Yesterday . What did you think . Weird, right . What you are talking about . Went all the way up. Yesterdays session . Yeah. What happened midday that knocked that off . They thought it was the ap story about trumps tax plans, how theyll scrap it and start all over again. I dont know. During the day, the guy in north korea said were this close to nuclear oblivion, the markets just tread water. But then the tax plan. Syria saying, yeah, russia said one more move, were at war. And then the futures didnt move. But then they said something about the tax plan, could be a week late, the markets moved. Thats very telling. How do you price it in . You can kind of when the world ends, it doesnt matter might as well trade until it does. Flight to safety. Im in safety. It doesnt matter. Even oil, with everything happen. When music is playing, you have to dance. Quick heck on whats going chec in europe and then oil. The dax down a bit. Cac, we will call that flat. Virtually unch. It is unch unch. Look at crude now the you can buy a barrel for 52. 95. Fed chair janet yellen says the u. S. Economy is healthy now and should continue to grow at a moderate pace. Speaking last night she outlined one of the challenges for the central bank. If the economy ends up overheating and inflation threatens to rise well above the target, we dont want to be in a position where we have to raise rates rapidly, which could conceivably cause another recession. We want to be ahead of the curve and not behind it. Chair yellen did not offer specifics on the timing of the rate hike or the reduction of the feds 4 4. 5 trillion balanc sheet. Jana partners raising its stake in whole foods to 8. 8 . The activist investor looking to share up the board. They want to speed up a turn around, improve technology and operations and explore a possible sale. Whole foods lost nearly half their value since peaking in 2013. A bigger pop yesterday. Jana has lined up possible board nominees. Flen m glenn murphy, tad dickson and meredith adler, jana is also working with diana dietz and well known food writer mark bittman. Mark bittman. An old friend of mine. Former New York Times writer. You should give him a call. I should. Making his way on to the boards of corporate america. All of those individuals bought shares in whole foods as part of the campaign. Sources tell cnbc that jana has yet to speak to whole foods management about the ideas. The firm is attempting to engage with ceo john mackie. Toshiba filed its twice delayed Earnings Report today without an endorsement from the companys auditor. The move sun precedented for a Japanese Company and increases the likelihood that toshiba will be delisted from the tokyo stock exchange. There were bigger than expected losses due to write downs at westinghouse. Shares of toshiba, not as big a mover today as you would expect. Theres a la la land joke in there somewhere. You said pricwaterhousecoopers. They got renewed. I dont understand why the girl got fired, too. The girl and the guy, the guy was at fault, but the girl on the other side got fired. The individuals. Both of the people back stage. But pwc is back. All right. Anything in there about how to handle a corporate crisis . No tweeting back stage. No. Thats not a huge problem. Now a third briefcase. Is there . Thank god. Weve got to get this right. One briefcase on stage left, one on stage right, and in the control room. So when something goes terribly wrong, they would know immediately. Its very important. Im surprised the world still still is turning. The sun came up the next day. Tgetting rid of the category of actor and actress. How old are you . 31. So youre a millennium. We got that for us. Isnt mtv that is not even cool among your people . No, i feel bad for mtv. You do. Of course. Its not 1995 after school anymore. Its something my kids might watch. Youll have to tell me. Thanks for wearing orange and a belt, though. If he doesnt have to, why do i have to . You didnt have to. Orange is not a spring color. The belt, i mean. Autumn color. Its true, im in the wrong we had a conversation about belts this morning. We did. Again, its a millennium as we discussed multiple times before. A properly tailored pair of pants dont require a belt. Just doesnt look good. Qualcomm is counter suing apple in a dispute over licensing fees for mobile technology. The chipmaker accuses apple of sper fe interfering with royalty payments. This after apple sued qualcomm for 1 billion. And a top ford executive says the suv boom will continue. Stepping out. He says he expects the market share of suv s to rise to 45 o Industry Sales within five to seven years. As long as we dont have that onechild policy adopted over here. They are getting rid of fuel economy standards. Thats what it is people want the functionality. If youre older, its easier to get in and out of an suv than a sedan. Sorkin will need a second backseat suv. Lets be honest, i need a minivan. I heard very good things about the pacific ka aa and sienna. And it fits with your overall persona. Get that oldsmobile that danny divito gets in get shorty. Its culled the si edcalled. John travolta says it is the cadillac of minivans. You really are cool if you pay 160,000 for one of these things. Or not. Watching shares of tesla again today. The company officially becoming the most valuable u. S. Carmaker yesterday. Now boasting a bigger market cap than both ford and gm. Probably not a bigger enterprise value. How much debt does it have . I think ford and gm have more. Ford probably is number one. That was their issue for years. A good issue to have. The high debt level. Yeah. All right. We are returning to the story of the day. The scene of the crime, call it what you like. United airlines responding to a social Media Firestorm after a passenger was dragged off a plane late sunday. The video has gone viral. If you have