Intensifying. New data showing that the economy slowed at a pace than originally anticipated. Nasdaq starting off at a a closing high, and 14year high. And the guidance says it is experiencing severe disruption from the winter, and gap suggest suggests gaap suggests it will fall more than expected. And on mad mad money last night, cramer talked about raising investments. And we will hear from apples tim cook. And in the first full year results are lower after discovering fraud in the subsidiary in mexico, and they go into detail, jim. This is not a minor story, and i know that when you look at the big revenues of citi you say, so what, but this is a major client with a checkered history and it is a 360 million and they say, 230 million, but 360 million pretax the. Okay. And you think it is important because you look at 360 million pretax fraud resulting in a 235 million aftertax writedown and it gets complex. It is complex. But related to transactions between penmax and vanimax who is a big subsidiary . Yes, because i felt that citi is the emerging market bank, and this is the jewel of the crown, and this is a company troubled for a long time. There was a corruption investigation started february 14th, and citi does allude to that, but when you are the emerging market bank, what you want is 6 to 7 growth routine and you dont want corruption, and this is a throwback and this is a oceanographica, and it is not a company you want to be affiliated with and they can sell assets, but it is a black mark, and the stocks started trading down when the investigation began and all of the financials are weak, but this is disappointing. But time again we have a company admit to or accused of having trouble doing business in this specific part of the world where as you know corporate practices are just different. They are different. Right. But when i used to speak to Vikram Pandit i would say how great is this company . And bannimex has a great reputation down there and i dont want to see the gigantic slipups from the outfit that is a bank that has not recovered as well as other the banks from the great recession. And now, listen, to put it in p perspective, but it stays at 360 million pretax it is what . 20th the size of the whale. Right. It is not the whale. And nothing approaching it. And they are forward about it. They say they are able to support the validity of 185 million of the 585 million of the account receivables owed to them as of descember 31st, 2013 and they go into a lot of detail here all of which is to the give the idea that we have it covered kind of, although they are still ip vest gating. And they can sell assets, but it is easy for Michael Corbat to pick up the phone and cramer, you whatever and this is so minor and how could you put it out and i would say, well, you dont make it minor in the release so dont ask me to minimize it up here. Fair. Fair. And big company when they have news, we will follow the news. In the meantime, the government says that the Economic Growth in the Fourth Quarter is slower than first thought. Gdp in the fourth is revised lower to 2. 4 from 3. 2 and putting the s p 500 hitting the all time closing at a high of 1,854. And we have been following the commodities all month long. Well, this is something that is a big debate in the country right now. The macro numbers are clearly not that strong. And the retailers are all saying that since valentines day things are good which i thought that the Interest Rates would go hi higher, and housing was strong in january and so you have a nirvana and the strong data and the Interest Rates are not going higher and i point out that there is a story that is buried and driving me crazy which is the decline in the deficit. Nobody wants to hear anything about it, because it went from the trillions and you know the president could say we have cut spending here, and maybe because of the gridlock, but there is not a lot of supply of bonds. How about saying that. Well, there is a decline in the deficit, but i dont know how much of that s is due to th proceeds of fannie mae and freddie mac. And the fdic had a good trade in there. Good trading by them. And we have not talked about it often enough, but we have talked about the lawsuit initiate initiated by perry and berkowitz and ackman owning the common which is up sharply, but they are way past paying them back. And the president and the president has said that the common and the third amendment is all in place meaning that all of the profits are e sweeping to the government helping the e deficit. It is a windfall due to the rising pricing in housing, but the president said that the common should go to the treasury and he made that statement, and the fdic knew that the preferred and the fdic made a good trade instead of a bad trade. And did they know something, because it seem had the fdic had incomplete information there. And hey, well, steve cohen h, and danny may. Yes, and broadly jim, on the there is a list of 29 commodities that we track and only one negative for the month is nat gas and some of them like sugar are off of the charts, and you get a core number today, and gold is up 13 of 16. And the commodities are a huge head wind and im watching beef go up, and that is core for people. We still dont have wage inflation, and we dont have that demand polypflation that we learned about in school. Joe kerr was talking to bullard today. That was a Great Exchange between kerr and bullard this morning. Great stuff this morning. And the crises maybe in the ukraine and i dont like it when there is no crises, because that means that there is something that we havent seen, but the numbers are okay. Im still trying to figure out how the common stock shareholders could be on such a different pace and talking about credit with the bond buyers. It is on a different page, and it used to to be selling the bonds if the people who are buying the Retail Stocks are right. Right. You are right, but usually you want to look to credit rather than the equity markets. And would you rather sell the third biggest bond market in the world, 3. 