. I dont think well go back to the 70s, but we might see inflation creep up above the 2 target that will have a reaction from the fed. Go back to the fed again in a month or so. You think the border adjustment will happen . I think its not going to happen. Well just go it and not just say it i think the lower Corporate Tax rate and reforms higher Corporate Tax rate no, theyll take it down from the level to a lower level. Not 25 . Yeah. Higher than expected. It may not be as dramatic, just politically i cant imagine retail would be hurt by border adjustment would be sitting on the sidelines that looks unlikely. We may see a lowering of rates. Any cut in taxes is positive for corporate earnings. Thats good news. Everybody is concerned about the deficit, everybody is concerned about the debt. We have not seen growth out there in 10, 15 years. If we can get tax reforms, tax cuts does that have to happen this year . I think it is going to happen this year. I think things like healthcare repeal and reform, that will take a while. But tax cuts, i think its going to happen this year. Trump said there will be a massive package out there. I hope its a tax cut. That will be great for earnings. All the investors sitting on the sidelines would say, wow, i wish i got into the market. I think its a positive thing. Political risks, greece now. Always risks out there. Its important to have the bonds. Do you buy the rumors, sell the news, so we think well hear something from the Trump Administration, whether that plan ultimately is the plan is a different question. I think we go back to what joe said, buy. If we have a shortterm pullback, thats a normal part of the market. Markets have corrections a couple times a year. Thats normal. Were used to the fed settling things down. Volatility has been so low. But i think what you do is buy because the back drop is getting betterment corporate earnings are getting better. Global growth is accelerating. The rally stalled, as becky told me i heard it on the radio. I heard that every day. Its stalled. And the s p futures go up. Futures down a point, the rally stalled. I heard that almost every day. Im not sure. Thank you. Youre welcome. Voya, not voyeur. You wouldnt name a thing voyeur. Thats not like those like the watch . Yes. The orange money. Working it. That little jingle. Ed, thank you. Voya. When we come back, baseball could be coming to your facebook feed. That story next. And a programming note, treasury secoretary steve mnuchn will join us tomorrow at 7 00 eastern time. Welcome back. We have an update on the scandal at uber. Arianna huffington released a statement after claims of sexual harassment. Huffington said she is serious about leading the investigation into the claims and will hold the Leadership Teams feet to the fire on this issue, including ceo and cofounder travis calkalanick. According to reports from the verge, they noted the meeting yesterday was rare to see kalanick exhibit so much emotion at the staff meeting. Apparently there were times where he teared up. If you read the blog, it was laid out clinically by a woman who detailed these things. I talked about this with wilfred. Olive oil, if thats on your shopping list, if you buy genco thats my brand. Genco. Genco. You can get virgin olive oil. One thing i remember about one of my Favorite Places over there is where on the emolfi coast, its all olive oil. Thats where it is beautiful. But bad harvest this year. So you might be in for a shock if youre in the market for some olive oil. Prices expected to jump as much as 20 because of a bad italian harvest due to a combination of bad weather. Also pests in southern europe. Wholesale prices up 64 compared to a year ago. Shelf prices in italy are already higher now by not cheap to begin with. Its not. Yeah. And its you make pasta sometimes . Yes. When you make the spaghetti, do you put a Little Olive Oil in it so it doesnt stick . A little bit. Do you salt the water . I do. I done always salt the water. Sometimes youre not supposed to. Why . It raises or lowers the the temperature at which it boils. Raises it. No, lowers it. One or the other. Because it doesnt keep it the same. That is true. Someone wrote in lose the duran duran ties. You didnt see that one . No. You got a regular one on. You mean those little the ones you wear. The duran duran her name is rio the boy band ties. Boy band ties. And youre not, as of sunday yeah. You cannot be in a boy band. Its over. You can manage a boy band. Joe is so glad you have come to this side. I am. Most of the i wont say. 40s some managers of boy bans ended up in trouble. 40 is the new 20. It is. Yeah. 60 the new 40. Ill take it. Life expectancy in the near future will hit 90. Expected to hit 90. Still not enough. I think wed like to be higher. Youve been talking about age and boy bands, i have run out of time to talk about my story. It was about the mlb, which is going to be on facebook. Well talk about that. If the multiple of facebook goes up on broadcasting an mlb game, one per week. I like the reds and the world series, if a random game is on do you hear whats playing . Duran duran. Bristolmyers squib, more on the activist battle next. As we head to a break, a look at yesterdays s p 500 winners and losers. Welcome back. Youre watching squawk box live from the Nasdaq Market site in times square. Good morning. Take a look at u. S. Equity futures at this hour. After what was a remarkable run, well see whether the run continues. Right now the dow looks like it would open down 15 points. The nasdaq off 3 1 2 points. The s p 500 would open up higher, 8 points higher. Activist news to bring you. Starboard value has taken a 6 stake in tribune media. Starboard says it believes the stock is undervalued but doesnt have plans to push for changes. Thats how these things usually started but not end. The investment follows t