not seen it already, im sure you can see it right now. It shows a passenger on a united flight from chicago to louisville being forcibly removed before takeoff. The flight was overbooked, after the united team looked for volunteers, one customer refused to leave the aircraft and Law Enforcement ended up dragging him off the plane. Last night in an email uniteds Ceo Oscar Munoz said employees followed established employees when removing the traveler and called the passenger disruptive and belligerent. Munoz said the company could learn lessons from the incident but he stands behind his employees. Why cant the way number one, the whole overbooking thing its outdated. Doesnt work. It doesnt. I cant believe theres not some aillibaba il e. Algorithm that maximize revenue and leave enough space for uncertainty to some extent. Someone might not show. Someone does show. Isnt there a way i think this is the algorithm. There has to be a better way if there are those instances where it doesnt, if they dont do it for 800 . 1200 . They do. Why didnt they go up above 800 yesterday . Ive been on planes where they offered 1800. I can see you waiting. Just like at an auction. I think i told you this story yesterday. That i was on the flight with Robert Shiller who was pulled off the plane. We debated prior to getting on the plane how much they were going to offer and what we were all saying to each other, how much would you really go for . Isnt that the way you should handle it . It is. But the problem is these days oftentimes, dare i say, whatever the value is, unless you truly are a leisure passenger with nothing to do on the other end, 800 is not enough. Whether its to get back to your family or to get you how about 8,000 . All of a sudden maybe this is getting interesting. Even to you. Certainly 8,000 is worth it if this is the theres got to be a number. They might say thats too expensive . What is this pr hit . Heres my question for you. Lets say you have to go on a trip tomorrow. You go to expedia, whatever you do, kayak to find your flight. United pops up as the flight that makes the most sense. The timing of it, how you get there, the price. You are now going to say, actually, no. I will take the delta flight instead. No way. No way. No, right . There might be a few because of social media, just like theres enough destinations. We talked about concentration of airlines, where you may be on united whether you want to be on united or not. I may be flying united today. Eem n im not kidding. I might just throw my weight around. Where is my champagne . What . Can you bring your iphone . Actually, guys, can we strap him up with a gopro . This will be our segment tomorrow morning. Joe on a plane. You know when this might be the best day to fly united. I bet people will be so nice. Thats true. I dont think you should necessarily when youre at the gate, cant they figure this out at the gate . Thats what the thing. The shiller story, the instance was they had too much weight on the plane, they made a mistake. It was too hot. Theres a whole thing. This is different. This is did they say can the heaviest people please stand up and leave . No, they said they needed a couple volunteers there were not enough. Andrew, you feel bad for the guy, but he would have infants removed even if their parents dont get off. He can have them go and go to a foster home. Joe knows i have a view about babies in first class. I have not seen an ad for an airline where they have advertised that person doing their work or sleeping with the screening child. Theyll reunite with their parents in a couple days, if necessary. Baby is is out of here. As a proud father of a baby now. I would sit happily in coach. To politics now, i make no friends with that. Youve tried. Normally you would never say anything. There are a couple road wa warriors out there. The white house Economic Advisory group led by Steve Schwarzman is due back in washington today. Kayla tausche has a look at what could be on the agenda. Good morning. Its the second such meeting since that group was formed in december. You mentioned Steve Schwarzman who chairs the group. Ceos of gm, walmart, pepsi and more companies are expected to attend. That have breakouts into sector specific groups led by the cabinet secretaries running budget, transportation, environmental, education and commerce departments. Then theyll come together as one large group. Thats where we could hear them and the president speak before we talk to some of those ceos later this afternoon. President trump has convened nearly a dozen forums, councils, working groups and task forces from industries ranging from airlines, community banks, pharmaceuticals, retailers and trucking. Attendees that i spoke to, all of whom prefer to remain anonymous said that he appears more engaged, more curious, more inquisitive about the actual business that these people are running and the content of the meetings, but that policywise it actually lacks the urgency of the financial crisis. Most of the multinationals that come to the white house are just that, Global Companies with diverse work forces. They worry that their views will lose in a tug of war with the economic nationalists on trumps team. The press Secretary Sean Spicer addressed this widely reported globalist, nationalist ideological dispute at the white house yesterday. Whether its this, healthcare, tax reform, trade, hes got a divergent set of opinions of experts. The idea is not to have one set of thought and policy flowing through. Ceos say they would rather be at the table than left out of the conversation because the worst thing that could happen or the worst Case Scenario is not that bad. They share their views and end up on the cutting room floor, but at least they were. All the attendees i spoke to say its hard to see if these meetings are bearing fruit yet. Kayla