5 italy and pick up the u. S. Tenyears at a decent price. Maybe that is what is going on. And italy is less stable than the u. S. , and i dont want to cast dispersions on italy. By ours at 3. 6 or theirs at 2. 9. Yes. The 10years. We got another letter from carl icahn. And it is 9 00 and you can set your clock by these. And do you think that there is a coincidence of these that we go on the air at 9 00, and carl sends a letter every morning, and i dont want to spend a lot of money, but this is fun. This battle between ebay and the Rapid Response room if you will have from p. R. To ebay, and icahn wont stop, and of course as i have called him relentless and he goes on the say today, shareholders need to think seriously if they should reelect the directors to the board and i dont buy the stuff in terms of the ebays and why they are great directors and i wont be silenced by the the double doublespeak, and the ebay Public Relations machine, and the ebay board is under denial based on what they have been watching. And most of it is focused on andresen and scott cook, and he has in the offices some very beautiful pictures, if you call them that of battles from years ago. And he is a historian. And he likes to watch other guys fight other guys. And if you put him and andreesen on the front page of business there, and of course, carl icahn. And you can see him accepting andreesen going to the journal. Well, not as satisfying with having a conversation with him, and talking through the idea of what is the benefit of you being on seven boards and three of which are Big Companies like facebook, hp, and so you have recused yourself, but it is worth it to have a director who has to recuse himself every time there is a board business . How are you helping yourself . And what is the benefit to you . It is not about money to him, and you clearly want to be on the board and you are learning, and what are you learning and helping you to do . Well, certainly helping you with the core business which is investing in companies. And maybe andreesen is v valueless or conflicted. I would want a further conversation and i hope that he joins us at some point to do that. Maybe he is going to call into wapner, the judge, and at the same time carl calls in, and we will have a another stop trading moment. And maybe you can have indra on the one big mashup. How nasty does that get . Well, yesterday, pepsi responds in a letter and it was a slapdown letter. Yes, take that and im not quoting here, but all of the directors have gone through this many, many times and we can assure you we know what we are doing, and please, stop, you are wrong. And jim, this is the e question, if you are a big activist or the holder or the fund manager, and you feel that the market is getting heavy, why not start yapping as they say . Well, yapping has worked. Is that what is this about . Well, yapping has work sod well sh well, and is there a doubt in my mind that tomorrow pepsico says that we like what they say that it will go up, and shortterm, yes, and indra is trying to think longer term, but one thing that he has said that is that pelz has been targeting people, and it is a shareholder insurrection . Well, i dont know, and i think that i dont think so. I dont either. I dont think so not on this one, not on peps si. And we know that soda is challenged. I query people all of the time who are hold ers or considered to be or have thought about it, and it is a split decision, because many believe that paypal is better outside of the business and others who believe it should be incorporated into ebay. And to carls point, ebayh is at 58 on the squawk box. Right. That is important. Right. And we mentioned that the sothebys with dan loeb. And activism takes the headlines and going after three board seats when he conceivably could have gotten one, and sothebys e reporting yesterday, and they come back and say, dan, come on, you think that one voice is enough . You dont have enough confidence in yourself to be on the board to effect some change . Well, they learn it from cnbc. You know that. That is what wapner said yesterday, they are watching cnbc and we are under attack. And yes, carl icahn. Yes, again. And more to get to this morning are the what to con can collude from the apple Shareholders Meetings where they will have questions for tim cook. And annies has a lot to say about the gmos and what is there to say about the new Food Labeling proposals, and we have not mentioned the faceoff with jim last night, and we have the produce over house of cards and so much to get to this friday on squawk on the street back in a moment. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. You want everything. Orks an expert ford technician knows your cars Health Depends on a full, complete checkup. The works. Because when it comes to feeling safe behind the wheel, going the distance and saving at the pump you want it all. Get our multipoint inspection with a a Synthetic Blend Oil change, tire rotation, Brake Inspection and more for 29. 95 or less. Get a complete vehicle checkup. Only at your ford dealer. Apple is set to hold its annual meeting in a few hours and shareholders can grill tim cook about the companys product and Innovation Strategy and of course, what apple will do with the cash. That is another conversation, guys, that comes straight back to carl icahn. And yes, remember that icahns proposals are not being seen i would like to say that apple beat him like a dusty rug. You know how you take a rug out. Are you recommending Mohawk Carpet or something . I made that up. And apple beat him. They beat him. And what we are still hoping for apple is something revolutionary and nobody stops at that, but i thought that the software in the phone is revolutionary and i love the iphone and that is not a reason to buy the stock, but a lot of people are in the stock, because they love the iphone and you need a catalyst and the growth is much less than a company like google, but people keep looking at you speak about i did a book signing last night, and a vast majority of the people own apple, and why . Because it is cheap. And with we