tausche, thank you. Bracing for earnings season, i guess that doesnt imply were bad. Its anticipation of what well see. Joining us is peter chikini, cohead of equities at cant co cantor fitzgerald, and steven reese. Does that work being a cohead of something . Typically its terrible. Remember citi group . Yeah. John reid and who else . John reid. Who else . Sandy weill. That doesnt work. Remember ancient rome. Does it work where you are . You have a Good Relationship . I have a great relationship. Do you guys agree on what will happen . Not always. But as a good couple, we talk. Are you both recommending a fully invested position in equities . Im the strategy guy, hes the operations guy, were complimentary. The answer to that is im not. Hes long, youre short. I wouldnt say im short. Its tough to be bearish given the amount i know you hate to hear it, the amount of global accommodation out there. The ecb released its bond buying program. Difficult to be bearish in that circumstance. Youre joking about how the marches are unched every morning. Something is not quite right in the markets. Its hard to say to your clients hedge your portfolios up. On the other hand its hard to say, you know, get long and strong. What do you mean theres something unched . Because its somewhat quiet or directionaless, does it mean there is something wrong . Theres an influx coming from the Central Banks which is sup pre suppressing risks. So its not every ladies and gentlemen la legislative stumble . Clients call up and say why did this happen . I would love to say i have no clue. How important is tax reform . Tax reform longer term is important. Thats going to affect real metrics like earnings per share and growth. The fact of the matter is the market is trading on it like it will happen tomorrow but it will not go that way. Whats most important in your view . In the u. S. You need to take a more sector specific approach from current levels. So you wont like it, but our view on the u. S. Is unchanged, 2375 virtually unchanged . 2375 is the far get on the broader s p 500. Weretelling clients to focus on energy or financials, the longer term story of rates, regulation and growth is intact. We shifted away from the u. S. To europe where the growth number theres look good. We think earnings have more upside surprises on the back half of this year. Earnings will be good. But the market knows it. Were up 6 year to date. The forecast is 8 , 9 . Its pretty much reflected in the market, most is coming from energy and financials. If you take that out, the growth rate is 2. 2 . Everybody seems to be saying go to europe, look outside the u. S. Its becoming more and more consensus. If you talk to our clients, its tough to find someone overweight europe. Its been so bad for so long. So easy to hate. People are more underweight than they should be. The risks in europe are heightened, too. Where you think the tail risk might come from, i think europe is near the top of the list. To your point on taxes, thats the upside. The best case didnt assume a change in policy. Until we get that, the market wont range. Gentlemen, thank you both. You guys have the sock thing going over here. You have to love the argyles. H. W. , there was a shot yesterday, i guess president clinton visited not hillary i know that still hurts. But bill clinton, president bill clinton visited h. W. 41 yesterday. Brought him a pair of socks. Always a schtick between those guys. Theres his socks. Those are those are you see those . Im glad there are no holes in them. We dont know that. Thank you, guys. Coming up, new data out this morning on Small Business optimism. Kate rogers will have details. 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And stream on speeds so fast you can catch up on the fast saga before the fate of the furious hits theaters april 14. Xfinity. The future of awesome. All right. Its time for some booze news focusing on craft beer. With more and more craft beers joining the party, is the bubble forming maybe about to burst . Theres so many of these guys. Landon dowdy has a first look at the craft brewers festival in washington, d. C. Lucky assignment, i guess. Its so early. Good morning. We need like a morning brewer or something. Thats right. Craft brew has been a bright spot posting double digit volume growth in the past decade according to the Brewers Association. Craft hit a speed bump in 2016 posting single digit volume growth of 6 , according to the latest Brewers Association numbers, which estimates the craft segment accounts for 12 market share by volume. With a record of more than 5200 craft breweries in operation, competition for tap handles and shelf space is fierce. Is the craft boom running dry . Local brewers here at the craft brewers conference says theres still room to grow, because this industry is different than most, where its not about loyalty about just one brand. Craft drinkers are loyal to craft beer in general, going out of their way to get their hands on that one unique brew. A win for one is a win for all. Economists say its also an opportunity to invest. What investors are looking for is return. And in a fastgrowing space, we are seeing many craft brewers who are growing rapidly, and in the short to medium term can offer growth for investors. Even as craft is slowing down, private equity firms like ab inbev and coors are still making investments in the segment. In ra ma market where overall b sales are flat, craft remains an opportunity. Are these all going to consolidate . Are people just going to go back to drinking bud light . Were seeing a lot of consolidation in the field. The thing about being craft, you have to be small. You have to have the craftiness, per se. That makes it so crafty. The problem is that they need the distribution. Thats why youre seeing them go to the ab inbevs or having private Equity Invest in