know that the stock s can stay cheap for a long time. And apple had a big move, 10 point move go g toing into the meeting, and now people are saying, why did we buy it . And yes, why we are talking about a company for the fiscal 2014 is going to repurchase 2 billion of the shares and that is again, fiscal year 2014, and give us an update not at this meeting about what are the plans of capital allocation, because this company is going to take in 40 billion plus in cash. And we talk about forced sales, and now growing, he had 480 billion in revenues and now 5 billion in revenues. And people at home revenues, i want earnings. The average Portfolio Manager who likes stocks does want to see capital allocation, but the furious growth and saying, wait a minute, it is 35 or 37 , and workday will give us 75 growth, and they are operating in the cash flow positive and it is not like the companies are putting up numbers ta are just losing money on sale. But this is a problem. You had workday and mark on last night. This is a look at what benny told jim on mad money. We have increased the guidance by over 100 million to 5. 3 billion, and jim, we will be the first cloud can company to get to 5. 3 billion in a year. And why does this matter . Because that is a huge guide up, and what people look for salesforce versus the dividend and goldman put out a good note of the usually 30 million, but it is now 100 million and this is a monster quarter. And the stock is active in the premarket or after, and not this time, and why . Well, because workday is the pa partner, and bushery is par with what happens at workday is often concur, and there is a lot of companies who use the platform and good friends, so i think that they stole, and today, the icahn is out, because workday stole it again. And this is a big company. Bigger everyday. And i cant get over zoo lilly, and was that money . Well sh, i didnt mean to. And i have been saying it is the amazon, amazon for six months, and you should own zulu, cramer. Well, i have been to the site, but i dont buy womens cloth g clothing. Nobodys perfect. But zulu is good. And we will be go shop, and when you say go shop, i dont think merger, i think zu lilly. We will get cramers mad dash coming up in a minute. [ tires screech ] [ car alarm chirps ] [ male announcer ] we dont just certify our preowned vehicles. We inspect, analyze, and recondition each one, until its nothing short of a genuine certified preowned mercedesbenz for the next new owner. [ car alarm chirps ] hurry in to the mercedesbenz certified preowned sales event. Visit today for exceptional offers. It is friday and we have 8 00 to go before the last opening bell of the week. Start out with the mad dash with decker. This is down 10 and why . Well, this is a remarkable quarter for uggs, and they did a great job, but the guidance was so terrible and so negative that the analysts are either jumping ship or revising the price targets down. I m not saying it is an opportunity, and the reason i know it is because i dont like fashion. Fashion is a tough industry. Look at lululemon, and uggs did have a good quarter, but mr. Martinez threw so much water on the forward that people are scratching their heads and selling. Trying to figure out the retail and what is going on there and the comments of the Company Versus what happens to the stocks and yesterday for example, jcpenney and these are horrible quarters, and the stocks went up sharply, because they were better than expected. Talk about ugdz, hey, it is cold and go buy the uggs. People at home, dont play the game. The game is more sophisticated than that. And angel, and he is a conservative man, and do i buy the stock down ten, again, if you think that uggs is more than multiyear brand, then pick it up, but it is too hard. If northface didnt put up the numbers that i wanted and that bf corp is fantastic. Well, that didnt go too well. And a goldman downgraded, but it was a good opportunity, because it came back. To se spe lunking for well, i want to go cave diving. I want to know why it is called spelunk. Okay. And we will have much more on squawk coming up in a moment. Then dont miss sleep trains wbest rest event. St ever . Youll find sleep trains very best mattresses at the guaranteed lowest price. Plus, pay no interest for 3 years on beautyrest black, stearns foster, serta icomfort, even tempurpedic. And rest even better with sleep trains riskfree 100day money back guarantee. Get your best rest ever from sleep train. Superior service, best selection, lowest price, guaranteed. Sleep train your ticket to a better nights sleep [ bell ringing, applause ] five tech stocks with more than a 10 . Change in aftermarket trading. All the tech stocks with a market cap. Of at least 50 billion. Are up on the day. 12 lowvolume stocks. Breaking into 52week highs. Six upcoming earnings plays. That recently gapped up. [ male announcer ] now the world is your trading floor. Get realtime market scanning wherever you are with the mobile trader app. From td ameritrade. You are watching cnbcs squawk on the street live from the Financial Capital of the world on a friday coming off of the alltime high for s p yesterday. Dow is negative for the year and the only major average that is, although we are at the highest level since january 22nd, and need 108. 4 points to beat the laggard. Jim . Well, we know that the drug stocks are hanging in there and teleco stacks are hanging in there, but verizon is a laggard and so many things in the down. And the comps are flat. Well sh, people like gaaping because it is a great al locator of capital, and i was happy to see in the last 50 , they bought in 50 of the company and the expense control is terrific and are the numbers great . Soso, but it does not matter, because sometimes people want to see the capital returned in a decent fashion, and that is why gaap is going to creep up here. And not one of my faves frankly. And similar story at ross. They meet at 102 and again, conservative. Well, ross used to be a Growth Company and that is a disappointing quarter, and they know it, but again, the stock had been dow